The global medical power supply market is projected to reach $1.968 trillion by 2027 from $1.438 trillion in 2022, at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2027.
Driving growth in the market globally include advances in power supplies for medical equipment; increasing demand for energy-efficient AC/DC-DC/DC power supplies and supportive government regulations for effective air and water pollution monitoring and control; supportive regulations and standards for cleanrooms and manufacturing; and technological advancement and new product launches.
However, the high cost and technical limitations of particle counters are adversely impacting the growth of this market.
The AC-DC Power Supply Segment
Based on the converter type, the global medical power supply market is segmented into AC-DC and DC-DC power supplies.
The AC-DC power supply segment to hold the largest share of the global medical power supply market in 2022. AC-DC power supplies are compatible with various diagnostic imaging devices, such as MRI and X-ray systems. Thus, the growing adoption of such systems in hospitals, diagnostics centers, ASCs, and other healthcare facilities is expected to support market growth.
The External Power Supply Segment
Based on architecture, the global medical power supply market is segmented into enclosed, open-frame, external, U-bracket, configurable, and encapsulated power supply.
The external power supply segment is projected to register the highest CAGR during the forecast period of 2022 to 2027. The growing adoption of external power supplies for home healthcare applications is expected to drive the growth of the segment.
The Patient Monitoring Equipment Segment
Based on the application, the medical power supply market is segmented into diagnostic imaging systems, patient monitoring equipment, home use and wearable medical equipment, implantable medical devices, dental equipment, surgical equipment, and other medical devices.
The patient monitoring equipment segment held the largest share of the global medical power supply market in 2021, primarily due to the developing healthcare infrastructure in developing countries and increasing public-private funding for installing advanced patient monitoring equipment.
Why the Asia-Pacific Is Expected to Flourish
The Asia-Pacific region is home to seven of the most populous countries and over 60% of the global population. The sheer magnitude of the population coupled with strong economic indicators has created massive potential in the region. Thus, medical device companies across the globe are focusing on entering and expanding in the Asia-Pacific region.
With the escalating demand for healthcare services, medical devices play a key role in the overall market. Development of diagnostic labs, advanced healthcare infrastructure, and strict regulations for medical power supply (in countries like Japan, China, and India) to drive market in the region.