According to a new market research report by MarketsandMarkets, the global medical power supply market is slated to grow from its current value of $885.3 million to $1.21 billion by 2022, at a compound annual growth rate of 6.6%.
The major factors driving the growth of this market can be attributed to greater funding and infrastructure development, advancements in medical power supply products, and rising trend of home healthcare. The high growth in developing countries across Asia and Latin America are expected to provide significant growth opportunities for players operating in the medical power supply market in the coming years.
Based on current type, the medical power supply market is segmented into AC-DC power supply and DC-DC power supply. In 2016, the AC-DC power supply accounted for the largest share of the market. The advantages of AC-DC over DC-DC power supply, such as low energy consumption, low risk of current leakage, and greater efficiency are supporting the growth of the AC-DC power supply market.
On the basis of application, the market is classified into diagnostic and monitoring equipment, home medical equipment, dental equipment, and surgical equipment. The home medical equipment segment is expected to grow at the highest CAGR during the forecast period. Further, the increasing adoption of portable devices is driving growth in this segment.
From a regional perspective, North America dominated the medical power supply market in 2016, followed by, Asia and Europe. Growth in this region can be attributed to the strong base of healthcare facilities, especially hospitals and diagnostic imaging centers.