Certain factors that are driving the growth of the market are technological advancements in healthcare equipment, a rise in the number of healthcare facilities, increasing incidences of chronic diseases, and growing demand for portable and home-based devices.

- Healthcare facilities are thriving across the world, owing to technological innovations in the healthcare sector and a growing geriatric population. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring, and from lab tests to self-care devices.

- Furthermore, the geriatric population is growing at a rapid pace, globally. Currently, about two-thirds of the world’s geriatric population lives in developing countries. This has prompted the need for an increase in healthcare setups all over the world.

- Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities may increase the demand for medical power supply, which is expected to drive the medical power supply market. Additionally, technological advancements in healthcare equipment, increasing incidences of chronic diseases, and the rising demand for portable and home-based devices are driving the growth of the medical power supply market.

- A pandemic like COVID-19 may only fuel the manufacturing of advanced medical devices and equipment to tackle such crises in the future. The increased production of healthcare devices may drive the medical power supply market. For instance, GE Healthcare recently announced to increase its manufacturing capacity for medical equipment, including CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of the treatment of COVID-19 patients.

- In Jul 2020, RECOM introduced a highly compact 4”x 2” 230W innovative baseplate cooled power supply for MOPP medical, household, industrial, and ITE applications. The new and compact 4”x 2” RACM230-G series power supplies from the company support up to 160W continuous output power and 230W for several seconds for loads with peak demands, without fan cooling.

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Key Market Trends

Diagnostic and Monitoring Equipment is Expected to Hold Significant Market Share

- The increase in the number of government initiatives for the diagnosis of infectious disease, along with the rising need for fast detection of diseases, is contributing to the growing demand for the diagnostic and monitoring equipment across the world. Governments are proactively investing in many of the research studies, including those for the diagnosis of infectious diseases.

- Technology holds a central role in expanding the market for diagnostic and monitoring devices. The increase in the aging population and the transformation of acute illnesses, such as heart failure, into chronic diseases indicate that the number of patients is also increasing. All the aforementioned factors are expected to contribute to the huge market share of the segment.

- With the recent outbreak of the coronavirus pandemic across the globe, there is a significant surge in demand for medical power requirements, especially for the ventilators, nucleic acid detectors, mask machines, and other temperature measurement equipment. Among all the medical devices demands, the life support equipment such as the patient monitors and ventilators have witnessed the largest spike in demand.

- The increasing production of the healthcare devices will also drive the market. For instance, GE Healthcare announced that it will increase its manufacturing capacity for medical equipment, that includes CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators in order to cater to the ongoing challenge of the treatment of COVID-19 patients.

North America is Expected to Hold a Significant Market Share

- The North American region is expected to hold a prominent share of the global market, lead by the US, which plays a crucial role in generating the demand from the region when compared to Canada. Over the forecast period, the country is expected to dominate the global market, owing to the high implementation of advanced medical devices in the healthcare sector, owing to the increasing necessity to improve the quality of health care services.

- Population Bureau Report examined the recent trends and estimated that the number of Americans aged 65 and older might reach over 98 million by 2060 from 46 million today. According to the American Heart Association (AHA), approximately half of all adults in the United States have cardiovascular disease. Heart disease causes almost 1 out of 4 deaths in the United States.

- Owing to the developments in the field of healthcare, multiple public institutions are expected to enhance their laboratory capabilities across the region, in turn, boosting the demand for power supply equipment. For instance, the final commissioning is underway at the US Army Medical Research Institute of Infectious Diseases (USAMRIID) which is situated at Fort Detrick in Frederick, Maryland. The medical facility is expected to be open for occupancy by 2021. The 835,000-square-foot building is expected to serve as the lead facility for the US Biological Defense Research Program.

Competitive Landscape

The medical power supply market is highly competitive consisting a number of major players. The market appears to be moderately concentrated. The players in the market are adopting strategies such as product innovation, mergers, and acquisitions in order to stay ahead of the competition. Some of the major players in the market are Delta Electronics Group, Excelsys Technology, Mean Well Enterprises Co. Ltd, Spellman High Voltage Electronics Corporation, TDK-Lambda Corporation, among others.

- April 2020 - XP Power released its new UCH600 series of convection cooled, 600W AC-DC power supplies. The ultra-compact power supplies do not require additional cooling and deliver full load power under a wide range of conditions. This series can be used in medical devices, as well as for industrial electronics applications.

- March 2020 - Delta Electronics launched MEA-065A, a new 65W output to MEA Series of Medical AC-DC desktop type adapter, which offers four single output voltages of 12V, 15V, 19V, and 24V in an extremely compact size, i.e., 50 x 115 x 29 mm, and finds its application in various types of portable equipment, such as home healthcare equipment, and test and measurement equipment. Key features include 0.1mA low earth leakage and electric shock protection complying with 2 x MOPP.

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