According to the new market research report "Medical Power Supply Market by Converter Type (AC-DC, DC-DC), Application (MRI, ECG, EEG, PET, CT Scan, Ultrasound, X-ray, MEG, Mammography, Ablation, Dental), Construction (Enclosed, External, Encapsulated), Type (Standard) - Global Forecast to 2025", published by MarketsandMarkets™, the global market is projected to reach USD 1.8 billion by 2025 from USD 1.3 billion in 2020, at a CAGR of 6.9% during the forecast period.
The growth of this market is mainly driven by the growing number of PSUs vendors across major markets, increasing adoption of home healthcare devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced medical power supply coupled with growing funding & grants for commercialization and development of medical power supply are other important factors to drive the market growth in the near future.
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The 200W and less segment of treatment planning systems products to hold major market share by 2025
Based on the converter type, the Medical Power Supply Market is segmented AC-DC power supply and DC-DC power supply. The AC-DC power supply segment is further divided into 200W and less, 201-500W, 501-1000W, 1,000-3,000W and 3000W and above. Among the AC-DC power supply products, the 200W and less segment held a major share of the market in 2019. The increase in the number of research activities focusing on the development of miniature 200W and less AC-DC power supply units is a key factor encouraging the growth of this segment during the forecast period.
Based on application, the radiation oncology segment is expected to account for the largest share of the market in 2019
Based on application, the Medical Power Supply Market has been 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 diagnostic imaging systems segment is further divided MRI systems, CT scanners, X-ray Systems, Ultrasound Systems, Mammography Systems, PET Systems and other diagnostic imaging systems, among these, MRI systems sub-segment dominated the market in 2019. The major share of the segment is attributed to the growing number of MRI machine installation base.
The external power supply segment is expected to register the highest growth rate during the forecast period
Based on architecture, the Medical Power Supply Market has been segmented into the enclosed, open frame, external, U-bracket, configurable, and encapsulated power supply. Significant market growth and large share of external power supply segment can primarily be attributed to availability of external AC-DC power in various wall plug-ins and freestanding models or desktop AC-DC power configurations to cater to hospitals, diagnostic laboratories, clinical laboratories, and physician clinics
North America is expected to dominate the global Medical Power Supply Market in 2019
North America, comprising the US and Canada, accounted for the largest share of the market in 2019. Increasing number of vendors manufacturing medical power supply and a growing number of approvals for medical power supply are the major factors driving market growth in North America. Customers in North America are moving towards outsourcing for curbing manufacturing expense, which is increasing demand for medical power supply. This trend will have a positive impact on the power supply market.
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Key Market Players
Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK-Lambda Corporation (Japan), SL Power Electronics (US), XP Power (Singapore), Spellman High Voltage Electronics Corporation (US), COSEL (Japan), FRIWO Gerätebau (Germany), Bel Fuse (US), MEAN WELL Enterprises (Taiwan), GlobTek (US), Wall Industries (US), SynQor(US), Inventus Power (US), and Astrodyne TDI (US) among others are some of the major players operating in the global Medical Power Supply Market.
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