Latest Report on the Global Medical Power Supply Market
The global medical power supply market is projected to reach USD 1.9 billion by 2027 from USD 1.5 billion in 2022, at a CAGR of 6.5% from 2022 to 2027. Robust growth in applied markets (such as diagnostic imaging, patient monitoring, wearable devices, home healthcare, and surgical equipment, among others); growing product development and commercialization; and increased research grants, funding, and public-private investments are the key factors driving growth of the market.
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Key Market Players
The medical power supply market is competitive in nature with several big and emerging players equally holding shares of the market. Advanced Energy Industries, Inc (US), TDK Corporation (Japan), Delta Electronics, Inc. (Taiwan), SL Power Electronics (US), XP Power (Singapore), Bel Fuse Inc. (US), COSEL Co. Ltd. (Japan), FRIWO Gerätebau GmbH (Germany), SynQor, Inc. (US), GlobTek, Inc. (US), MEAN WELL Enterprises Co. Ltd. (Taiwan), Spellman High Voltage Electronics Corporation (US), and Astrodyne TDI (US), among others.
Delta Electronics:
Delta Electronics provides medical-grade power supplies that meet energy star level V requirements and draw less than 0.1 ma of earth leakage current. Due to technological advancements and excellent operations management, Delta has become an indispensable long-term strategic partner for many world-class manufacturers. The company has received accolades for its Switch Mode Power Supplies (SMPS), brushless DC fans, cooling systems, and miniaturized key component.
Advanced Energy Industries:
Advanced Energy is a global leader in power solutions. The company has adopted organic and inorganic growth strategies to strengthen its product portfolio and gain a competitive edge over the competitors. The company’s heavy investments in RD activities have supported efforts to develop differentiated products and enhance existing ones. The company’s RD expenses in 2021 amounted to USD 161.8 million, whereas, in 2020, it was USD 143.9 million, representing 11.1% and 10.2% of total sales, respectively.
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Asia Pacific to register major growth in the market during the forecast period
Asia Pacific medical power supply market is anticipated to register highest growth over the forecast period of 2022 to 2027. Major growth of the market is attributed to the growing installation of diagnostic imaging equipment, rapidly expanding urban population, significant investments in infrastructure expansion, and a strong industrial manufacturing base creating more opportunities for market players.
Recent Developments
- In July 2022, Advanced Energy Industries expanded its SL Power SLB series with the launch of a 300 W power supply.
- In July 2022, Wall Industries, Inc. introduced four DC/DC converters (DCSMU1, DCSMU2, DCMHP06, and DCMHPL20) ranging from 1 to 20 watts and two AC/DC power supplies (PSAMPS45 and PSAMPS65) at 45 and 65 watts
- In June 2022, XP Power launched compact medical desktop power supplies. This AQM AC/DC power supply is a space-saving fan-less solution for home healthcare and hospital applications
- In April 2022, Wall Industries, Inc. introduced five new variants to expand its PSSW family of open frame AC/DC supplies. The models include PSSW120, PSSW225, PSSW350, PSSW450, and PSSW550
- In April 2022, Advanced Energy Industries acquired SL Power Electronics Corporation, a provider of customized power solutions for medical and advanced industrial applications, from Steel Partners Holdings L.P. The acquisition expanded Advanced Energy’s medical power solution offerings through the addition of a complementary portfolio of products and its ability to meet the growing needs of industrial and medical customers
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