Major players in the medical power supply market are Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical, VRI Inc., Life Alert Emergency Response Inc., Medical Guardian LLP, Nortek Security and Control LLC, Rescue Alert, AlertONE Service Inc.
New York, March 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Power Supply Global Market Report 2023" - https://www.reportlinker.com/p06426353/?utm_source=GNW
, GreatCall, Ascom Wireless Solutions, LogicMark LLC, Tunstall Healthcare, and LifeStation.
The global medical power supply market grew from $1.6 billion in 2022 to $1.77 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The medical power supply market is expected to grow to $2.62 billion in 2027 at a CAGR of 10.3%.
The medical power supply market consists of sales of body type (B), body floating type (BF), and cardiac floating type (CF) , tabletop power supplies, wall mount power supplies, AC DC wall adapters, DC/DC switching power products, inverters, and transformers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Medical power supplies refer to power sources that create conditioned outputs for instruments, equipment, and medical devices such as dental devices, ophthalmic procedures, ultrasound devices, and surgical procedures inside operating rooms. They are constructed in accordance with the IEC601(EN60601) and UL60601 safety standards, which apply to professional-use electrical, medical, and dental equipment.
North America was the largest region in the medical power supply market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this medical power supply market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of medical power supplies are open-frame power supplies, enclosed power supplies, adapter power supplies, and converters.An enclosed power supply takes the open frame format and encloses it in a frame or box.
This enclosure is often metal (but can also be another material, such as plastic), and is either solid or perforated.The converter types are AC-DC power supply and DC-DC power supply.
The various end-users involved hospitals, ambulatory surgical centers, clinics, long-term care centres, diagnostic centres, rehabilitation centres, and home care settings.
Increasing expenditure on healthcare is expected to propel the growth of the medical power supply market going forward. All expenditures for the provision of health services, family planning activities, nutrition activities, and health-related emergency aid are included in health expenditure.Medical devices provide healthcare professionals with unparalleled support in the medical diagnosis and treatment process. They are essential for preventing, diagnosing, treating, and rehabilitating illnesses and diseases in a safe and effective way. According to the Centers for Medicare & Medicaid Services (CMS), national healthcare expenditure increased 9.7% to $4.1 trillion in 2020, or $12,530 per person, and accounted for 19.7% of GDP.Therefore, the increasing expenditure on healthcare is driving the medical power supply market.
Technological advancement is a key trend gaining popularity in the medical power supply market.Major companies operating in the medical power supply market are focused on developing new technological solutions to strengthen their position.
For instance, in May 2022, Connect America LLC, a US-based company operating in medical power supply, launched Connect America HomeTM, the next-generation, AI-enabled digital health and safety platform, which is a first-of-its-kind solution providing personal emergency response services (PERS) and remote patient monitoring (RPM). This platform provides continuous monitoring to help ageing and vulnerable populations with emergency and non-emergency support.
In March 2021, Bel Fuse Inc., a US-based leading supplier of products that power, protect, and connect electronic circuits, acquired EOS Power India for an amount of $7 million. This acquisition would allow Bel to extend its manufacturing footprint outside of China through a turnkey operation that has an established local supply chain and onsite technical expertise for design and manufacturing. EOS is an India-based manufacturer and exporter of branded power supplies that include medical power supplies.
The countries covered in the medical power supply market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The medical power supply market research report is one of a series of new reports that provides medical power supply market statistics, including medical power supply industry global market size, regional shares, competitors with a medical power supply market share, detailed medical power supply market segments, market trends and opportunities, and any further data you may need to thrive in the medical power supply industry. This medical power supply market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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