The global medical power supply (MPS) market is expected to account for over USD 100 million by 2022, growing at a double digit CAGR from 2015 to 2022.Primary drivers for this market include an exponential increase in high efficiency and digitally controlled power supply, growing opportunities in emerging economies, breakthrough advancement in medical device technologies and rising demand for portable medical equipment.
Growing geriatric population and increasing incidences of lifestyle diseases such as diabetes and obesity is expected to propel market growth as well. Significant advancements in the field of healthcare equipment, growing number of healthcare facilities and high demand for portable and home based devices are also vital determinants for industry growth.
MPS is an electronic device that helps transmit electric energy to the electric load. By function, the global MPS market can be divided into regulated and unregulated power supply. The regulated power supply provides constant voltage output or current regardless of variations in load current or input voltage changes.
However, an unregulated power supply can drastically alter the output fluctuations.MPS should be uninterrupted owing to the critical nature of its application in live-saving situations, and thus qualifies under the constant power supply.
Stringent regulatory and certification systems, the economic downturn and other challenges are likely to hamper market growth over the forecast period. Huge costs required for deployment of this device is another significant restraint in the global market.
However, tremendous growth in the medical devices market, the upsurge in home patient care and a shift towards mobile devices is expected to propel market growth, especially in emerging economies such as China and India.
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External MPS is anticipated to witness high growth rate owing to sudden demand spurt for portable and compact medical devices and home healthcare services. These devices have a high dependence on the external power supply and growing demand for home health care services, and smaller mobile devices are likely to contribute to market growth over the forecast period.
Further segmentation by technology includes AC – DC power supply and DC – DC power supply. Product segmentation includes external, open frame, U Bracket, enclosed, configurable, and encapsulated and others. Major applications for MPS include diagnostic equipment, which further includes MRI, X- Ray, CT, PET, blood analyzers and medical monitoring.
The medical monitoring segment can be further categorized into the multi-parameter monitor, blood pressure monitor, MEG, ECG, anesthesia monitor, others and home patient care. The application segment can be further classified as home patient care which includes PAP devices, infusion pumps, ventricular assist devices, pulse oximeters, portable nebulizers, portable suction device, oxygen concentrators, ventilators, dialysis devices, others and dental equipment.
Dental equipment is classified by CAD/CAM systems, oral care equipment, digital radiology equipment, others and surgical equipment. Surgical equipment can be categorized into surgical lasers, ophthalmic surgery equipment. Robotic devices for surgery include equipment for cosmetic and several other surgeries.
Regional segmentation includes North America, Europe, Asia Pacific and rest of the world (RoW). North America has the largest market share, and the trend is expected to owing to high demand for medical devices and increasing use of advanced technologies by major pharmaceutical companies such as Pfizer, Abbot Laboratories, and Amgen.
Growing application of medical devices for critical diagnosis and therapeutics, coupled with the launch of several innovative power solutions are also likely to foster product demand in developed regions. Europe also accounted for significant market share after North America and is expected to witness high growth on account of increasing instances of chronic diseases, high geriatric community and various government initiatives to increase investment in medicare & Medicaid services (CMS)
Asia Pacific is also likely to contribute significantly to global market growth, owing to high product demand from emerging economies such as Singapore, China, India, South Korea, Taiwan and even developed regions such as Japan. Rapidly rising standards of living, eradication of poverty, breakthrough technological advancements in the healthcare and life sciences sector, growing accessibility to different medical treatments and growing consumer disposable income is expected to drive regional growth. However, exponential increase in the number of manufacturing hubs across Asia Pacific is the most significant contributing factor for market growth in this region.
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