Medical Power Supply Devices Market
Global Market Study on Medical Power Supply Devices: Portable and Homecare Devices Represent Lucrative Segments
Medical Power Supply Devices Market Segmented By Medical Power Supply, Medical Power Supply Equipment, US Medical Power Supply Devices, Portable Medical Power Supply Devices, Power Supply Intelligence Service, Medical and Healthcare Power Supply
Portability Emerging as Sought-after Feature
The growth of the medical power supply devices market is driven by increasing demand for healthcare services at home as it helps in saving 20 to 50% of the total costs as compared to regular hospital treatment, depending on the service taken. Interconnectivity through devices and portability of medications and equipment make it feasible to provide critical care at home.
The patient can get recovered quickly in the comfort and familiar surroundings of the house rather than the hospital environment. The demand for healthcare at home is also increasing due to factors such as rising cost of health care services and hospital stays, and shortage of nurses and other healthcare personnel.
- In India, the typical cost of a stay in hospital ICU ranges from INR 40,000 to INR 50,000/day.
Home healthcare is gaining traction as the population of elderly people is increasing, and they want to have better social positioning facilities such as healthcare at home. As it seems very expensive at a face value, it shows social status of people. This factors help in increasing the demand for medical power supply devices.
Find Out More about the Report Coverage
- Astrodyne TDI
- SL Power Electronics
- XP Power
- Power Box
- Delta Electronics
- CUI Inc.
- Mean Well
- TDK Lambda
- Artesyn Embedded Technologies
Advanced Technologies to Pave the Way for Innovative Devices
Advanced medical power supply devices enable physicians to better diagnose and treat patients, which in turn, enhance patients’ confidence. Technological developments in medical diagnostic systems, such as Magnetic Resonance Imaging (MRI) and X-Ray equipment, arehich nose and treat patients leading to the need for improved medical power supply devices with higher switching characteristics.
For instance, high voltage of 120 kV required by a CT unit is generated using a resonant inverter, which is switched at the rate of 100 kHz. This increase in the switching rate of medical power supply devices help improve the diagnostic result and at the same time, reduce the weight and size of the equipment. The innovative medical power supply devices are introduced by key players.
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Upgrading Medical Devices to Comply with Changing Medical Standards
Environmental and economic factors are playing an ever-increasing vital role in improving output efficiencies of medical power supply devices, without losing the EMI standards.
Various governments have imposed mandatory regulation standards such as electromagnetic compatibility standards, ENERGY STAR efficiency improvement program, and RoHS and WEEE (waste controls and recycling) directives in order to reduce and control radiated and conducted electrical noise. In case of medical power supply devices, patients and operators’ safety are given priority over other design considerations.
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Product Recalls Hold Significant Impact
Product failure and changes in standard regulations and certifications of medical power supply devices have led to an increase in product recalls in the recent past. This, in turn, increases OEM’s operational, inventory, and logistics costs, thereby, resulting in significant revenue losses for companies. Manufacturers of medical power supply devices are increasingly offering medical power supply devices with multiple functions.
In March 2016, Food & Drug Administration (FDA) recalled ventilators manufactured by Drägerwerk AG & Co as the power supplies caused the ventilator to shut down unexpectedly, which could have resulted in patient injury or death.
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Market in APEJ Exhibits High Growth Potential
Asia Pacific Excluding Japan (APEJ) market is anticipated to witness an impressive growth rate in the global medical power supply devices market, during the forecast period. Asia Pacific region recently witnessed an increase in demand for home healthcare facilities mostly for elderly people.
The demand for eEountries of Asia Pacific e in txternal medical power supply devices is increasing, owing to an increase in the usage of compact, portable medical devices, which employs an external power supply.
Moreover, the demand for medical power supply devices in the region is rising due to increasing popularity of powered equipment in healthcare facilities and advancement in healthcare facilities. Furthermore, factors such as technological advancements, government initiatives, portable medical devices, increase in aging population, and increase in occurrence of chronical diseases, are driving market growth in the region.
A comprehensive view of the medical power supply devices market has led our analysts to conclude that, the market of medical power supply devices is proliferating at a remarkable rate. Regions such Asia Pacific Excluding Japan is holding a large part of the medical power supply devices market.
Among end users of medical power supply devices market, homecare is expected to grow rapidly as healthcare facilities at homes helps the patient in recovering early and also saves cost as compared to treatments in hospitals. New product innovations and strong financial position of key market players will also give momentum to the medical power supply devices market.
Regional expansion and collaborations with providers of other medical power supply devices are some strategies opted by key players to boost their sales of medical power supply devices.
Medical Power Supply Devices Market: Taxonomy
PMR’s research study on the global medical power supply devices market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the medical power supply devices market has been offered on the basis of product type, function, end-user and region. Every segment has been analyzed in detail and data pertaining to the growth of each segment has been included in the study.
Medical Power Supply Devices Market: Key Questions Answered in the Report
The research study on the medical power supply devices market offers inclusive insights about the growth of the market in the most comprehensible manner for better understanding of users. The insights offered in the medical power supply devices report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the medical power supply devices market?
- How ensuring compliance with industry regulations is boosting the medical power supply devices market?
- What are the key trends that are constantly shaping the growth of the medical power supply devices market?
- Which are the prominent regions offering plentiful opportunities for the medical power supply devices market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?