Technological advancements in medical power supply devices such as smart medical devices, which are embedded in furniture and portable medical equipment for home care applications, are expected to augment the growth of medical power supply devices market. A new Persistence Market Research (PMR) study projects that the global medical power supply devices market will expand at a strong CAGR of 7% during 2019 – 2029.
As per the report findings, besides the expanding geriatric population, a few other factors will significantly assist the market growth, including growing preference for portable devices, high demand for home healthcare facilities, and favorable government initiatives regarding sophistication of healthcare infrastructure.
Technological innovations in the healthcare industry such as brain control interface (BCI), outpatient robotic surgeries, automated mobile wheelchairs, mobile robots for logistic application in healthcare facilities, and automated hospital beds will create significant demand for high-quality, reliable, and safe medical power supply devices. This, in turn, would create opportunities in terms of value for medical power supply devices manufacturers in the long run.
Key Takeaways - Medical Power Supply Devices Market Study
- Convection cooled medical power supply devices are gaining traction over the forced cooling power supply devices. This is mainly attributed to the excellent beneficial features like increases reliability of the device and significantly reduces maintenance costs of equipment of convection cooled medical power supply devices.
- Foray of multifunctional medical equipment is leading to declining the demand for application-specific equipment, which in turn, is hampering sales of medical power supply devices globally.
- Demand for external product in the medical power supply devices market is likely to increase with a striking CAGR of 9% during the forecast period.
- Healthcare facility at home helps the patient to recover sooner and also save expenses, due to which, the demand medical power supply devices for homecare setting applications is increasing.
- Asia Pacific (APAC) is creating substantial growth opportunities in the medical power supply devices market as the demand for homecare facility is increasing and companies in the region are developing new products with medical safety standards.
Demand for eEountries of Asia Pacific e in txternal medical power supply devices will see a significant rise in market over the forecast period. This demand growth can be attributed to increasing usage of compact and portable medical devices that employ an external power supply.
Product Innovation Focused on Medical Safety Approval
Major players in the market for medical power supply devices are focusing on developing new products with medical safety approval. Increasing investments by government in healthcare infrastructure attract providers of different medical power supply devices to develop new products for the safety of patients and operators.
- Similarly, in May 2019, FRIWO introduced family of FOX-C devices that include high efficiency chargers for lithium-ion systems. These devices meet the new US department of energy efficiency standards for chargers. The company also offers the standard product with medical approval, according to IEC60601-1.
- In August 2018, Artesyn Embedded Technologies launched new series of LCM3000 AC-DC single output enclosed power supplies. With industrial and medical safety approval, this product can supply up to 3000 watts output power. The LCM3000 series offer configurable nominal output, with adjustability of plus and minus 25 percent and maximum current of 25 Ampere.
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Know More About the Report
This research report provides detailed analysis on the global medical power supply devices market and offers insight on various factors, owing to its increasing demand. To understand opportunities of medical power supply devices, the market is segmented on the basis of product (open frame, enclosed, encapsulated, external), function (AC-DC power supply and DC-DC Converter), and end user (hospitals, ambulatory surgical center, clinics, rehabilitation centers, home care setting), across seven major regions.
About Electronics & Smart Devices Division at PMR
Expert analysis, actionable insights, and strategic recommendations – the Electronics & Smart Devices team at Persistence Market Research helps its clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports in this domain and studies majorly focusing on medical power supply devices, systems and software, these is likely to continue improving patient satisfaction and transforming medical care. The team also provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts.