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. However, complex regulatory frameworks and technical limitation of conventional medical power supplies are expected to limit market growth in near future.
Key Market Players
The medical power supply market is competitive in nature with several big and emerging players equally holding shares of the market. As of 2021, the key players operating in the global medical power supply market are 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.
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These players have adopted various strategies such as acquisitions, partnerships, and product launches to further expand their presence in the global medical power supply market. In 2021, a major share of the global medical power supply was held by Advanced Energy Industries (US), Delta Electronics (Taiwan), TDK Corporation (Japan), SL Industries, Inc. (US), and XP Power (Singapore).
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. The company focuses on inorganic strategies, such as acquisitions, to strengthen its offerings and global reach and sustain its presence in this market.
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. Moreover, MA is another key strategy adopted by the company to increase its market penetration. Few of the recent acquisitions of the company include TEGAM, Inc. (2021) to expand the company’s presence in RF process power solutions; Versatile Power, Inc. (2020) to gain momentum in RF and programmable power supplies for medical and industrial applications; Artesyn Embedded Technologies, Inc. (2019) to diversify the companys business into embedded industrial power applications.
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Recent Developments
- 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
- 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
- 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
- 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
Medical Power Supply Market Advantages:
- High Efficiency: Medical power supplies typically have higher efficiency ratings than their counterparts, which means they can provide more power while consuming less energy.
- Reliability: Medical power supplies are designed and tested with stringent requirements to ensure they can handle the demands of medical equipment.
- Safety: Medical power supplies are designed to conform to a variety of safety regulations and standards, making them safer for use in medical settings.
- Cost Savings: Medical power supplies are often designed to be more cost-effective than standard power supplies, allowing you to save money on your energy costs.
- Customization: Many medical power supplies can be customized to meet specific requirements, allowing you to get the exact power supply you need.
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