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Global Medical Power Supply Market Size and Forecast 2024-2033| Koninklijke Philips N.V., Connect America LLC, ADT Security Services, Bay Alarm Medical Inc., VRI Inc.

The Medical Power Supply Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Medical Power Supply Global Market Report 2024, The medical power supply market size has grown strongly in recent years. It will grow from $1.77 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to aging population, regulatory compliance, patient-centric care, global health preparedness, electrical safety.

The medical power supply market size is expected to see rapid growth in the next few years. It will grow to $2.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to renewable energy integration, resilient power infrastructure, miniaturization of devices, remote healthcare solutions, telehealth services. Major trends in the forecast period include battery technologies advancements, artificial intelligence (ai)-enhanced power management, smart grid integration, customized power solutions, innovations in electromedical devices.

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. For instance, in May 2023, according to a report published by the Office for National Statistics, a UK-based government department, between 2020 and 2021, healthcare spending in the UK increased by 9.4% in nominal terms and 9.7% in real terms. Therefore, the increasing expenditure on healthcare is driving the growth of the medical power supply market.

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The medical power supply market covered in this report is segmented –

1) By Type: Open Frame Power Supply, Enclosed Power Supply, Adapter Power Supply, Converters

2) By Converter Type: AC-DC Power Supply, DC-DC Power Supply

3) By End-User: Hospitals, Ambulatory Surgical Cente, Clinics, Long Term Care Centres, Diagnostic Centers, Rehabilitation Centers, Home Care Setting

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 Home, 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.

The medical power supply market report table of contents includes:

1. Executive Summary

2. Medical Power Supply Market Characteristics

3. Medical Power Supply Market Trends And Strategies

4. Medical Power Supply Market – Macro Economic Scenario

5. Global Medical Power Supply Market Size and Growth

26. South America Medical Power Supply Market

27. Brazil Medical Power Supply Market

28. Middle East Medical Power Supply Market

29. Africa Medical Power Supply Market

30. Medical Power Supply Market Competitive Landscape And Company Profiles

Top Major Players: