The global medical power supply market is estimated to have reached a value of around $642 million at the end of 2012, and is forecast to hit a total of $866.8 million by 2017. This suggests a CAGR growth rate of around 6.2% between 2012 and 2017.
Rise in high efficiency and digitally controlled power supply, opportunities in emerging economies, advancement in medical device technology and portable medical equipment, increasing aging population, and increasing incidences of lifestyle diseases are boosting the growth of the market. The market is, however, restrained by stringent regulatory and certification systems, and the economic downturn. Opportunities such as growth in medical device market, upsurge in home patient care, and shift towards mobile medical devices are likely to propel the market in the coming years.
The global market is dominated by North America, followed by Europe, Asia, and Rest of the World (RoW). North America will continue to lead the medical power supply market in the forecast period, followed by Europe. Growth of the North American market is likely to be driven by the growing medical device market, incessant launch of innovative power supplies to meet the burgeoning demand of medical devices used for diagnosis or therapeutics, reimbursements offered by Centers for Medicare and Medicaid Services (CMS) for medical devices, rise in number of people suffering from chronic diseases, and rise in aging population.
Over the next five years, the growth of the market in the Asian region is likely to be centered at, China, India, Taiwan, Korea, and Singapore. The growth will be driven by the improvement in the standard of living, greater access to medical treatment, and an upsurge in availability of technical support for healthcare. Moreover, prominent power supply manufacturers are opening their manufacturing facilities in the Asian subcontinent, especially in China. This is fueling the growth of this market in this region.
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