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Medical power supply market to increase at a CAGR of 6.2% through 2017

Companiesandmarkets : 29 July, 2013  (Special Report)
The medical power supply market has been forecast to increase at a compound annual growth rate (CAGR) of 6.2% over the next five years, increasing from a value of approximately $642 million at the end of 2012, to hit a total of $866.8 million by 2017.

According to the report, Medical Power Supply Market: Forecasts to 2017, the 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.

Obtaining a power system for a medical product can be a complex and frustrating experience. Factors from device performance to regulatory compliance create issues that can disrupt the best product development plan.

North America represents the dominant region within the medical power supply market, followed by Europe, Asia, and Rest of the World (RoW). North America will continue to lead the medical power supply market through to 2017, followed by Europe.

Growth within 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, the rise in number of people suffering from chronic diseases, and the rise in aging population.

Over the next five years, the growth of the market in the Asian region is likely to be centred in, China, India, Taiwan, Korea, and Singapore. Prominent power supply manufacturers are opening their manufacturing facilities in the Asian subcontinent, especially in China.

Opportunities such as growth in medical device market, upsurge in home patient care, and shift towards mobile medical devices are likely to propel the medical power supply market in the coming years.

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