The medical power supply market is expected to register a CAGR of 6.5% during the forecast period. Certain factors that are driving the growth of the market are technological advancements in healthcare equipment, a rise in the number of healthcare facilities, increasing incidences of chronic diseases, and growing demand for portable and home-based devices.
– Healthcare facilities are thriving across the world, owing to technological innovations in the healthcare sector and a growing geriatric population. Healthcare technologies are evolving in all possible aspects, ranging from patient registration to data monitoring, and from lab tests to self-care devices.
– Furthermore, the geriatric population is growing at a rapid pace, globally. Currently, about two-thirds of the world’s geriatric population lives in developing countries. This has prompted the need for an increase in healthcare setups all over the world.
– Moreover, governments are taking initiatives to set up new and advanced healthcare facilities in developing countries to cater to the requirements of the growing population. The rise in the number of healthcare facilities may increase the demand for medical power supply, which is expected to drive the medical power supply market. Additionally, technological advancements in healthcare equipment, increasing incidences of chronic diseases, and the rising demand for portable and home-based devices, are driving the growth of the medical power supply market.
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– A pandemic like COVID-19 may only fuel the manufacturing of advanced medical devices and equipments to tackle such crisis in future. The increased production of healthcare devices may drive the medical power supply market. For instance, GE Healthcare recently announced to increase its manufacturing capacity for medical equipment, including CTs, ultrasound devices, mobile X-ray systems, patient monitors, and ventilators, to cater to the ongoing global challenge of the treatment of COVID-19 patients.
– However, high cost of medical supply devices and strict government regulations and guidelines are restraining the market’s growth.
Key Market Trends
Diagnostic and Monitoring Equipment is Expected to Hold the Largest Market Share in Application Type
– The increase in the number of government initiatives for the diagnosis of infectious disease, along with the rising need for fast detection of diseases, is contributing to the growing demand for the diagnostic and monitoring equipment across the world. Governments are proactively investing in many of the research studies, including those for the diagnosis of infectious diseases.
– Technology holds a central role in expanding the market for diagnostic and monitoring devices. The increase in the aging population and the transformation of acute illnesses, such as heart failure, into chronic diseases indicate that the number of patients is also increasing. All the aforementioned factors are expected to contribute to the huge market share of the segment.
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