(I-BusinessNews.Com, September 16, 2020 ) Factors such as growth in funding and infrastructure development, advancements in medical power supply products, and rising trend of home healthcare are driving the growth of the global medical power supply market.
According to research report the report medical power supply market is expected to reach USD 1,218.6 Million by 2022 from USD 885.3 Million in 2017, at a CAGR of 6.6% from 2017 to 2022.
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While product launch and enhancements remain at the center of the strategic growth initiatives pursued by a majority of the key players in the global medical power supply market, players are also focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions. XP Power (Singapore), Spellman High Voltage Electronics Corporation (U.S.), Powerbox International AB (Sweden), Meanwell Enterprises (Taiwan), Handy and Harman (U.S.), Globtek (U.S.), FRIWO Gerätebau (Germany), Delta Electronics (Taiwan), and Astrodyne TDI Power Supplies and EMI Filters (U.S.) are focusing on new product launches and enhancements to enhance their market presence.
Astrodyne TDI Power Supplies & Emi Filters (U.S.) is another prominent player in this market. The company offers power supplies and EMI filters for the industrial, semiconductor manufacturing, medical, consumer appliance, military, and aerospace sectors. For the medical sector, the company offers a wide variety of medically-approved power solutions to fit applications such as heart-assist devices, medical carts, and surgical tools with the power range of 5 watts to 450 watts. Astrodyne TDI Power Supplies & Emi Filters has engineering centers in Hackettstown, NJ, U.S. and Shenzhen, China and manufacturing centers in the U.S. and China. The company mainly focused on both organic and inorganic growth strategies such as product launches and acquisitions to strengthen its market position. For instance, in 2015, the company launched the new ASM400 Series medical power supply products. Similarly, in 2014, the company acquired TDI Power (U.S), which designs and manufactures power supplies and integrated systems for semiconductor manufacturing, industrial, medical, mil/aero, and other industries. Through this acquisition, the company strengthened its share in medical power supply market.
CUI, Inc. (U.S.) is one the key players in this medical power supply market due to its broad medical power supply product portfolio. The company has two business segments, namely Power & Electro-mechanical and Energy. The Power and Electro-mechanical segment provides control solutions which includes power solutions for the medical industry. CUI, Global. operates in the U.S., the U.K., China, and other countries. Some of its notable subsidiaries are CUI, Inc. (U.S.), CUI Japan (Japan), and CUI-Canada (Canada). During 2014 to 2017, the company focused on inorganic growth strategies to strengthen its market position. For instance, in 2015, CUI Inc. acquired Tectrol (Canada), a leading designer and manufacturer of standard and custom power solutions. This acquisition enabled CUI to offer its customers advanced power solutions. Similarly, in 2017, signed an agreement and appointed Arrow Electronics (U.S.) as a global distributor for its entire product range.
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Some other leading players in the global medical power supply market include Delta Electronics (Taiwan), Spellman High Voltage Electronics Corporation (U.S.), XP Power (Singapore). These companies have well-established sales and distribution networks. They also make significant investments in R&D activities to add innovative technologies and products to their portfolio. With a strong portfolio of medical power supply products and ceaseless efforts to develop innovative products, these companies are likely to maintain their strong position in the market in the coming years as well.
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