High Prevalence of Chronic Diseases and Government Initiatives to Boost Domestic Manufacturing of Medical Devices to Augment Growth of Medical Power Supply Devices Market

 

Medical Power Supply Devices Market

High prevalence of chronic diseases is expected to propel growth of the global medical power supply devices market. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

Government initiatives to boost domestic manufacturing of medical devices is expected to offer lucrative growth opportunities for players in the global medical power supply devices market. For instance, in February 2021, the Department of Pharmaceuticals, Government of India, launched a Production Linked Incentive Scheme for Promotion of Domestic Manufacturing of Medical Devices with a total financial outlay of around US$ 470 million for the period 2020-21 to 2027-28. Emergence of Covid-19 is also expected to aid in growth of the market. For instance, globally, as of 4:05pm CET, 15 February 2021, there have been 108,579,352 confirmed cases of COVID-19, including 2,396,408 deaths, as reported to the World Health Organization.

Among regions, North America is expected to witness significant growth in the medical power supply devices market, owing to increasing expenditure on healthcare in the region. For instance, according to The Centers for Medicare & Medicaid Services, the U.S. health spending is projected to reach nearly US$ 6.0 trillion by 2027.

Competitive Analysis

Major players operating in the global medical power supply devices market include, Astrodyne TDI, SL Power Electronics, Powerbox International AB, TDK Lambda Corporation, Artesyn Embedded Technologies (Emerson Network Power), GlobTek, Inc., ICCNexergy, FRIWO Geratebau GmbH, Excelsys Technology, and Delta Electronics, Inc.

Major players operating in the global medical power supply devices market are focused on adopting partnership strategies to enhance their market share. For instance, in July 2020, SL Power Electronics partnered with Electronic Sales Masters/ HHP Associates, with the later becoming the official representative firm for SL Power in the Ohio Valley and Florida, U.S. Similarly, in January 2021, Astrodyne TDI announced certification of Wendell Industrial, a produced and seller of electronics components, as an authorized distributor in China. 

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