Medical batteries are an integral part of various battery-powered medical devices such as cardiac pacemakers, neurostimulators, drug delivery systems, and many more. The growth in demand for portable medical equipment like hearing aids, blood glucose monitors, medical thermometers and growing demand for implantable medical devices are propelling the growth of the medical batteries market. Battery-powered portable medical equipment provide convenience and portability to patients and caregivers.
The global Medical Batteries Market is estimated to be valued at US$ 2888.42 Mn in 2024 and is expected to exhibit a CAGR Of 8.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
The increased adoption of battery powered devices has been a major trend spurring growth in the medical batteries market. Battery-powered medical devices offer patients and caregivers greater mobility and flexibility compared to hardwired medical equipment. This has significantly boosted adoption of portable medical devices. Furthermore, increasing preference for home healthcare and remote patient monitoring is another key trend fueling demand for portable medical devices and correspondingly the need for medical batteries. Battery manufacturing technologies are also advancing with focus on developing batteries with higher energy density, longer functional life, and safer chemistry. Such technological developments will further support increased uptake of medical batteries.
Segment Analysis
The global medical batteries market is dominated by the lithium-ion battery sub-segment. Lithium-ion batteries are preferred over other battery types due to their superior energy density and lightweight properties. These batteries can be assembled in compact sizes and shapes, making them well-suited for various medical devices.
Key Takeaways
The Global Medical Batteries Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The rising demand for portable medical devices and technological advancements in battery technologies are fueling market expansion. The global medical batteries market is estimated to be valued at US$ 2888.42 Mn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regional analysis
North America holds the largest share of the medical batteries market currently and is expected to maintain its dominance through 2030. Significant healthcare spending and presence of prominent medical devices manufacturers in the US and Canada are driving regional market growth. Asia Pacific is expected to emerge as the fastest growing regional market owing to rising medical awareness, increasing healthcare expenditure, and growing geriatric population.
Key players
Key players operating in the medical batteries market are Siemens, GE Healthcare, Maxim Integrated, Panasonic, Texas Instruments, Quallion, Ultralife, Electrochem Solutions, EaglePicher Technologies, and Johnson Controls.
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The magnifying prevalence of cardiovascular and chronic diseases is prompting the need for the advancement of extensive technologies.
This factor may bring good growth for the global medical batteries market during the forecast period of 2020-2030.The burgeoning influence of medical devices across the healthcare sector to track diverse diseases and disorders is laying a red carpet of growth for the medical batteries market.
Based on battery type, the global medical batteries market can be classified into zinc-air batteries, lithium batteries, nickel-metal hydride batteries, and other batteries.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=78653 The global medical batteries market report provides a systematic study to the stakeholder on numerous parameters of growth such as competitive scenario, regional assessment, and notable trends.
Manufacturers in the medical batteries market are focusing on research and development activities to produce batteries that prove fruitful for a plethora of medical devices.
These activities also help the players to explore untapped regions and novel growth opportunities.
Such developments help in introducing novel technologies into the medical batteries market.Some well-entrenched players in the medical batteries market are Shenzhen Kayo Battery Co., Ltd., Quallion LLC, Arotech Corporation, EnerSys, Siemens, Liberting Technologies, Inc., Electrochem Solutions, Inc., Vitec Group Plc., Tadiran Batteries Ltd., and EaglePicher Technologies, LLC.Request Customization on Medical Batteries Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=78653 Medical Batteries Market: Recent TrendsThe COVID-19 outbreak has brought immense stress on the healthcare industry as the numbers of infected patients are rising day by day.
Global Medical Batteries Market is projected to reach a size of USD 3.7 billion by 2027, at a CAGR of 6.7% from an estimated USD 2.2 billion in 2019.A medical battery consists of a cell or a group of cells that are designed for storing, receiving and delivering electric energy as required.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.The increase in the prevalence of chronic and cardiovascular diseases are leading to sustained development and innovation in medical devices for treatment and prevention, such as defibrillators and pacemakers.
The rise in the acceptance to development of light, long-life efficient batteries, mainly in patient monitoring devices such as hemodynamic, glucometer, cardiac, neuro, fetal & neonatal, respiratory, weight, temperature, multi-parameter, and remote patient monitoring devices.The major drivers of the market are technological advancement, reimbursement in the healthcare facilities, and medical equipment.
Usually, medical batteries have a high demand for implantable medical devices and some non-implantable medical devices.
The risks involved with the use of medical batteries are battery depletion, high internal resistance, and battery leakage.By Product type, the market is divided into two types; implantable batteries and non-implantable batteries.
Furthermore, on the basis of configuration, medical batteries are of different types such as Lithium Batteries, Nickel-Metal Hydride Batteries, Zinc-air batteries, and other alkaline-manganese battery.North America dominates the market for global medical batteries due to broad technical applications of medical batteries and improved healthcare facilities.
Global Medical Batteries Market is projected to reach a size of USD 3.7 billion by 2027, at a CAGR of 6.7% from an estimated USD 2.2 billion in 2019.A medical battery consists of a cell or a group of cells that are designed for storing, receiving and delivering electric energy as required.
The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.The increase in the prevalence of chronic and cardiovascular diseases are leading to sustained development and innovation in medical devices for treatment and prevention, such as defibrillators and pacemakers.
The rise in the acceptance to development of light, long-life efficient batteries, mainly in patient monitoring devices such as hemodynamic, glucometer, cardiac, neuro, fetal & neonatal, respiratory, weight, temperature, multi-parameter, and remote patient monitoring devices.The major drivers of the market are technological advancement, reimbursement in the healthcare facilities, and medical equipment.
Usually, medical batteries have a high demand for implantable medical devices and some non-implantable medical devices.
The risks involved with the use of medical batteries are battery depletion, high internal resistance, and battery leakage.By Product type, the market is divided into two types; implantable batteries and non-implantable batteries.
Furthermore, on the basis of configuration, medical batteries are of different types such as Lithium Batteries, Nickel-Metal Hydride Batteries, Zinc-air batteries, and other alkaline-manganese battery.North America dominates the market for global medical batteries due to broad technical applications of medical batteries and improved healthcare facilities.
