The medical batteries market has witnessed significant growth, owing to the growing demand for portable medical devices such as pacemakers, hearing aids, continuous positive airway pressure (CPA), portable medical connectivity systems, blood pressure monitors, glucose meters, neonatal equipment, and insulin pumps. Medical batteries offer safe power supply options for continuous medical device working, wireless connectivity, and portability to patients.
The Global medical batteries market is estimated to be valued at US$ 2.8 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031. Key Takeaway
Key players operating in the medical batteries are Panasonic Corporation, Duracell
Inc., Energizer Holdings, Inc., Toshiba Corporation, Quallion LLC, St. Jude
Medical, Inc., Greatbatch Medical, EnerSys, Renata SA, Saft Groupe SA, GS Yuasa International Ltd., Ultralife Corporation, EaglePicher Technologies, LLC, Nihon Kohden Corporation, Siemens AG, Philips Healthcare, Maxell Holdings, Ltd., Texas Instruments Incorporated, Varta AG, and Bioenno Power. The key players are investing heavily in R&D to provide advanced medical batteries with improved performance, safety and longer run times. The key opportunities in the Medical Batteries Market Growth include increasing demand for rechargeable lithium-ion batteries in implantable medical devices owing to their lightweight, high energy density, low self-discharge, longer cycle life and lack of memory effect as compared to other battery chemistries. The demand for medical wearable devices and home healthcare devices is also growing rapidly which is propelling the market growth. The global medical batteries market is expanding rapidly due to increasing healthcare spending worldwide especially in emerging economies of Asia Pacific region. Governments globally are focusing on cost-effective home healthcare treatments to reduce hospitalization costs which is positively impacting the demand for portable medical devices and associated batteries.
Market Drivers The key market drivers for medical batteries market include rapidly growing elderly population worldwide who require continuous medical care and assistance devices. As per WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%.
The increasing incidence of chronic diseases such as diabetes, cardiovascular diseases and respiratory diseases globally requiring long term monitoring is driving the market growth. Rapid advancements in medical technology miniaturization resulting in development of small and portable medical devices is fueling the demand for small, lightweight and high-performance medical batteries.
PEST Analysis Political: Regulations on the environmental impact of various battery technologies affect the medical batteries market. Policies encourage safer and more sustainable battery production and disposal.
Economic: Growth in healthcare spending and demand for home healthcare devices is increasing demand for inexpensive yet long-lasting batteries for medical equipment and devices.
Social: An aging global population and rise of lifestyle diseases are driving demand for home healthcare devices that require portable batteries. Improved access to healthcare is also expanding battery needs.
Technological: Advancements in battery materials and chemistries enable higher energy density and lifetime in smaller packages suitable for medical devices. Improvements in power management circuits enhance battery performance and life.
Geographical concentration
The medical batteries market in terms of value is highly concentrated in Asia Pacific and North America. These regions account for over 60% of the global market value owing to the large healthcare spending, high density of medical device manufacturers, and aging populations in countries like Japan, China, US and Canada.
Fastest growing region The Asia Pacific region is expected to be the fastest growing market for medical batteries during the forecast period. Expanding medical infrastructure, rising incomes, universal healthcare programs and growing medical tourism are driving the demand for advanced healthcare devices and technologies in Asia Pacific countries. Increasing battery manufacturing capacities in China, South Korea and Japan also support market growth in the region.
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About Author: Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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