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.
Get more insights on this topic :
Check more trending articles on this topic:
Comments
0 comment