The Medical Batteries Market is Anticipated to Witness High Growth Owing to Increasing Focus on Portable Medical Devices

Medical batteries are rechargeable batteries that are used to power various medical devices such as powered wheelchairs, portable oxygen concentrators, insulin pumps, and hearing aids. The growing incidence of chronic diseases and the increasing preference for home healthcare services have significantly driven the demand for portable medical equipment. As medical devices get more compact and portable, the need for reliable and high-performance batteries to power these devices also increases. The focus on improving product portability and the convenience of patients is expected to continue driving innovations in medical batteries over the coming years.

The global medical batteries market is expected to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the medical batteries are Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Inc., BIOPROJET, Avadel Pharmaceuticals, Plc. GlaxoSmithKline plc, Pfizer Inc., Theranexus, Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, and Merck & Co. Inc. These players are focusing on new product launches, geographic expansion and mergers and acquisitions to gain a competitive edge in the market.

The growing prevalence of chronic diseases, increasing healthcare expenditure, rising awareness about home healthcare devices, and technological advancements in medical devices are expected to present significant growth opportunities for players in the medical batteries market. Several players are focused on developing novel, small-sized battery technologies to power increasingly compact medical devices.

Globally, the demand for medical batteries is expected to grow rapidly in the Asia Pacific region over the forecast period. Countries like China, India and South Korea are witnessing increasing healthcare infrastructural developments and healthcare expenditure. This is anticipated to drive the adoption of home-based healthcare devices which relies on portable battery-powered systems.

Market drivers: The increasing focus on portable medical devices by manufacturers owing to the growing demand for home healthcare will continue to drive the medical batteries market. Also, the rising healthcare expenditure in emerging nations will boost the adoption of medical devices and batteries.

Market restrain: However, stringent regulations pertaining to the use, transport and disposal of medical batteries as well as their inherent fire hazards might hamper market growth over the forecast period to some extent.

Segment Analysis

The Medical Batteries Market Size is dominating by alkaline-manganese primary batteries sub segment. Alkaline-manganese primary batteries have wide applications in medical devices such as hearing aids, cardiac pacemakers, blood pressure meters, insulin pumps, and defibrillators among others. They are preferred choice due to advantages like long shelf life, high energy density, less self-discharge rate and compatibility with small medical devices.

The lithium ion rechargeable batteries sub segment is the fastest growing segment in the medical batteries market. This is due to increasing trend for portable and lightweight medical devices. Lithium ion batteries deliver higher energy density compared to alkaline batteries which helps in reducing size of medical devices. They also require less frequent replacements. With advancement in technology, lithium ion batteries are becoming suitable for critical medical devices like cardiac pacemakers.

Global Analysis

Regionally, North America holds the largest share in the medical batteries market due to availability of advanced healthcare infrastructure and large patient pool suffering from cardiovascular and neurological disorders. Growing demand for home healthcare devices along with increasing number of medical device manufacturers is also propelling the market growth. Asia Pacific is poised to be the fastest growing region on account of rising healthcare expenditure, large geriatric population and increasing number of surgical procedures. Governments across developing nations are also supporting healthcare reforms to ensure universal coverage which will boost regional market.

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