Medical batteries are used as power sources in various medical devices ranging from diagnostic tools to therapeutic equipment. They offer critical back up power to ensure uninterrupted functioning of life supporting medical equipment such as pacemakers and hearing aids. The increasing demand for diverse portable medical devices along with the growing incidence of chronic diseases has been fueling the need for reliable battery operated medical equipment.
The global Medical Batteries Market is estimated to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for medical devices has been a major driving factor for the medical batteries market. According to various research studies, the demand for battery operated medical equipment is expected to surge over 50% by 2030. This increased demand can be attributed to the rising prevalence of chronic diseases such as diabetes, cardiovascular diseases and cancer which require long term medical care. As the medical device industry continues to innovate novel portable and disposable diagnostic and therapeutic equipment, the need for high performance yet safe medical batteries complying with strict quality and safety regulations is growing exponentially. Manufacturers are continuously investing in the development of advanced lithium ion batteries with extended battery life and shelf life to meet this burgeoning demand from the medical device sector.
Segment Analysis
The medical batteries market is segmented into lithium batteries, alkaline batteries, and zinc-air batteries. Lithium batteries are dominating the market as they have a longer shelf life and higher energy density compared to alkaline and zinc-air batteries. Lithium batteries require less maintenance and replacement due to their ability to retain charge over extended periods without usage. They find widespread application in medical devices such as pacemakers, infusion pumps, and defibrillators that require reliable power sources.
Key Takeaways
The global medical batteries market is expected to witness high growth. Medical Batteries Market Size is estimated to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Regional analysis related content comprises Medical batteries market in North America dominates the global scenario in terms of revenue, accounting for the largest share of the global market in 2024. The increasing prevalence of chronic diseases and rising healthcare expenditure are major factors driving the North American medical batteries market.
Key players related content comprises Key players operating in the medical batteries market are Siemens AG, Panasonic Corporation, Maxim Integrated, Ultralife Corporation, Saft Groupe S.A., EnerSys, Tadiran Batteries, Shenzhen Kayo Battery Co. Ltd., Vitec Group, and Duracell Inc.
Key players operating in the medical batteries market are focusing on capacity expansions and new product launches to strengthen their market position. Strategic collaborations with device manufacturers are helping key players integrate their battery solutions and gain more customers. Regulatory approvals and certification for medical-grade batteries have also increased over the years, adding momentum to the medical batteries industry.
Get More Insights on this Topic- https://www.dailyprbulletin.com/medical-batteries-market-demand-size-and-growth-analysis/
Get More Trending Articles- https://techaxen.com/conducting-connections-exploring-the-vital-role-of-thermal-interface-materials-in-heat-dissipation-in-electronics/
Comments
0 comment