Medical batteries play a vital role in powering a wide range of portable medical devices such as mobility aids, neurology devices, pulse oximeters, surgical tools, patient monitoring devices and cardiac devices. The growing prevalence of chronic diseases and increasing healthcare expenditure have boosted the use of portable medical devices, driving the demand for reliable and efficient medical batteries. Medical batteries need to be lightweight, compact, long-lasting and safe for continuous power to medical devices. Lithium ion batteries have emerged as a popular choice due to their high energy density and long life. 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.
Key Takeaways
Key players operating in the medical batteries market 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. The increasing use of portable medical devices and the rising prevalence of chronic diseases across the globe are major factors driving the demand for reliable and long-lasting medical batteries. Technological advancements in lithium-ion batteries have resulted in higher energy density batteries that can power portable medical devices for extended duration while being lightweight and safe.
New innovations are expanding therapeutic applications of medical devices. The rising remote patient monitoring trend is increasing the demand for Medical Batteries Market Size . This is expected to boost the sales of small, high-performance medical batteries that can power small portable devices for disease monitoring and management. Advancements in battery chemistry and manufacturing are enabling the development of flexible, thin and customizable battery packs suitable for diverse medical devices. Biodegradable batteries are also being researched for implantable medical devices.
Market Trends
The advancements in battery chemistry are enabling higher energy density while reducing the size of batteries powering portable medical devices. Lithium ion battery chemistries using lithium nickel manganese cobalt oxide (NMC) and lithium iron phosphate (LFP) cathodes offer significantly higher energy density in a compact format. This allows the development of smaller and more portable medical devices.
Remote patient monitoring is growing rapidly with the increasing use of Bluetooth enabled small medical devices that transmit vital health data to clinicians. These devices require small, lightweight yet powerful medical-grade batteries to function continuously for longer duration. Batteries suitable for powering wearable medical devices present a major market opportunity.
Market Opportunities
The rising demand for home healthcare devices presents a lucrative opportunity for medical batteries optimized for powering small portable devices used for disease monitoring at home. With the growing preference for home care over hospitalization, batteries suitable for powering portable ECGs, glucose monitors, sleep apnea monitors and other portable diagnostic tools will see higher demand.
Developing biodegradable batteries that can safely power implantable medical devices for required therapy duration and then degrade harmlessly inside the body without needing removal surgery could increase acceptance of implantable devices. This presents an opportunity to develop novel bio-integrated battery technologies.
Impact of COVID-19 on Medical Batteries Market Growth
The COVID-19 pandemic significantly impacted the growth of the medical batteries market globally. During the initial outbreak, the demand for medical batteries increased substantially as the healthcare infrastructure ramped up to deal with the rising number of cases. Medical devices like ventilators, nebulizers, respiratory devices, patient monitors, defibrillators, etc. saw a massive surge in demand which boosted the need for reliable battery power sources. However, due to the imposition of lockdowns worldwide, the supply chains were disrupted which created shortages of raw materials and components for manufacturing batteries. This adversely affected the production volumes and led to demand-supply mismatches in 2020. With lockdowns being lifted gradually post Q3 2020, the manufacturing and supply chains resumed operations and the demand was fulfilled. However, many units had to operate at reduced capacities to comply with social distancing norms. The pandemic accelerated technological advances and digitalization in the healthcare industry. This increased the adoption of portable medical devices and wireless monitoring solutions which further propelled the medical batteries market growth. Going forward, continued innovations and increased investments in healthcare infrastructure globally are expected to drive stronger market expansion opportunities post pandemic.
North America Dominates while Asia Pacific is the Fastest Growing Region in Medical Batteries Market
In terms of value, North America dominated the medical batteries market in 2024 accounting for over 35% share owing to well-established healthcare infrastructure, high disposable income, and presence of leading players in the US and Canada. Presence of major medical device manufacturers and rapid digitization in the region support the demand. Europe was the second largest regional market led by Germany, United Kingdom and France. Asia Pacific is identified as the fastest growing region during the forecast period on account of rising healthcare expenditure, increasing prevalence of chronic diseases, growing medical tourism, and expansion of private healthcare facilities especially in China, India and other Southeast Asian countries. China and India are emerging as highly lucrative markets. Latin America and Middle East & Africa also present untapped growth potential with improving access to healthcare and rising quality standards.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
Medical Batteries Market
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