by Medical batteries are used primarily in medical devices such as pacemakers, continuous positive airway pressure (CPAP) equipment, blood glucose meters, patient monitoring equipment, weighing scales and mobility aids. The global medical battery market has witnessed rapid growth due to increasing prevalence of chronic diseases which has led to rising demand for home healthcare devices. Medical batteries power various home healthcare devices that aid patients to monitor health indicators and seek treatment from the comfort of their homes.
The global medical battery market is estimated to be valued at US$ 3,327.46 billion 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 Dynamics:
The increasing demand for medical devices driven by rising geriatric population base and prevalence of chronic diseases is a key factor propelling the growth of the medical batteries market. As highlighted in the heading, aging population is more prone to develop chronic medical conditions that require continuous monitoring aided by medical devices like glucose monitors and pulmonary care devices. Therefore, swelling geriatric demographics will augment the demand of medical batteries over the coming years. Furthermore, escalating government expenditures on healthcare infrastructure development worldwide along with growing health awareness among people drives the market growth. However, strict regulations regarding approval of new medical batteries may hamper the industry expansion.
Segment Analysis
The medical batteries market is dominated by the lithium ion batteries segment which holds more than 35% share of the overall market. Lithium ion batteries are preferred over other battery types in medical devices due to their high energy density, low self-discharge and lack of memory effect. These advantages make lithium ion batteries suitable for implanted medical devices and other portable medical equipment.
Pacemakers and implantable cardiac defibrillators sub segment within the lithium ion batteries segment holds the largest share. More than 90% of pacemakers and defibrillators currently in use employ lithium ion battery technology due to their small size, light weight and ability to provide power for longer duration as compared to other battery technologies. This makes lithium ion an ideal energy source for implanted medical devices.
Pest Analysis
Political: Governments across regions have implemented regulations regarding use of batteries in medical devices. Manufacturers have to comply with standards for safety, efficacy and performance set by regulatory bodies to sell their products.
Economic: Rising healthcare expenditure and growing elderly population suffering from chronic diseases is driving the demand for advanced medical technologies powered by reliable batteries. However, price pressures faced by manufacturers due to entry of local players impacts profits.
Social: Growing awareness about availability of home healthcare solutions and rise in telemedicine has increased adoption of portable medical devices requiring batteries amongst consumers. However, unsafe disposal of medical batteries remains an environmental and health concern.
Technological: Manufacturers are focusing on developing batteries with higher power densities, lifespan and safer chemistries in order to power the next generation of miniature medical implants and devices with enhanced functionality. Implementation of nanotechnology and 3D printing offers opportunities for innovation.
Key Takeaways
Medical Batteries Market Size is estimated to be valued at US$ 3327.46 billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
North America dominates the market with over 40% share owing to presence of major players and rising usage of home healthcare devices in the region. However, Asia Pacific is emerging as the fastest growing regional market for medical batteries driven by increasing healthcare spending, large patient pools and local manufacturing.
Regional analysis related content comprises
Key players operating in the medical batteries market are Siemens, GE Healthcare, Maxim Integrated, Panasonic, Ultralife, EnerSys and Texas instruments. Rising demand for home healthcare Monitoring devices and implantable medical devices is encouraging new product launches from these players with focus on miniaturization and innovative battery chemistries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
