by The medical batteries market has witnessed significant growth over the past few years owing to the increasing usage of medical devices and equipment. Medical batteries are used to power critical medical equipment such as ventilators, insulin pumps, heart rate monitors, defibrillators and nebulizers among others. Technological advancements have led to the miniaturization of medical devices which has increased the demand for compact and efficient batteries. The development of lithium ion batteries have enabled the manufacturing of lightweight and long-lasting batteries. Lithium batteries offer higher energy density compared to alkaline or zinc-air batteries.
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 from 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. Key players are focusing on developing advanced batteries with longer lives and improved performance. They are also investing in R&D to introduce sustainable batteries with lithium iron phosphate or lithium titanium oxide chemistries.
The key opportunities in the Medical Batteries Market include increasing healthcare expenditure, growing geriatric population, and rising demand for home healthcare devices. According to the World Health Organization, the number of people aged 65 and above is expected to rise from 703 million in 2019 to 1.5 billion in 2050 globally. The elderly are more prone to chronic diseases, thereby driving the demand for portable medical devices requiring efficient batteries.
The medical batteries market is expanding globally due to the improving healthcare infrastructure and increasing access to medical facilities. Asia Pacific is expected to witness significant growth owing to rising medical tourism, growing per capita healthcare expenditure, and increasing investments by market players in the region. China, Japan, and India are major markets contributing to the growth of the APAC medical batteries industry.
Market drivers
The key drivers contributing to the of the Medical Batteries Market Growth are rapid technological advancements, increasing popularity of home healthcare devices, growing demand for portable medical equipment, rising incidence of chronic diseases, and improving battery efficiencies. Miniaturization of devices and the development of lithium-ion batteries have enhanced the capabilities of medical equipment. The increasing preference for home healthcare is driving the demand for portable medical devices requiring batteries.
PEST Analysis
Political: The medical batteries market is regulated by government agencies that ensure the safety and efficacy of medical devices. New regulations can impact the approval and adoption of new products.
Economic: Growth in the global economy positively impacts the healthcare sector and increases spending on medical devices. Higher disposable incomes support demand for advanced equipment that uses medical batteries.
Social: An aging population globally is boosting demand for home healthcare devices and for portable medical equipment. Growing lifestyle and chronic diseases have increased the demand for continuous patient monitoring devices.
Technological: Advancements in lithium-ion battery technology have enhanced the energy density and lifespan of batteries. New highly miniaturized batteries are enabling the development of smaller, wearable medical devices for patient monitoring.
North America region held the largest market share in the medical batteries market in terms of value, as countries in the region have well-established healthcare infrastructures and higher healthcare spending.
The Asia Pacific region is projected to be the fastest growing regional market during the forecast period. This is attributed to increasing healthcare expenditures, rising standards of living, growing geriatric population and their increasing reliance on medical devices in countries such as India and China
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
