The
medical batteries market has experienced significant growth over the past few
years due to the increased adoption of portable medical devices. Medical
batteries are used to power a wide range of portable medical devices such as
nebulizers, blood pressure monitors, thermometers, pulse oximeters, infusion
pumps, and portable ultrasound machines. Some key advantages of medical
batteries include their compact size, lightweight and ability to provide
reliable power to devices for extended periods of time. The growing geriatric
population and rising incidence of chronic diseases have fueled the demand for
home healthcare devices that require portable power sources.
The global medical batteries market 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 of 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. These established players dominate the market
owing to their robust product portfolio and global distribution networks.
The growing awareness regarding personalized care and shift towards home
healthcare present lucrative growth opportunities for players. Manufacturers
are investing in R&D to develop batteries with enhanced capacity, lifecycle
and safety features to power the latest portable medical technologies.
Geographically, North America holds the largest share due to rapid technological
advancements and widespread health insurance coverage. However, Asia Pacific is
expected to witness the highest CAGR over the forecast period with the
improving healthcare infrastructure and rising medical expenditure in countries
like China and India.
Market Drivers and Restraints
The main driver for the Medical
Batteries Market is the rising demand for home healthcare devices due
to growing geriatric population and need for long-term care. As more medical
tests and treatments shift from hospitals to homes, the requirement for
portable power sources is increasing.
However, strict regulations surrounding the transportation of lithium-based
batteries pose a major challenge. Manufacturers must obtain proper
certification to ship medical batteries internationally. The high costs
associated with R&D to meet regulatory standards can restrain market
growth. Strict quality controls also increase production costs.
Segment Analysis
Lithium ion batteries dominates the medical batteries
market owing to their high energy density, low self-discharge and
miniaturization ability which helps produce small and lightweight batteries for
medical devices. This segment is expected to grow significantly during the
forecast period due to the rising usage of lithium ion batteries in pacemakers,
infusion pumps and other portable medical devices. Alkaline-manganese batteries
are also gaining popularity in the market as they are more affordable than
other types and used widely in blood pressure monitors, thermometers and
hearing aids.
Global Analysis
North America holds the largest share in the medical batteries market due
to increasing government initiatives for healthcare infrastructure development
and growing prevalence of chronic diseases. The usage of advanced medical
devices requiring batteries is high in this region. Europe holds the second
largest market share due to rising healthcare spending and growing elderly
population. Asia Pacific is expected to grow at fastest rate during the
forecast period owing to improving access to healthcare facilities, rising
disposable income and increasing medical tourism. The market is also
experiencing growth in Latin America and Middle East & Africa regions.
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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)