by Medical batteries find wide applications in portable medical devices such as hearing aids, pacemakers, defibrillators, oxygen concentrators, blood glucose meters, dental handpieces, and others. Hearing aids are the primary application of medical batteries as they offer improved sound quality and amplification customized to a patient’s needs. Growing cases of hearing loss across the globe are propelling the demand for hearing aids, thereby driving the medical batteries market. As per the World Health Organization estimates, over 5% of the global population suffers from disabling hearing loss.
The global Medical Batteries Market is estimated to be valued at US$ 2888.42 Million in 2023 and is expected to exhibit a CAGR Of 8.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing demand for portable medical devices is expected to flourish the medical batteries market over the forecast period. As highlighted in the heading, portable medical devices use medical batteries to function untethered from an outlet. For instance, pacemakers require batteries to regulate heart rates as patients move around. Similarly, portable oxygen concentrators rely on medical batteries to deliver oxygen to COPD and asthma patients on the go. Technological advancements are enabling miniaturization of medical devices with extended battery lives. This is further propelling the utility of rechargeable and disposable medical batteries.
Another driver for the medical batteries market growth is the rising prevalence of chronic disorders globally. Conditions such as cardiovascular diseases, respiratory diseases, diabetes and cancers which require long-term treatment are on the rise. Portable medical equipment have become crucial for treatment and monitoring of such disorders. This expanding patient pool and enhanced medical access even in remote areas are fueling the demand for associated portable medical devices and batteries.
Segment Analysis
The medical batteries market can be segmented into alkaline batteries, lithium ion (Li-ion) batteries, and zinc-air batteries. The lithium-ion (Li-ion) battery segment is dominating the market currently due to its higher energy density and lower self-discharge rate compared to alkaline batteries. Li-ion batteries offer benefits such as lightweight, minimal memory effect when partially discharged, and a slow loss of charge when not in use. These advantages make Li-ion batteries suitable for medical devices requiring portability and long battery life.
PEST Analysis
Political: Healthcare reforms in many countries are promoting patient access to advanced medical devices which require portable power sources such as batteries. Favorable regulations encouraging digital health are boosting demand.
Economic: Rising disposable incomes in developing nations are enabling higher spending on healthcare and medical devices. The growing elderly population relying on devices such as mobility aids and hearing aids is another driver.
Social: With lifestyle diseases and chronic conditions on the rise, patients are seeking portable health monitors and diagnostic devices for convenient self-care. This is increasing demand for lightweight, long-lasting batteries for such wearables.
Technological: Advances in battery chemistries are extending the runtime of medical devices on a single charge. Companies are also developing novelformatters to optimize energy storage in small footprint batteries required by miniature medical devices.
Key Takeaways
The Global Medical Batteries Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 backed by rapid digitalization of healthcare and increasing availability of home monitoring devices for chronic disease management. The global medical batteries market is estimated to be valued at US$ 2888.42 million in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.
Regional analysis:
North America dominates the medical batteries market currently due to the presence of leading medical device manufacturers and supportive medical reimbursement processes promoting device adoption. The Asia Pacific region is anticipated to witness the fastest growth over the coming years led by China, India, and Southeast Asian countries with increasing healthcare investments and expanding medical infrastructure.
Key players:
Key players operating in the medical batteries market are Siemens, Panasonic, Tadiran Batteries, EaglePicher Technologies, Energizer, Ultralife, Saft Groupe, EnerSys, Maxim Integrated, and Tadiran Batteries. Major companies are investing in R&D to develop batteries with enhanced capacity and lifespan tailored to the power demands of different medical devices.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
