Medical batteries play a crucial role in powering various medical devices to help patients. With the growing prevalence of chronic diseases, there has been a rise in the demand for medical devices such as continuous positive airway pressure machines, infusion pumps, ventilators, and defibrillators which require reliable power sources. Medical batteries help provide portability and convenience to these devices. Key types of medical batteries include lithium ion batteries, alkaline batteries, and zinc-air batteries. Lithium ion batteries are becoming increasingly popular owing to their high energy density and low self-discharge rate.
The Global Medical Batteries 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 from 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.
Advancements in manufacturing long-lasting and rechargeable lithium-ion battery technologies are further supporting the adoption of medical devices and aiding the Medical Batteries Market Growth. The rising awareness about non-communicable diseases and increasing investments in healthcare infrastructure are expected to present lucrative opportunities for players in the medical batteries market.
Market Drivers
The increasing portable medical device consumption for home healthcare owing to the growing geriatric population and prevalence of chronic diseases is a major factor driving the medical batteries market growth. Growing investments by major players in developing advanced batteries with enhanced capabilities in terms of capacity and lifespan are further propelling the market expansion.
Current challenges in Medical Batteries Market:
The medical batteries market is facing challenges regarding reliability, safety, and performance of batteries. As medical devices become more advanced, the demand for high-energy density batteries with long runtime is increasing. However, designing reliable batteries that can withstand harsh operating conditions inside the human body safely is a complex task. Stringent regulatory approvals for new battery chemistries also delay the introduction of advanced battery technologies in medical devices. Another challenge is the limitation of battery lifetime due to aging effects over time. This necessitates regular battery replacement and maintenance of medical devices.
SWOT Analysis
Strength: Long shelf-life and stability of lithium batteries make them suitable for implantable medical devices. Rechargeability of lithium-ion batteries reduces operational costs compared to disposable batteries.
Weakness: Higher costs of lithium-ion and lithium polymer batteries limit their use in low-cost portable medical devices. Safety issues regarding overheating and explosions require strict quality controls.
Opportunity: Growing demand for home healthcare and remote patient monitoring creates opportunities for rechargeable, long-lasting batteries in wearable medical devices. Advancements in materials and battery engineering can help develop safer, smaller, and more powerful batteries.
Threats: Stringent regulatory framework for battery testing and approval delays market entry. Dependency on key battery material imports poses supply chain risks.
In terms of value, North America accounts for the largest share in the medical batteries market due to rapid adoption of advanced healthcare technologies. However, Asia Pacific region is expected to witness the highest growth during the forecast period supported by rising medical expenditures, large patient pool, and growing popularity of home healthcare devices in countries like China and India.
China has emerged as the fastest growing regional market for medical batteries due to expansion of domestic manufacturers and availability of raw materials. The increasing awareness about remote monitoring devices and growing geriatric population driving the demand for battery-operated healthcare equipment in China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Ravina Pandya
Ravina Pandya,a 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, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile