Dublin, July 24, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Battery Market by Type, Battery Type, Application, End User, and Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Global Medical Battery Market Forecast till 2032: Set to Reach US$ 2.97 Billion by 2032 with a CAGR of 5.78%
The market is driven by the increasing demand for portable and wireless medical devices, technological advancements in battery technology, and the growing prevalence of chronic diseases requiring continuous monitoring and treatment.
Report Insights:
- North America leads the global medical battery market due to advanced healthcare infrastructure and significant R&D activities.
- Non-Implantable Medical Devices Battery segment dominates the market, fueled by widespread use in diagnostics and patient care.
- Hospitals and Clinics are the primary end-users, heavily relying on a diverse array of battery-powered medical devices.
- Key market players include Panasonic Corporation, Saft Groupe SA, and GE Healthcare, with continuous innovation and strategic partnerships shaping the competitive landscape.
Market Segmentation Insights
In 2023, the global medical battery market was primarily led by the Non-Implantable Medical Devices Battery segment, which includes batteries for a variety of essential diagnostic and patient care devices like ECG machines, blood glucose monitors, and portable X-ray systems. The extensive utilization of these devices in diverse healthcare settings, fueled by the escalating demand for advanced medical care and the rising prevalence of chronic diseases necessitating ongoing monitoring, underpinned this segment's dominance. Additionally, the Portable/Wearable Medical Devices Battery segment is projected to experience the fastest CAGR from 2024 to 2032, driven by increased consumer adoption of wearable health technologies such as smartwatches and fitness bands. These devices require efficient and durable batteries to provide continuous health tracking and convenience.
The Lithium-Ion Battery segment also dominated the market in 2023, attributed to its high energy density, longevity, and rechargeability, making it ideal for powering everything from patient monitoring systems to mobile medical carts and wearable health devices. The ongoing advancements in lithium-ion technology further solidify its prominence in the medical sector. Concurrently, Lithium Iron Phosphate (LiFePO4) batteries are gaining traction due to their safety and stability, particularly in critical applications like emergency medical equipment and mobile ventilators.
The Implantable Medical Devices segment held a significant market share in 2023, essential for various medical specialties including cardiac pacemakers and neurostimulators. These devices, which significantly enhance patient quality of life, depend on compact, reliable batteries for continuous operation. The Microelectronic Pills segment is expected to display the highest CAGR through 2032, with their use in patient monitoring and diagnostics, particularly for gastrointestinal health, paving the way for their rapid market expansion.
Hospitals and Clinics were the leading end-users of medical batteries in 2023, relying on a broad spectrum of battery-powered medical devices critical for patient care. The continuous and essential nature of these devices in healthcare settings drives the high demand for reliable batteries. Ambulatory Surgical Centers (ASCs) are anticipated to show the fastest growth rate in the market during the 2024-2032 forecast period, driven by an increasing preference for outpatient surgeries and the need for battery-powered devices in minimally invasive procedures, highlighting the dynamic expansion and evolving demands in the medical battery market.
Regional Overview
North America maintains a leading role in the global medical battery market, bolstered by its sophisticated healthcare infrastructure, intensive medical technology R&D, and substantial healthcare spending. The region's prominence is further reinforced by the presence of major medical device manufacturers and a strong focus on healthcare innovation. Notably, North America hosts many producers of essential implantable devices like pacemakers and defibrillators, which depend significantly on high-quality medical batteries. Moreover, the region's widespread adoption of wearable health devices, including fitness trackers and smart health watches, also boosts its market share by driving the demand for durable and efficient batteries.
Meanwhile, the Asia Pacific region is expected to register the highest CAGR in the medical battery market, fueled by burgeoning healthcare infrastructure, increased healthcare technology investments, and rising awareness of medical devices among its growing middle class. China and India, in particular, are at the forefront of this surge, with their vast populations and escalating demand for medical devices such as portable medical equipment and wearable health monitors.
Europe also displays substantial demand, driven by a strong emphasis on healthcare innovation, strict medical device regulations, and an aging population requiring frequent medical interventions. These factors collectively highlight the dynamic and expanding opportunities in the medical battery market across these key regions.
Competitive Landscape
The competitive landscape of the Medical Battery market is characterized by the presence of numerous prominent players driving growth. Key players include Panasonic Corporation, Saft Groupe SA, GE HealthCare, Integer Holdings Corporation, Duracell, and Maxell, Ltd. These companies collectively account for approximately 30-45% of the market share, indicating robust competition within the sector. Furthermore, many players are actively engaged in research and development activities, partnerships, and collaborations to enhance their market presence and offerings.
A selection of companies mentioned in this report includes, but is not limited to:
- Boston Scientific Corporation
- Celltech Group
- Duracell Inc.
- GE HealthCare
- Integer Holdings Corporation
- Maxell, Ltd.
- Panasonic Holdings
- Saft Group
- SEALED ENERGY SYSTEMS
- Swatch Group
- Tadiran Batteries
Key Attributes
| Report Attribute | Details |
| No. of Pages | 232 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $1.84 Billion |
| Forecasted Market Value (USD) by 2032 | $2.97 Billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2se5au
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