Richmond, Dec. 08, 2023 (GLOBE NEWSWIRE) -- According to a research report "Medical Batteries Market, by Battery Type (Nickel-Metal Hydride (NiMH) Batteries, Lithium-ion Batteries, Zinc-Air Batteries, Alkaline Batteries, Others), Product (Implantable batteries, Non-Implantable batteries), End user (Hospitals and Clinics, Home Healthcare Settings, Ambulatory Surgical Centers, Research and Academic Institutes), and Region - Global Forecast to 2030".
Global Medical Batteries Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 2.4 Billion |
| Market size value in 2030 | USD 3.7 Billion |
| CAGR (2023-2030) | 6.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Battery Type, Product, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Medical Batteries Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Medical batteries refer to specialized batteries designed for use in various medical devices and equipment. The Medical Batteries Market is experiencing a notable surge, influenced by the growing demand for reliable power sources in the healthcare sector. As medical devices continue to advance in complexity and prevalence, the significance of efficient and durable batteries becomes increasingly pronounced. Medical batteries serve as critical components, powering an extensive range of healthcare equipment, from implantable devices to portable diagnostic instruments. This market is characterized by a discernible shift towards lithium-ion batteries, owing to their superior energy density, extended lifespan, and compact design. This trend is anticipated to persist, propelled by ongoing technological innovations in the industry. Geographically, North America stands out as a key player, boasting a well-established healthcare infrastructure and an early embrace of cutting-edge medical technologies. Simultaneously, the Asia-Pacific region is emerging as a fertile ground for market growth, driven by escalating healthcare expenditures, technological advancements, and a growing recognition of the pivotal role medical devices play in the region.
Major Vendors in the Global Medical Batteries Market:
- Ultralife Corporation
- EaglePicher Technologies LLC
- EnerSys
- Liberating Technologies, Inc.
- Panasonic Corporation
- Tadiran Batteries Ltd.
- Saft Groupe S.A.
- Arotech Corporation
- SHENZHEN KAYO BATTERY Co., Ltd
- Vitec Group plc
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Increasing prevalence of chronic diseases
The escalating prevalence of chronic diseases stands as a significant driver fueling the growth of the Medical Batteries Market. As chronic conditions become more pervasive globally, the demand for sophisticated medical devices, many of which rely on efficient and reliable power sources, continues to rise. Chronic diseases, including cardiovascular disorders, diabetes, and neurological conditions, often necessitate continuous monitoring and treatment. This has led to an increased deployment of medical devices such as implantable cardiac devices, insulin pumps, and neurostimulators, all of which rely on medical batteries for power. The imperative for these devices to operate seamlessly and continuously places a substantial demand on the Medical Batteries Market.
This driver is further amplified by demographic shifts, including an aging population that is more susceptible to chronic conditions. As healthcare providers strive for more effective and convenient patient monitoring and treatment solutions, the role of medical batteries becomes increasingly pivotal. The industry responds by innovating battery technologies to meet the specific power requirements of these advanced medical devices, positioning itself at the forefront of the evolving healthcare landscape. As the prevalence of chronic diseases continues to rise, the Medical Batteries Market is poised for sustained growth, driven by the indispensable role of batteries in powering critical, life-sustaining healthcare technologies.
Market Dynamics
Drivers:
- Increasing prevalence of chronic diseases
- Increasing demand for battery powered portable and implantable devices
- Expanding Geriatric Population
Opportunities:
- Technological Advancements in Medical Devices
- Increasing Healthcare Expenditure in Emerging Markets
Green and Sustainable Battery Technologies
The increasing emphasis on environmental sustainability is catalyzing a notable trend within the Medical Batteries Market. The adoption of green and sustainable battery technologies. As the global community recognizes the importance of reducing ecological footprints, there is a growing shift towards eco-friendly solutions in various industries, including healthcare. This trend presents a unique opportunity for the Medical Batteries Market to not only align with global sustainability goals but also to meet the rising demand for environmentally conscious healthcare solutions. Manufacturers are actively investing in research and development to create medical batteries that are not only efficient and reliable but also environmentally friendly. Opportunities lie in the development of batteries using materials and technologies that minimize environmental impact and enhance recyclability. Battery manufacturers are exploring alternatives to traditional chemistries, such as lithium-ion, with a focus on sustainable options. Collaborations between battery producers and medical device manufacturers to integrate these green technologies into healthcare equipment further fuel this opportunity.
The market for Medical Batteries is dominated by North America.
North America emerges as the dominating region in the flourishing Medical Batteries Market, driven by a combination of robust healthcare infrastructure, technological prowess, and substantial adoption of advanced medical devices. The United States and Canada play pivotal roles in shaping this dominance. In the United States, the healthcare sector's continuous integration of cutting-edge technologies fuels the demand for medical batteries to power a spectrum of devices, ranging from implantable medical technologies to portable diagnostic equipment. The U.S. healthcare landscape's emphasis on innovation and early adoption of medical advancements significantly contributes to the region's leadership in the Medical Batteries Market. Similarly, Canada showcases a healthcare environment characterized by high standards and a growing demand for efficient and reliable medical solutions. The country's commitment to advancing healthcare technology, coupled with a rising aging population, further propels the use of medical batteries in various applications.
The Lithium-ion batteries Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on Battery Type the Medical Batteries market is segmented into Nickel-Metal Hydride (NiMH) Batteries, Lithium-ion Batteries, Zinc-Air Batteries, Alkaline Batteries, Others. Lithium-ion batteries is dominating segment in the Medical Batteries Market. This dominance is attributed to the unparalleled combination of characteristics that lithium-ion batteries offer, making them the preferred choice for a wide array of medical applications.
The inherent high energy density of lithium-ion batteries enables them to provide sustained and reliable power to medical devices, ranging from implantable technologies like pacemakers to portable diagnostic instruments. Their compact design and lighter weight further contribute to their widespread adoption in the healthcare sector, allowing for more agile and mobile medical solutions. The longevity of lithium-ion batteries is a critical factor in medical applications, ensuring prolonged device functionality and minimizing the need for frequent replacements, particularly in implantable devices. This reliability enhances patient care and reduces the overall cost of healthcare delivery.
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