New York, United States, April 01, 2024 (GLOBE NEWSWIRE) -- The Global Medical Batteries Market Size is to Grow from USD 1.48 Billion in 2023 to USD 2.41 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.0% during the projected period.
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Medical batteries are batteries used to offer longer operational time and more energy to devices. Medical batteries are specialized power sources that meet the specific needs of healthcare applications. These batteries power a wide variety of medical devices, from simple portable instruments to complicated, life-saving equipment. Medical batteries, unlike normal batteries, were designed with dependability, safety, and longevity in mind, as they are necessary for the proper operation of critical healthcare tools. These batteries are available in a variety of designs, including disposable and rechargeable alternatives, each customized to the unique requirements of medical equipment and operations. One of the primary advantages of medical batteries is their small size. Leading manufacturers focus on producing high-performance, long-life batteries for chronic diseases like diabetes and cardiovascular disease. The growing prevalence of these conditions and the aging population, particularly the elderly, are expected to drive the growth of global medical batteries market demand. The global medical batteries market's growth is hindered by safety concerns regarding lithium batteries, which can overheat and catch fire due to overcharging, overloading, or mechanical stress. Hence, these factors may impede the market growth of the global medical batteries market during the forecast period.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & & charts from the report on the "Global Medical Batteries Market Size, Share, and COVID-19 Impact Analysis, By Product (Implantable Batteries, and Non-Implantable Batteries), By Type (Lithium Batteries, Nickel-Metal Hydride Batteries, Zinc-Air Batteries, and Other Batteries), By End-Users (Hospitals, Nursing Homes, Clinics, Diagnostic Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The implantable batteries segment is anticipated to hold the greatest share of the global medical batteries market during the projected timeframe.
On the basis of product, the global medical batteries market is divided into implantable batteries and non-implantable batteries. Among these, the implantable batteries segment is anticipated to hold the greatest share of the global medical batteries market during the projected timeframe. The growth can be attributed to growing demand for better battery technology to increase the efficiency of implanted devices in providing appropriate healthcare solutions.
The lithium batteries segment is anticipated to hold the greatest share of the global medical batteries market during the projected timeframe.
On the basis of type, the global medical batteries market is divided into lithium batteries, nickel-metal hydride batteries, zinc-air batteries, and other batteries. Among these, the lithium batteries segment is anticipated to hold the greatest share of the global medical batteries market during the projected timeframe. The segmental growth can be attributed to the lithium-ion batteries possess one of the highest energy densities among modern battery technologies. The market demand for these energy-efficient medical equipment is expected to increase due to their compact and lightweight design.
The hospitals segment is predicted to hold the greatest share of the global medical batteries market during the estimated period.
On the basis of end-users, the global medical batteries market is divided into hospitals, nursing homes, clinics, diagnostic centers, and others. Among these, the hospitals segment is predicted to hold the greatest share of the global medical batteries market during the estimated period. The segmental growth can be attributed to the increasing demand for medical batteries is primarily driven by advancements in healthcare technology, sustainability, and the constant need for uninterrupted power supply in vital healthcare facilities.
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North America is expected to hold the largest share of the global medical batteries market over the forecast period.
North America is expected to hold the largest share of the global medical batteries market over the forecast period. The growing demand for medical devices is increasing the prevalence of chronic diseases. North America's dominance in the global medical battery market is due in large part to the region's dedication to growing healthcare technologies and willingness to embrace remote patient monitoring. The country's commitment to developing healthcare technology, combined with an aging population, drives the usage of medical batteries in a wide range of applications. The healthcare sector's ongoing integration of cutting-edge technology drives demand for medical batteries to power a wide range of devices, including implanted healthcare devices and portable diagnostic equipment.
Asia-Pacific is predicted to grow at the fastest pace in the global medical batteries market during the projected timeframe. The growing healthcare infrastructure, rising healthcare costs, and increased public knowledge of innovative medical advances boost the Asia-Pacific region in medical batteries market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global medical batteries market include EaglePicher Technologies, KAYO Battery Company Limited, Ultralife Corp, Panasonic, STMicroelectronics N.V., Tadiran Batteries Ltd., Arotech Corporation, Saft Groupe S.A., Texas Instruments, Shenzhen Kayo Battery Co., Quallion LLC., Vitec Group Plc., Liberating Technologies, Electrochem Solutions, Maxim Integrated, Others.
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Recent Developments
- In August 2023, Ilika entered into 10 years licensing contract with cirtec medical in order to produce the stereax range of mm-scale batteries at cirtec's facility.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global medical batteries market based on the below-mentioned segments:
Global Medical Batteries Market, By Product
- Implantable Batteries
- Non-Implantable Batteries
Global Medical Batteries Market, By Type
- Lithium Batteries
- Nickel-Metal Hydride Batteries
- Zinc-Air Batteries
- Other Batteries
Global Medical Batteries Market, By End-Users
- Hospitals
- Nursing Homes
- Clinics
- Diagnostic Centers
Global Medical Batteries Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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