Medical Batteries Market Growth Driven by Portable Devices and Telemedicine
Medical Batteries Market
Medical batteries are energy storage devices used to power various medical devices for diagnosis, treatment and patient care. Key applications include pacemakers, defibrillators, infusion pumps and portable medical devices. Medical batteries provide reliable power and are designed for safety in implantable medical devices. The growing preference for home healthcare and usage of portable medical devices is driving the demand for high-performance and long-lasting medical batteries.
The Global Medical Batteries Market is estimated to be valued at US$ 2.8 Bn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players - Key players operating in the medical batteries market are Panasonic Corporation, Duracell Inc., Energizer Holdings, Inc., Toshiba Corporation, Quallion LLC, St. Jude Medical, Inc., Greatbatch Medical, EnerSys, Renata SA, Saft Groupe SA, GS Yuasa International Ltd., Ultralife Corporation, EaglePicher Technologies, LLC, Nihon Kohden Corporation, Siemens AG, Philips Healthcare, Maxell Holdings, Ltd., Texas Instruments Incorporated, Varta AG, and Bioenno Power.
Growing demand - Rapid advancements in medical technology and increased adoption of home healthcare devices are fueling the demand for high-performance medical batteries globally.
Global expansion - Major players are investing in capacity expansion plans and new product developments to cater to the growing Medical Batteries Market Demand. Strategic partnerships are helping companies strengthen distribution networks and expand globally.
Market key trends
Increasing usage of portable medical devices - Wearables, implantable devices and portable diagnostic kits are witnessing increased adoption. Technologies such as remote patient monitoring and telehealth are driving the need for long-lasting portable power solutions.
Focus on miniaturization - Ongoing R&D is focused on developing miniaturized batteries with higher energy density for use in small form factor medical devices such as hearing aids and wireless pacemakers.
Improvements in battery chemistry - Lithium-ion and lithium polymer battery chemistries are gaining traction as they provide higher power capacity and longer runtimes compared to conventional battery technologies.
Porter’s Analysis
Threat of new entrants: The medical batteries market requires high capital investments for extensive research and development. Therefore, barriers to entry are high.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a wide range of medical batteries from different manufacturers.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials for medical batteries. This gives suppliers significant bargaining power.
Threat of new substitutes: Limited substitutes exist for medical batteries as their reliability and lifespan are crucial in healthcare applications.
Competitive rivalry: The medical batteries market is highly competitive with the presence of global players. Companies compete based on product quality, reliability, pricing and innovation.
Geographical Regions
North America accounts for the largest share of the medical batteries market currently due to availability of advanced healthcare infrastructure and growing elderly population. The region is expected to maintain its dominance over the forecast period owing to high demand for pacemakers, hearing aids and infusion pumps.
Asia Pacific is projected to be the fastest growing regional market for medical batteries between 2024-2031. Rapid development of healthcare facilities along with rising medical expenditures from countries such as China and India will boost uptake of battery-operated medical devices using lithium ion, zinc-air and alkaline batteries in the region.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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