Medical batteries play an integral role in powering a range of medical devices that depend on reliable sources of energy for proper functioning. These include pacemakers, defibrillators, infusion pumps, insulin pumps and other self-care devices. Increasing prevalence of chronic diseases along with rising geriatric population base has augmented the demand for self-care devices, fueling the need for high-performance medical batteries that provide long-lasting battery life.
The global Medical Batteries Market is estimated to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand for self-care devices has been a major trend favoring the medical batteries market growth. Self-care devices such as blood glucose meters, blood pressure monitors, nebulizers are increasingly being relied upon for chronic disease management at home care settings. Medical battery manufacturers are developing specialized batteries that can withstand high drain rates while extending the battery-powered uses of self-care equipment. Technological enhancements aimed at improving battery capacity and longevity to meet increasing energy demands of advanced home-based medical devices are expected to define future roadmap of medical batteries market.
SWOT Analysis
Strength: Medical batteries provide reliable power for critical medical devices and sensors. They ensure continuous power supply for life saving medical equipment.
Weakness: Medical batteries have strict regulations for manufacturing and disposal which increases costs. Frequent technology updates also require new battery designs.
Opportunity: Growing elderly population and increasing usage of home healthcare devices is driving the demand for medical batteries. Portable medical devices also offer new areas for battery applications.
Threats: Stringent safety norms delay new products. Environmental concerns over battery disposal can impact regulations.
Key Takeaways
The global medical batteries market is expected to witness high growth. Medical Batteries Market Size is estimated to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031.
Regional analysis comprised North America currently dominates the market due to high healthcare spending and presence of key players. Asia Pacific is expected to grow at the fastest pace due to expanding medical industry, rising health awareness and growing geriatric population.
Key players operating in the medical batteries market are Ultralife Corporation, EaglePicher Technologies, EnerSys, Liberating Technologies, Panasonic, Tadiran Batteries, Saft Groupe, Arotech Corporation, MARCOR Delaware, Siemens. The market is consolidating with top players expanding through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
