Medical Batteries Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of medical batteries was valued at USD 1.56 billion in 2022, and a CAGR of 5.1% is expected during the forecast period. Medical batteries are used to provide longer operational time and more energy to devices in hospitals, ambulatory surgical centers, and home healthcare settings. Increasing demand for energy is the need of the hour. It is used in various medical devices, such as pacemakers, insulin pumps, defibrillators, and other portable medical devices. It is driven by technological advancements.

The increasing number of cases of chronic diseases worldwide is driving significant growth in the market. Growing demand for portable medical devices is the reason behind significant growth in the market. The increase in demand for extended battery life and energy efficiency is driving the growth in the market significantly.

Growth Drivers

With the aging global population, there is a rising need for providing support to elderly individuals. Many of these devices, such as hearing aids and mobility aids, rely on batteries for power. Increasing demand for portable medical devices is driving growth in the medical battery market. Rising healthcare expenditure in both developed and developing countries is contributing to the adoption of advanced medical devices, including those powered by batteries.

Stringent regulations governing the quality and safety of medical devices are driving manufacturers to invest in research and development of high-performance batteries that meet regulatory standards. Ongoing technological advancements in the medical battery market, such as the development of rechargeable batteries with longer life spans and improved energy densities, are driving market growth. Increasing demand for smaller and lighter-weight medical devices is the demand for the medical industry.

Developing batteries is much more reliable without compromising patients’ safety. Advancement in medical technologies all over the world is driving the demand for medical batteries, which are used in hospitals and healthcare facilities, significantly. Portable and hand-held medical monitoring systems, blood pressure monitors, thermometers, and insulin pens are the devices used in medical equipment. Dependence on telemedicine’s increase in chronic illness is driving significant growth in the market. Remote patient monitoring and virtual consultation are the factors driving the growth of the market significantly.

Segmentation

By Battery Type

·         Lithium- Ion- Battery

·         Nickel Metal Hydride Batteries

·         Alkaline Batteries

·         Zinc-Air Batteries

·         Others

By Application

·         Implantable Medical Devices

·         Non-Implantable Medical Devices

·         Portable and wearable medical devices

By End-User

·         Hospitals

·         Home Healthcare settings

·         Ambulatory Surgical Centers

·         Research Institutes

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

Medical Batteries Market End-User Segmentation

On the basis of the end-user, the medical battery market is segmented into hospitals, home healthcare settings, ambulatory surgical centers, and research institutes. Hospitals are the leading segment due to the high demand for medical devices like monitors, ventilators, infusion pumps, and defibrillators, all of which rely on batteries for uninterrupted operations.

Additionally, hospitals require reliable power sources for critical procedures and emergency situations, making them a significant market for medical batteries. Increasing demand for efficiency in medical equipment is driving the growth of the market significantly. Aging populations and rising healthcare expenditures are the factors driving growth in the market. Energy efficiency is the key factor behind the growth in the market.

Medical Batteries Market by Battery type Segmentation

On the basis of battery type, the medical battery market is segmented into lithium-ion batteries, nickel metal hydride batteries, alkaline batteries, zinc air batteries, and others. Lithium-ion batteries are the leading segment due to their high energy densities and lightweight nature. Increasing demand for lithium-ion batteries for their longer lifespan and rechargeable nature is driving growth in the market significantly. These qualities make them ideal for powering portable medical devices, such as wearable monitors, mobile imaging systems, and portable ventilators, which are increasingly in demand for home healthcare and ambulatory settings. Increasing demand for greater efficiency and reliability from the lithium-ion battery is driving the growth of the market significantly. Increasing demand for this battery in various medical devices is driving growth in the market significantly. The energy efficiency of lithium-ion batteries is the main reason behind their significant use in the market.

Regional Outlook

On the basis of the regions, the medical battery market is segmented into 5 parts: Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. North America is the leading segment in the market, and Asia Pacific is expected to dominate the market during the forecast period significantly. Growing healthcare infrastructure in many countries in the Asia-Pacific region, like South Korea, China, Japan, and India, is the main reason behind the significant growth in the market.

The development of hospitals, clinics, and medical facilities is leading to increased demand for medical devices powered by batteries. Asia Pacific is home to a largely growing aging population, which is experiencing a rapidly increasing number of cases of chronic diseases and age-related conditions. Economic growth in countries like China, India, and the Southeast Asian Nations has led to a rise in disposable income. As a result of technological advancements, more people are in a position to afford advanced medical treatment.

The Asia-Pacific region is a hub for technological innovations, with countries like Japan, Taiwan, and South Korea leading in the development of cutting-edge medical devices. Advancements in technologies require high-performance batteries, driving the demand for advanced battery solutions. Many governments in the region are implementing healthcare reform and initiatives to improve access to quality healthcare subsidies. North America and Europe are experiencing significant growth due to an aging population, and rising healthcare expenditures are driving growth in the market.

Countries like the United States of America, England, Germany, France, and Italy are experiencing significant growth due to rising disposable income, improving healthcare infrastructure, and the demand for advanced battery solutions. The presence of key players in Asia Pacific, North America, and European countries is driving growth in the market significantly. Increasing use of the devices in which medical batteries are used, especially lithium-ion batteries, is driving growth in the market significantly.

Key Players

·         Videndum Plc

·         Ultralife Corporation

·         Enersys

·         Panasonic Corporation

·         Kayo batteries company limited

·         EaglePicher technologies

·         Liberating technologies

·         Arotech

·         Tadiran batteries limited

·         Other Players