April 24, 2024
Medical Batteries Market

The Global Medical Batteries Market Is Trending Due To Growing Electric Healthcare Devices’ Adoption.

Medical batteries play a vital role in powering a wide range of healthcare devices, from cardiac pacemakers and defibrillators to hearing aids, infusion pumps, and vital sign monitors. Some key advantages of batteries used in medical devices include their portability providing patients mobility and flexibility in daily activities. Batteries also allow vital medical devices to continue functioning in emergencies and areas without access to electricity.

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 2030.

Key Takeaways

Key players: Key players operating in the Medical Batteries market are Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Inc., BIOPROJET, Avadel Pharmaceuticals, Plc. GlaxoSmithKline plc, Pfizer Inc., Theranexus, Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, and Merck & Co. Inc. Takeda Pharmaceutical Company Limited is one of the key players in medical batteries known for its long-lasting lithium coin cell batteries that power implantable medical devices for cardiac, neurological, and urological applications. Teva Pharmaceutical Industries Ltd. is another prominent player focusing on high energy density batteries for defibrillators, patient monitors and infusion pumps.

Growing demand: The demand for medical batteries is growing significantly driven by the rising incidence of chronic diseases and the growing elderly population globally. Rapid advances in bioelectronics and medical device miniaturization are also expanding the application of batteries in newer healthcare devices.

Global expansion: Major players are expanding their global footprint through mergers and acquisitions to leverage the high demand for medical batteries worldwide. For instance, in 2022, Merck & Co. Inc. acquired Acceleron Pharma to expand its portfolio of novel therapeutic candidates for pulmonary and cardiac diseases.

Market key trends

One of the prominent trends gaining traction is the increasing popularity of lithium-ion Medical Batteries Market Size batteries for implantable medical devices and hospital equipment due to their high energy density. Manufacturers are investing in R&D to develop advanced lithium-ion batteries with enhanced longevity that can power life-sustaining implantable devices for over a decade. Miniaturization of batteries is another area attracting research and investments to support the ongoing miniaturization of medical devices and their greater patient acceptability.

Porter’s Analysis

Threat of new entrants: New companies may find it difficult to enter this market due to high investment costs for R&D, manufacturing facilities and established supply chains of existing players.
Bargaining power of buyers: Individual consumers have low bargaining power, but larger hospitals and healthcare organizations can negotiate lower prices due to bulk purchasing.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials, giving them significant influence over pricing.
Threat of new substitutes: There is a constant threat from new battery technologies that promise longer lifespan or quicker charging times.
Competitive rivalry: Being a mature industry, competition is intense between major global players to gain market share through product innovations.

Geographical Regions

North America currently accounts for the largest share of the market value due to growing healthcare expenditures and aging population in countries like the US. However, Asia Pacific is poised to be the fastest growing region during the forecast period due to expanding medical device industries and rising healthcare access in China and India.

Geographical Regions
Europe continues to be another major regional market concentrated in Western countries like Germany, France and the UK. Demand is supported by strong government funding of healthcare systems and widespread adoption of advanced medical equipment across hospitals and clinics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it