February 25, 2024

The Global Medical Batteries Market Is Driven By Growing Demand Of Portable Medical Devices

Medical batteries play a pivotal role in powering various diagnostic and therapeutic devices used in the healthcare sector. They provide power to devices ranging from small portable devices such as blood pressure monitors, thermometers, portable ultrasound scanners to larger equipment including patient monitors, mobility aids, electrosurgical units and defibrillators. The growing demand for portable medical devices across the globe is driving the demand for lightweight, long-lasting and high density batteries that can efficiently power these devices. Advantages of using medical batteries include extended battery life, excellent shelf life, reliable performance in critical applications and safe operation. The global medical industry relies heavily on batteries to ensure uninterrupted power supply to devices used for diagnostics, treatment and patient monitoring.

The global Medical Batteries Market is estimated to be valued at Us$ 2888.42 Mn in 2023 and is expected to exhibit a CAGR Of 8.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends witnessed in the medical batteries market is the increasing preference for lithium-ion batteries. Lithium-ion batteries hold a higher charge density as compared to conventional battery technologies such as alkaline and lead-acid batteries. This allows lithium-ion batteries to be smaller in size yet with high energy storage capacity. Their light weight and small form factor makes them ideal for powering portable medical devices. In addition, lithium-ion batteries have a longer shelf life, high cycle life and do not develop memory effect. Owing to their advantages, lithium-ion batteries are rapidly replacing other battery technologies in implantable medical devices, portable monitoring equipment and mobility aids. Promising development of advanced lithium-ion battery chemistries with higher energy densities is further expected to boost adoption.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the medical batteries market requires substantial R&D investments and established distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous manufacturers and product substitutes. Buyers can negotiate on price and easily switch between suppliers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers and established manufacturing units. Suppliers have a moderate level of control over pricing but continuous innovation reduces their influence.

Threat of new substitutes: The threat of substitutes is low as medical batteries have few substitutes that provide the same benefits of portability, long shelf-life and safety.

Competitive rivalry: Competition in the market is high due to the presence of numerous global and regional manufacturers offering innovative products.

Key Takeaways

The Global Medical Batteries Market Demand is expected to witness high growth over the forecast period owing to factors such as the growing demand for portable medical devices, increasing applications of batteries in hospitals and healthcare centers, and technological advancements. The global Medical Batteries Market is estimated to be valued at US$ 2888.42 Mn in 2023 and is expected to exhibit a CAGR of 8.7% over the forecast period 2023 to 2030.

Regional analysis:

 

North America dominates the global medical batteries market and is expected to continue its dominance during the forecast period. This is attributed to factors such as rising healthcare expenditure, increasing incidences of chronic diseases, technological advancements, and presence of key players. Asia Pacific is projected to witness the fastest growth due to growing medical infrastructure, rising healthcare awareness and disposable income.

Key players:

 

Key players operating in the medical batteries market are Siemens AG, Panasonic Corporation, Tadiran Batteries Ltd., Saft Groupe SA, EnerSys, Shenzhen Kayo Battery Co. Ltd., Vitec Group plc, Duracell Inc., FUJIFILM Holdings Corporation, and Ultralife Corporation. These players are focusing on new product launches and expansion strategies to meet the growing demands and consolidate their position in the market.

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