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The medical batteries market is estimated to be worth $1.02 billion in 2021 and is expected to grow at CAGR of 13% during the forecast period. The medical devices market currently represents a sizeable segment of the healthcare industry. Driven by the increasing prevalence of chronic disorders as well as the technological advancements in this domain, the market is projected to continue its growth at a commendable pace over the coming years. According to the Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH), there are currently around 175,000 types of medical devices in the US market alone. In fact, since 2019, close to 55 medical devices have been approved by the USFDA and over 7,000 clinical trials focused on medical devices have been registered worldwide. The exponential growth in wearable medical devices and implants, such as hearing aids, implantable cardiac defibrillators, infusion pumps, neurostimulators and pacemakers, has led to an increase in demand for safe, compact, light-weight and high energy density batteries with better cycle life. Despite the numerous advantages offered by the batteries, including backup power, portability and user-comfort, safety concerns related to premature battery depletion (leading to malfunctioning of the medical device), release of heat when overcharged or exposed to high temperatures and toxicity due to electrolyte leakage may present some impediments in the growth of the global medical batteries market.
A number of companies have developed advanced battery technologies to address the known challenges. In fact, close to 450 patents related to batteries in medical devices have been filed / granted in the last five years, demonstrating continued efforts towards innovation in medical battery market. Presently, more than 930 batteries in medical devices focusing on implants and wearable medical devices have been / are being developed by several players for various applications. Medical device developers have begun using novel batteries to differentiate their current product portfolios, as well as to introduce new product categories. Increasing prevalence of heart disease across the globe is amongst the key factors driving growth of the global medical batteries market. Moreover, the increasing awareness regarding fitness is expected to significantly drive the usage of wearable device batteries propelling the market growth during the forecast period.
Examples of key medical device battery manufacturers engaged in medical batteries market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Blue Spark Technologies, EaglePicher Technologies, Energizer Holdings, Ultralife, CAMELION, Renata, Tadiran Batteries, VARTA Microbattery, Guangzhou Battsys, Murata, Panasonic and Toshiba. This market report includes an easily searchable excel database of all the companies providing medical device batteries, worldwide.
Several recent developments have taken place in the field of medical batteries market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The “Medical Batteries Market: Focus on Implants and Wearable Medical Devices - Distribution by Battery Chemistry (Lithium, Zinc Air, Nickel and Others), Rechargeability (Rechargeable and Non-Rechargeable), Application (Hearing Aids, Patient Monitoring Devices, Drug Delivery Devices, Cardiovascular Medical Devices and Others) and Key Geographies (North America, Europe, Asia Pacific, Latin America, MENA and Rest of the World): Industry Trends and Global Forecasts, 2020-2030” market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities of the medical batteries market. The market research report features an in-depth analysis of the key drivers and trends related to medical batteries market. Amongst other elements, the market research report includes:
The key objective of medical batteries market report is to provide a detailed market analysis in order to estimate the existing market size, market value, statistics and future opportunity for medical batteries market during the forecast period. Based on multiple parameters, we have developed an informed estimate of the likely evolution of the market, over the forecast period 2020-2030. The market report also features sales forecasts for batteries for medical equipment such as wearable and implantable devices, and features analysis of the current and forecasted opportunity across important market segments, namely [A] battery chemistry (lithium based, zinc air based, nickel based and others), [B] type of device (wearable and implantable), [C] rechargeability (rechargeable and non-rechargeable), [D] application (hearing aids, patient monitoring devices, drug delivery devices, cardiovascular devices and others) and [E] key geographies (North America, Europe, Asia Pacific, Middle East and Latin America, and Rest of the World). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios namely the conservative, base and optimistic scenarios, which represent different tracks of the industry’s evolution.
The opinions and insights presented in this market report were influenced by discussions conducted with multiple stakeholders in medical batteries market. The market research report features detailed transcripts of interviews held with the following individuals: