Medical Batteries Market Size Poised to Hit USD 2.4 billion by 2032, Driven by a 5.3% CAGR – Research Report

What type of battery is used in medical equipment? Medical devices commonly use lithium-ion, alkaline, or rechargeable batteries. According to the report, the global medical batteries market generated $1.4 billion in 2022, and is anticipated to generate $2.4 billion by 2032, witnessing a CAGR of 5.3% from 2023 to 2032.

The demand for medical batteries is expected to increase during the forecast period, owing to introduction of energy-efficient medical batteries with extended battery life, along with technological advancements in the medical batteries industry, further driving the market revenue growth. Request Sample of the Report:  https://www.alliedmarketresearch.com/request-sample/A08391 Medical Batteries Statistics:

• The lithium-ion batteries sub-segment is anticipated to be the fastest growing during the forecast period.
• The portable & wearable medical devices sub-segment is predicted to show the fastest growth in the upcoming years.
• The hospitals & clinics sub-segment is predicted to show the fastest growth in the upcoming years.
• North America is projected to maintain its position during the forecast period.

Factors affecting the growth of the Medical Batteries Market:

• Innovation in Battery Technology: Advancements in battery technology, such as the development of longer-lasting, more efficient, and safer batteries, are critical. Lithium-ion batteries, for example, have revolutionized the market due to their high energy density and longer lifespan.
• Miniaturization of Medical Devices: The trend towards smaller, more portable medical devices requires compact and efficient batteries. Innovations in nanotechnology and solid-state batteries are particularly relevant here.
• Wireless and Wearable Medical Devices: The increasing use of wireless and wearable medical devices, such as continuous glucose monitors and pacemakers, drives demand for reliable and durable batteries.

Economic Factors:

• Healthcare Expenditure: Increased healthcare spending globally boosts the demand for medical devices and, consequently, the batteries that power them. Higher healthcare budgets in developed countries and rising expenditure in emerging markets play a significant role.
• Cost of Raw Materials: The prices of raw materials like lithium, cobalt, and nickel impact the cost of manufacturing batteries. Fluctuations in these prices can affect the overall market growth.
• Manufacturing Costs and Scalability: Economies of scale in battery production can reduce costs and improve accessibility. Advances in manufacturing processes and automation contribute to cost-efficiency.

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Market Segmentation:

Battery Type

• Lithum-ion Batteries
• Nickel-Metal Hydride (NiMH) Batteries
• Alkaline Batteries
• Zinc-Air Batteries
• Others

Application

• Implantable Medical Devices
• Non-implantable Medical Devices
• Portable and Wearable Medical Devices

End-user

• Hospitals
• Home Healthcare Settings
• Ambulatory Surgical Centers
• Research Institutes

Region

• North America  (U.S., Canada, Mexico)
• Europe  (Germany, UK, France, Italy, Netherlands, Rest of Europe)
• Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
• LAMEA  (Brazil, United Arab Emirates, Saudi Arabia, South Africa, Rest of LAMEA)

Regional Analysis:

The North America region dominated the global medical batteries market in 2022, holding a major share of 38.3%. The dominance of this region is expected to continue by 2032, holding a major share of 39.1%. This is mainly due to increasing demand for portable medical devices, rising prevalence of chronic illnesses, and a surge in telemedicine adoption. The region’s commitment to advancing healthcare technologies and its ability to embrace remote patient monitoring are key factors boosting North America’s dominance in the global medical batteries market.

Leading Market Players: 

• EnerSys
• EaglePicher Technologies, LLC
• Saft
• Ultralife Corporation
• Panasonic Corporation
• KAYO Battery (Shenzhen) Company Limited
• Videndum plc.
• Liberating Technologies, Inc.
• Arotech
• Tadiran Batteries Ltd.

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