by Medical batteries are essential components of a broad range of portable medical devices used for monitoring health conditions, diagnosing diseases, and administering therapies. They power critical devices such as continuous glucose monitors, insulin pumps, pacemakers, hearing aids, ultrasound devices, surgical and dental tools, diagnostic scanning equipment, and portable electrocardiogram (ECG or EKG) machines. The global healthcare sector’s emphasis on wider adoption of home monitoring technologies and portable point-of-care equipment is driving significant growth of the medical batteries market.
The global Medical Batteries Market is estimated to be valued at US$ 3327.46 billion in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the prominent trends in the medical batteries market is the rising demand for rechargeable batteries. Most healthcare professionals recommend the use of rechargeable batteries as they are cost-effective and environment-friendly compared to disposable batteries. Rechargeable batteries help reduce the overall cost of using portable medical devices as they can be charged and reused multiple times. Manufacturers are also focusing on developing advanced lithium-ion rechargeable batteries with high energy density, long shelf-life, and superior performance for medical applications. The increasing stringent regulations regarding the disposal of single-use batteries are further encouraging the adoption of rechargeable batteries in medical devices.
Porter’s Analysis
Threat of new entrants: The medical batteries market has moderate threat of new entrants due to high capital requirement for manufacturing batteries as well as R&D costs. New entrants find it difficult to achieve economies of scale.
Bargaining power of buyers: The buyers have moderate bargaining power due to presence of several established players in the medical batteries industry. However, importance of reliability of batteries for critical medical devices increases dependency on few major brands.
Bargaining power of suppliers: The suppliers of raw materials like lithium, manganese, cobalt etc. have moderate to high bargaining power due to consolidated nature of suppliers and dependence of battery makers on these materials.
Threat of new substitutes: Threat of substitutes is low as medical devices have highly specialized power requirements that are best fulfilled by battery technology. However, alternatives like fuel cells pose potential threat in long term.
Competitive rivalry: The medical batteries market is highly competitive due to presence of major global players.
Key Takeaways
The global medical batteries market is expected to witness high growth during the forecast period of 2024 to 2031. Medical Batteries Market Size was valued at US$ 3327.46 Bn in 2024 and is anticipated to cross US$ 7000 Bn by 2031, growing at a CAGR of 8.7%.
Regional analysis: North America dominates the global medical batteries market with over 40% share owing to advanced healthcare infrastructure and presence of major players in the US. Asia Pacific is the fastest growing market for medical batteries growing at a CAGR of 10.5% during the forecast period due to rising healthcare spending and expanding medical device industry in China and India.
Key players: Key players operating in the medical batteries market are Siemens, GE Healthcare, Maxim Integrated, Panasonic, Texas Instruments, Quallion LLC, Ultralife, Electrochem Solutions, EaglePicher Technologies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
