Batteries in Medical Equipment and Devices

Batteries in Medical Equipment and Devices

Global Batteries in Medical Equipment and Devices Market to Reach US$4.5 Billion by 2030

The global market for Batteries in Medical Equipment and Devices estimated at US$2.8 Billion in the year 2023, is expected to reach US$4.5 Billion by 2030, growing at a CAGR of 6.7% over the analysis period 2023-2030. Lithium Batteries, one of the segments analyzed in the report, is expected to record a 8.1% CAGR and reach US$2.3 Billion by the end of the analysis period. Growth in the Nickel-Metal Hydride Batteries segment is estimated at 3.8% CAGR over the analysis period.

The U.S. Market is Estimated at US$739.2 Million While China is Forecast to Grow at 10.6% CAGR

The Batteries in Medical Equipment and Devices market in the U.S. is estimated at US$739.2 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.1 Billion by the year 2030 trailing a CAGR of 10.6% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.8% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.

Global Batteries in Medical Equipment and Device Market - Key Trends and Drivers Summarized

The market for batteries in medical equipment and devices is experiencing notable growth due to a confluence of factors. Technological advancements have played a significant role, with innovations such as lithium-ion and zinc-air batteries offering superior energy density and longer life, aligning with the needs of modern, high-performance medical devices. The rising prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, has increased the demand for battery-powered devices such as insulin pumps, pacemakers, and nebulizers.

Moreover, the aging global population requires more healthcare support, which has further bolstered the demand for battery-powered implantable and wearable monitors that offer reliability and longevity. As the healthcare industry pivots towards wearable and portable devices that provide real-time health monitoring, there`s a growing demand for compact and efficient batteries for use in fitness trackers, blood glucose monitors, and other portable diagnostic tools. Miniaturization is another significant trend, as smaller medical devices necessitate compact, high-energy batteries that can integrate seamlessly into these devices. Additionally, increasing healthcare costs have driven up the need for home healthcare devices, which rely heavily on batteries for portability and ease of use. Patients prefer devices that are rechargeable and offer continuous monitoring.

Regulatory standards and safety concerns have also shaped this market. Battery technologies for medical equipment are subject to stringent safety standards, prompting the development of batteries with safer chemistries and built-in safeguards to ensure both safety and efficiency. Concurrently, substantial investments in research and development have driven the exploration of alternative chemistries such as solid-state batteries, which offer superior safety, higher energy densities, and faster charging times. Lithium batteries have become integral to hearing aids, providing users with lightweight, long-lasting power. Compared to older zinc-air batteries, lithium-ion batteries are rechargeable and offer greater longevity, reducing waste and maintenance. This has made hearing aids more reliable and sustainable, enhancing the quality of life for millions worldwide. The high energy density of lithium-ion batteries enables portable devices to function efficiently and reliably, empowering healthcare professionals to diagnose conditions quickly and accurately without bulky equipment. Solid-state batteries have rapidly gained prominence in the medical device industry due to their ability to deliver safe, efficient, and versatile power. In a constantly evolving technological landscape, these batteries are increasingly seen as the future powerhouse for implantable and wearable medical devices.

Select Competitors (Total 64 Featured) -

• Duracell Inc.
• Energizer Holdings, Inc.
• EnerSys
• Panasonic Corporation of North America
• Saft Groupe SA
• Tadiran Batteries GmbH

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