Market Scenario
Global medical battery market was valued at US$ 1,839.50 million in 2023 and is projected to hit the market valuation of US$ 2,974.04 million by 2032 at a CAGR of 5.78% during the forecast period 2024–2032.
Many factors have given a boost to the medical battery market. One of them is that the world's aging population and increasing cases of chronic diseases are creating a higher demand for medical devices, which in turn creates the need for reliable batteries. For example, by 2023, pacemaker sales had reached 3.4 million units worldwide. Chronic diseases cause more than 70% of deaths globally, while over 87% of death in the US are due to them as well. They are also the leading causes of death and disability in high-income countries and drivers of America’s $4.1 trillion health care expenses. Some examples of major chronic diseases include heart disease, stroke, cancer, diabetes, respiratory conditions and arthritis. Battery technology advancements such as smaller sizes and higher energy density options enable the creation of increasingly sophisticated and compact medical devices too.
Another reason supporting the growth of the medical battery market is that there has been a rise in home healthcare services along with telemedicine solutions which require portable or wearable medical devices that rely on batteries to function properly. The market for wearable medical devices like hearing aids or implantable cardiac defibrillators is growing very fast so there is a need for batteries that are safe, lightweight, compact and long-lasting. The pandemic situation we’re all going through has greatly contributed to this market’s growth too because it created this sudden surge in ventilator use which made battery requirements skyrocket too. The fact that these devices depend on batteries plays a big role in driving up market demand.
When it comes to chemical composition used there are three main types: lithium-ion ones (which have been gaining popularity due to their better performance), nickel-metal hydride ones and zinc-air ones.
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Market Dynamics
Driver: Growing Demand for Portable Medical Equipment
The increasing prevalence of cardiovascular and chronic diseases is a major driver for the medical battery market, as it fuels the demand for advanced, portable medical devices. Globally, cardiovascular diseases account for approximately 31% of all deaths, with an estimated 17.9 million deaths each year. Furthermore, the World Health Organization predicts that by 2030, chronic diseases will account for almost three-quarters of all deaths worldwide. This growing burden of chronic conditions necessitates the development and deployment of portable medical devices for monitoring, diagnosis, and treatment.
Portable medical devices, such as wearable cardiac monitors, insulin pumps, and portable oxygen concentrators, require reliable and efficient power sources. The global wearable medical device market is expected to reach USD 89 billion by 2032, growing at a CAGR of 13.8% from 2023 to 2032. Additionally, the global insulin pump market is projected to reach USD 16 billion by 2032, with a CAGR of 13% during the forecast period. The portable oxygen concentrator market is also expected to grow at a CAGR of 10.2% from 2024 to 2032, reaching USD 3.9 billion by 2032. These growth projections highlight the increasing demand for portable medical devices and, consequently, the need for advanced medical batteries to power them. Medical battery manufacturers are responding to this demand by developing high-performance, reliable, and safe battery solutions tailored to the specific requirements of portable medical devices.
Trend: Adoption of Wireless Connectivity
The medical battery market is experiencing the effects of incorporating Bluetooth and wireless technology, and it's changing everything. Remote monitoring, data transmission, and device control are all part of what makes wireless devices great. These innovations allow for improved patient mobility, real-time data access, as well as enhanced treatment outcomes. It’s predicted that by 2032, the global wireless health market will be worth USD 415 billion. From 2024 to 2032 a CAGR of 21.2% is expected to be reached. Furthermore, these devices will experience rapid growth in numbers - from 10 million in 2020 to a whopping 50 million by 2025.
However, with the addition of connectivity comes new issues for manufacturers of batteries in the global medical battery market. More power consumption threatens both the performance and life span of batteries that are currently available on the market. There is a solution though; battery makers everywhere are working towards developing power management solutions that optimize energy consumption while still extending battery life as far as possible. By using low-power wireless protocols such as Bluetooth Low Energy (BLE), they can reduce up to 50% less power when compared to traditional Bluetooth. Another development being made on this front is energy-efficient wireless charging technologies like resonant charging which allows for minimal power loss during the charging process. As more wireless connectivity is incorporated into these devices we use every day, battery makers must continue innovating their solutions if they want to keep up with the growing demand for powerful products that last longer than ever before.
Challenge: Diverse Power Requirements to Pose a Key Challenge to Medical Battery Market
Medical devices take on many forms and sizes, some needing an immense amount of power and others only requiring a small amount. It really depends on the device. For example, a pacemaker may only require a few microamps of current while a defibrillator may need several amps. The different power requirements in medical devices have prompted the development of specialized batteries to meet their individual needs. With this being said, cardiac pacemakers typically consume 5-10 microamps during normal usage; implantable cardioverter-defibrillators (ICDs) need 0.1-1 amps for high-voltage therapy and neurostimulators feed off 1-10 milliamps of current for deep brain stimulation.
When it comes to insulin pumps, they take anywhere between 10-100 milliamps of current to function properly. Lastly, surgical power tools like orthopedic drills or saws can use as much as 1-10 amps of current during an operation. Batteries play such a huge role in these applications that manufacturers across the global medical battery market must develop an array of chemistries, form factors and capacities. To give you an idea: thin-film batteries are expected to reach $1.7 billion by 2032 with coin cell batteries; lithium-ion or lithium polymer batteries being suitable for high-power applications. The market for lithium-ion battery is projected to grow at CAGR of 6.48% from 2024–32. It is estimated to reach $1,659.9 million by 2032 and the global thin-film battery market is projected to reach $1,748.7 million by 2032. So as device manufacturers continue developing new machines with various power needs, battery manufacturers will continue their adaptation in order to sufficiently supply them all.
Segmental Analysis
By Battery Type
The lithium-ion battery segment dominates the medical battery market, holding the highest share of 50.73% in 2023. This segment is also expected to grow at the highest CAGR of 6.48% during the forecast period. Lithium-ion batteries offer several advantages, such as high energy density, long cycle life, and low self-discharge rate, making them ideal for portable and implantable medical devices. The increasing adoption of wearable medical devices, such as smartwatches and fitness trackers, is driving the demand for compact and efficient lithium-ion batteries. Moreover, the growing prevalence of chronic diseases and the rising geriatric population are fueling the demand for implantable medical devices, such as pacemakers and neurostimulators, which rely on lithium-ion batteries for long-term power supply. The advancements in lithium-ion battery technology, such as the development of solid-state electrolytes and high-capacity cathode materials, are further enhancing the performance and safety of these batteries in medical applications.
By Type
The non-implantable medical devices battery segment holds the highest share of 56.60% in the medical battery market in 2023. Portable patient monitors, infusion pumps, and external defibrillators are just a few examples of the non-implantable medical devices that need a reliable and long-lasting power source so they don't stop working. With more people adopting home health care and demanding portable medical tools, the industry has to find new ways to keep them running. The need for these products will only increase in time. However, this isn't as much of an issue compared to portable wearable devices. This part of the market is predicted to grow at about 6.59% during the forecast period, making it the fastest growing area in the industry. As more people develop chronic diseases like diabetes and heart problems, there will be more demand for a device that can continuously monitor their condition. Since patients have to constantly wear these devices wherever they go, manufacturers have been trying to make them smaller and easier to hide on the body with better battery technology advances such as flexible batteries that are printable.
By Application
The implantable medical devices segment holds the highest share of 46.33% in the medical battery market in 2023. Implantable medical devices are becoming increasingly popular. They include pacemakers, defibrillators, and neurostimulators. All of these things have a long-lasting power source that you can rely on to work for a while without stopping. This is really important if you need the device to run over an extended period of time without interruptions. There’s no doubt this is why more people are asking for it, which in turn increases our growth rate. On the other hand, microelectronic pills are growing at a much higher CAGR of 7.20%. These pills have all types of things inside them like sensors, cameras, and batteries so they can monitor drug delivery or track patient adherence. The digital pill even has the ability to collect diagnostic data from within body. With advances in technology happening every day it’s no wonder we’re seeing such rapid growth just about everywhere. It's only going to get better and better as we progress further into the future.
By End Users
The hospitals and clinics segment holds the highest share of 49.07% in the medical battery market in 2023. Hospitals and clinics are the main buyers of medical devices, including transportable and implantable devices that trust in batteries for power supply. A growing number of those institutions are picking up more sophisticated tech like wireless patient monitoring and robotic surgery. These advancements drive a desire for high-performance batteries. In any case, the quickest development during the forecast period is anticipated to be in ambulatory surgical centers. These outpatient facilities — which offer same-day surgical care that includes diagnostic and preventive procedures — are popular because they limit exposure to germs. The increasingly preferred minimally invasive surgeries are less expensive than alternatives. While patients enjoy these benefits, institutions will need reliable and efficient power sources for their devices. Furthermore, as battery technology improves (wireless charging, fast charging), it’ll be possible to create more convenient medical devices for ambulatory surgical centers' on-the-go staff.
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Regional Analysis
North America has emerged as the largest market for medical batteries, a position it has achieved through a combination of factors that include advanced healthcare infrastructure, high healthcare expenditure, and technological innovation. In 2023, the region held over 38% revenue share of the global market, which translates to over $702.13 million in revenue contribution. Thanks to a swell in healthcare infrastructure, the United States and North America have become the driving force in the medical battery market. The enforcement of medical technology, as well as an upswing in chronic illnesses, has helped North America's market share grow by miles. The COVID-19 pandemic fueled a fire in the medical device industry. The need for portable devices to monitor and diagnose patients forced innovation. This dire situation also showed the importance of having reliable power sources, which only helped bolster this market’s power.
Additionally, rapid advancements in battery technology are pushing the North American market at lightning speed. Wireless charging options are now being integrated into more user-friendly tools for patients and healthcare professionals. And with longer-lasting rechargeable batteries on their way, it’s easy to see why this industry is set to hit new highs. To no surprise, remote patient monitoring will play a major role in furthering these markets’ advances Even without knowing that there could be financial gain behind it, companies have already been prioritizing innovation within the field. Regardless of what’s ahead for these industries, global growth for both medical and device battery markets is expected to rise exponentially over time.
Countries emerging— Asia medical battery market especially —are engaging in a health quality rise, bringing with it lucrative business opportunities for medical battery companies. The countries China, India, South Korea, Indonesia and several Southeast Asian nations are all seeing their demographics shift. Their consumer expectations are increasing. Their technology is advancing. And their health infrastructure is expanding. Businesses that can quickly adapt to these trends will be able to grab a large market share early on. These same regions’ national health systems are promoting investments in healthcare as they build resilience and support economic growth. With this initiative comes a high demand for patient monitoring devices, general medical devices and home healthcare devices— all of which need medical batteries to power them.
Europe medical battery market is also expected to play an important part in the global market, with strong predicted compound annual growth rate (CAGR). The region’s immense focus on innovation and technological advancements should make rechargeable medical batteries more efficient — thus widely used in downstream applications — while making them more sustainable than ever before.
Top Players in the Global Medical Battery Market
Market Segmentation Overview:
By Type
By Battery Type
By Application
By End User
By Region
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