New Delhi, May 21, 2024 (GLOBE NEWSWIRE) -- According to Astute Analytica, the global medical battery market reached a valuation of US$ 1,839.50 million in 2023. It is anticipated to witness a CAGR of 5.78% from 2024 to 2032, eventually reaching a market valuation of US$ 2,974.04 million by 2032.
The world's aging population and the rising prevalence of chronic diseases are driving the demand for medical devices and, consequently, reliable batteries. In 2023, pacemaker sales reached 3.4 million units worldwide, reflecting this trend. Chronic diseases, including heart disease, stroke, cancer, diabetes, respiratory conditions, and arthritis, are responsible for more than 70% of global deaths and over 87% of deaths in the United States. These conditions are the leading causes of death and disability in high-income countries and account for a significant portion of America's $4.1 trillion health care expenses.
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In the United States, people over 55 make up 56% of total health spending despite being only 30% of the population. Patients with multiple chronic diseases account for two-thirds of healthcare costs and a staggering 93% of Medicare spending. To meet the growing demand for sophisticated and compact medical devices, battery technology has advanced, offering smaller sizes and higher energy density options in the medical battery market. The announced global battery capacity for 2030 has already surpassed 6 TWh.
Demographic shifts are also expected to influence the types of services demanded and their utilization rates. As the proportion of minority populations increases, particularly those with higher prevalences of certain chronic diseases, the growing diversity among the older population will shape the healthcare landscape. One projection suggests that the percentage of non-Hispanic whites among the 65+ population will decrease from 85% in 2006 to 72% in 2030, further emphasizing the need for targeted healthcare solutions and reliable medical devices powered by advanced battery technologies.
Key Findings in Medical Battery Market
| Market Forecast (2032) | US$ 2,974.04 Million |
| CAGR | 5.78% |
| Largest Region (2023) | North America (38.17%) |
| By Battery Type | Lithium-Ion Battery (50.73%) |
| By Type | Non-Implantable Medical Devices Battery (56.60%) |
| By Application | Implantable Medical Devices (46.33%) |
| By End Users | Hospitals And Clinics (49.7%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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Positive Impact of Portable Medical Devices on the Medical Battery Market
Portable medical devices have revolutionized healthcare by enabling continuous monitoring, treatment, and mobility for patients. These devices rely heavily on advanced battery technologies to ensure reliable operation and extended use. Portable ECG monitors, pulse oximeters, and blood glucose meters are crucial for tracking vital signs and health status, requiring long-lasting and compact batteries. Apart from this, infusion pumps and drug delivery systems, such as insulin pumps and pain management pumps, allow patients to receive medication while maintaining mobility, thanks to high-energy density batteries.
On the other hand, respiratory devices, including portable oxygen concentrators, nebulizers, and CPAP machines, provide continuous support for patients with breathing difficulties, relying on high-capacity batteries for portability and uninterrupted therapy. Portable surgical tools and equipment, like surgical drills, saws, ultrasound machines, and headlamps, depend on reliable batteries to ensure consistent performance and mobility in various settings5.
The increasing demand for these portable medical devices has a positive impact on the medical battery market, driving the need for advanced battery technologies that prioritize safety, reliability, and longevity. As healthcare continues to evolve and emphasize patient comfort and mobility, the medical battery market is poised for significant growth, fueled by the expanding applications of portable medical devices in diagnosing, monitoring, and treating a wide range of health conditions.
Lithium-Ion Batteries Powering the Future of Medical Devices, Contribute Over 50% Market Share
Lithium-ion batteries have emerged as the dominant technology in the medical battery market due to their superior performance characteristics. These batteries boast a high energy density, with a study in the International Journal of Life Cycle Assessment finding that lithium-ion batteries have an energy density of 150-250 Wh/kg, compared to just 30-50 Wh/kg for lead-acid batteries. This allows for the development of compact and lightweight medical devices, such as wearable monitors and implantable devices. Lithium-ion batteries also excel in terms of cycle life, with a review article in the journal Batteries highlighting that they can typically withstand 500-1,000 charge-discharge cycles before their capacity drops to 80% of the initial value. This ensures that medical devices powered by lithium-ion batteries can operate reliably for extended periods without frequent battery replacements.
Apart from this, the demand for lithium-ion batteries in the global medical battery remains high due to their low self-discharge rate. A study in Power Electronics News reported that lithium-ion batteries typically have a self-discharge rate of less than 5% per month, compared to 20-30% per month for nickel-metal hydride batteries. This ensures that medical devices are ready for use when needed, even after extended periods of storage. Safety and reliability are paramount in medical applications, and lithium-ion batteries undergo rigorous testing to minimize the risk of battery-related incidents. A study in the World Electric Vehicle Journal emphasized that lithium-ion batteries meeting spacecraft battery requirements have an extremely low probability of fires.
The customizable voltage and discharge profile of lithium-ion batteries further solidifies their dominance in the medical battery market, enabling the development of devices with specific power requirements. As the demand for portable and reliable medical devices continues to grow, lithium-ion batteries are poised to remain the technology of choice in this critical sector.
Dominance of Non-Implantable Medical Device Batteries in the Medical Battery Market, Contribute Over 56.60% Revenue
The demand for non-implantable medical device batteries is surging, driven by the aging population and the increasing prevalence of chronic diseases. With the global population aged 65 and above projected to reach 1.5 billion by 2050 and chronic diseases responsible for 71% of all deaths worldwide, the need for portable medical devices such as glucose monitors, blood pressure monitors, and oxygen concentrators is on the rise. In the United States alone, 6 in 10 adults have a chronic disease, and 4 in 10 have two or more.
The shift towards home healthcare and remote monitoring is further fueling the demand for battery-powered medical devices that can be used outside of traditional healthcare settings, giving a boost to the medical battery market. In the United States, the number of home health agencies increased by 14.4% between 2016 and 2023, reaching a total of 12,200 agencies. Lithium-ion batteries, with their high energy density, long cycle life, and low self-discharge rate, are becoming increasingly popular in medical devices. Moreover, solid-state batteries, offering improved safety and higher energy density, are being developed specifically for medical applications.
The growing healthcare expenditure worldwide is also driving the adoption of advanced medical devices, including non-implantable devices powered by high-performance batteries. Global healthcare spending is projected to reach $10.1 trillion by 2024, growing at a CAGR of 5.1% from 2019 to 2024. In the United States, national health expenditure is expected to reach $6.2 trillion by 2028, accounting for 19.7% of the country's GDP. As the demand for reliable, portable medical devices continues to grow, non-implantable medical device batteries are poised to dominate the medical battery market.
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North America to Stay Prominent Hub for Medical Battery Consumption and Production, Controls Over 37% Market Share
North America, particularly the United States, has emerged as a leader in medical battery consumption and production due to a combination of factors. The U.S. has a large and growing market for advanced medical devices, with the medical device market valued at $458.3 billion in 2022, accounting for about 40% of the global market. The U.S. portable medical equipment market alone is expected to reach $23.9 billion by 2028, growing at a CAGR of 8.8% from 2021 to 2028. This high demand drives the need for high-performance medical batteries.
The U.S. also boasts a robust healthcare infrastructure, with healthcare spending reaching $4.7 trillion, or 18% of GDP, in 2023, the highest among developed countries. The country has over 6,000 hospitals and 900,000 active physicians, supporting the adoption of advanced, battery-powered medical technologies and medical battery market growth. Furthermore, U.S. companies are at the forefront of developing advanced battery technologies. For example, QuantumScape, a California-based company, is developing solid-state lithium-metal batteries that could offer up to 80% longer range than conventional lithium-ion batteries.
The U.S. government has implemented policies to support the domestic battery industry. The National Blueprint for Lithium Batteries (June 2021) aims to establish a secure battery materials and technology supply chain by 2030. In 2020, the U.S. Department of Energy awarded $15 million to support the development of next-generation lithium-ion batteries. Additionally, major medical battery companies like Integer Holdings Corporation and Duracell are headquartered in the U.S. Integer Holdings, a leading medical battery manufacturer, reported sales of $1.2 billion in 2020, with a significant portion coming from its medical segment.
The growing adoption of electric vehicles in the U.S. has led to increased investments in battery production, benefiting the medical battery industry as well. The U.S. electric vehicle market is expected to reach 6.9-million-unit sales by 2025, up from 1.2 million in 2023. This growth has led to increased investments in battery production, benefiting the medical battery industry as well. In conclusion, the combination of high demand, robust infrastructure, technological advancements, government support, strong market players, and spillover effects from the EV industry has positioned North America as a leader in medical battery consumption and production.
Competitive Analysis of the Global Medical Battery Market Top 6 Players Hold Over 45% Market Share: Panasonic Corporation Leads with Over 12% Market Share
The global medical battery market is highly competitive, with the top 6 players namely Panasonic Corporation, Saft Group, GE Healthcare, Integer Holdings Corporation, Duracell, and Maxell Ltd contributing over 45% of the total revenue share.
Panasonic Corporation has established itself as the global leader in the medical battery market, commanding over 12% market share. The company's success can be attributed to its robust battery technology, strategic investments, diversified product portfolio, and strong partnerships. Panasonic has been investing heavily in innovation, particularly in solid-state battery technology, ranking just behind Toyota in solid-state battery patents. This positions the company well for future growth. Additionally, Panasonic is making significant investments to boost growth and market share, such as investing $4 billion in an EV battery plant in Kansas, demonstrating its commitment to expanding its battery production capabilities.
The company in the medical battery market offers a wide range of battery solutions for various medical applications, including implantable devices, external medical devices, and medical equipment. This diversified product portfolio allows Panasonic to cater to the diverse needs of the medical industry. Furthermore, Panasonic has established strong partnerships with key players in the medical device industry, such as GE Healthcare, enabling the company to leverage its battery expertise and expand its market reach.
Panasonic Corporation is well-positioned to capitalize on these growth opportunities, given its strong market position, technological expertise, and strategic investments. However, the company will face intense competition from other key players who are also investing in innovation and expanding their market presence.
Global Medical Battery Market Key Players
- Boston Scientific Corporation
- Celltech Group
- Duracell Inc.
- GE HealthCare
- Integer Holdings Corporation
- Maxell, Ltd.
- Panasonic Holdings
- Saft Group
- SEALED ENERGY SYSTEMS
- Swatch Group
- Tadiran Batteries
- Other Prominent Players
Key Segmentation:
By Type
- Implantable Medical Devices Battery
- Rechargeable Battery
- Non-Rechargeable Battery
- Non- Implantable Medical Devices Battery
- Rechargeable Battery
- Non-Rechargeable Battery
- Portable/Wearable Medical Devices Battery
- Rechargeable Battery
- Non-Rechargeable Battery
By Battery Type
- Lithium-Ion Battery
- Lithium-Carbon Fluorides Battery
- Lithium Iron Phosphate Battery
- Nickel Metal Hydride Battery
- Zinc Air Battery
- Others
By Application
- Portable Medical Devices
- Infusion Pumps
- Oxygen Concentrators
- Patient Monitoring
- Handheld Surgical Tools
- Powered Surgical Instruments
- Portable X-ray & Imaging Solutions
- Ultrasound Devices
- Diagnostic Devices
- Others
- Implantable Medical Devices
- Pacemakers
- Implantable Cardioverter-Defibrillators
- Neuro Stimulators
- Drug Pumps
- Cochlear Implants
- Left Ventricular Assist Device
- Others
- On- Body/Patch Devices
- Insulin Pumps
- Drug Injectors
- Microelectronic Pills
- Cancer Detectors
- Gastro Cameras
- Medical Sensors
By End User
- Hospitals and Clinics
- Ambulatory Surgical Centres
- Diagnostic Laboratories
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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