(MENAFN- EIN Presswire) PORTLAND, OREGON, UNITED STATES, April 16, 2024 /EINPresswire / -- Global Medical Batteries Market Overview
In 2022, the global medical batteries market reached $1.4 billion and is projected to hit $2.4 billion by 2032, growing at a CAGR of 5.3% from 2023 to 2032.
Key Growth Drivers:
Portable and Remote Monitoring Equipment: The surge in demand for portable and remote monitoring tools, driven by the growing preference for at-home healthcare, is a significant growth driver.
Battery Technology Advancements: The trend towards miniaturization of medical devices and improvements in battery technology contribute to market growth.
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Challenges and Restraints:
Battery Concerns: Issues related to the size, weight, and potential leakage or rupture in medical batteries are challenging market growth.
Opportunities:
Wearable Healthcare Technology: The rising popularity of wearable healthcare devices offers promising growth opportunities.
Advanced Battery Features: Increasing demand for medical batteries with higher energy density, longer lifespan, and enhanced safety features.
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Impact of COVID-19:
The pandemic intensified the demand for portable and remote monitoring equipment, accelerating the adoption of medical batteries. Telehealth solutions became essential, highlighting the need for reliable power sources for critical medical equipment. However, supply chain disruptions and production demands led to delays in the market.
Battery Type Insights:
Lithium-ion Batteries: Dominating with a 48.0% market share in 2022, this segment is anticipated to grow at a CAGR of 5.7% till 2032, fueled by their rechargeable nature and steady voltage output benefits.
Application Segment:
Implantable Medical Devices: Leading with a 50.9% share in 2022, this segment is projected to maintain its leading position, driven by the demand for advanced battery technology in personalized healthcare.
End User Segment:
Hospitals & Clinics: With a 45.5% market share in 2022, this segment is expected to grow at a CAGR of 5.8% till 2032 due to technological advancements and the need for uninterrupted power supply in healthcare settings.
Regional Analysis:
North America: Holding a 38.3% share in 2022, North America is expected to maintain its dominance with a 39.1% share by 2032. Factors like portable medical device demand and telemedicine adoption drive this growth.
Key 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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Conclusion:
The global medical batteries market is poised for growth, driven by the increasing demand for portable healthcare solutions, advancements in battery technology, and the rising trend of wearable healthcare devices. Despite challenges like battery concerns and supply chain disruptions, the market presents lucrative opportunities for stakeholders.
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Allied Market Research
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