MEDICAL BATTERIES MARKET ANALYSIS

Medical Batteries Market Size and Trends

The global medical batteries market is estimated to be valued at USD 2.8 Bn in 2024 and is expected to reach USD 4.3 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031.

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The increasing demand for long-lasting batteries from the healthcare sector and the growing sales of portable medical equipment are expected to drive the growth of the medical batteries market during the forecast period.

The market is driven by factors such as the increasing prevalence of chronic diseases that require medical devices, rising sales of home healthcare devices, growing demand for longer-lasting batteries, and technological advancements in battery technologies. Moreover, increasing healthcare investments and rising disposable incomes in emerging economies are expected to create lucrative opportunities for players in the medical batteries market during the forecast period.

Aging Population and Rise in Chronic Diseases

The global medical batteries market is expected to witness significant growth over the forecast period owing to the rising aging population worldwide and the increasing prevalence of chronic diseases. As people grow older, their vulnerability to various medical conditions and diseases rises substantially. The needs of elderly patients generally involve more frequent medical visits and continuous monitoring through devices that require batteries. Moreover, with age comes declining mobility and autonomy which increases dependency on medical devices. All these factors are anticipated to spike the demand for batteries from medical device manufacturers. The prevalence of chronic conditions such as cardiovascular diseases, diabetes, respiratory diseases, and cancer has risen dramatically over the years. These diseases usually require long term treatment and management which involves the continuous or semi-continuous use of medical devices either for monitoring vital signs, administering therapy, or assisting mobility. For instance, portable oxygen concentrators, nebulizers, CPAP machines for sleep apnea, infusion pumps for diabetes, and power wheelchairs/mobility scooters for elderly and chronic disease patients heavily rely on rechargeable batteries with each use.

For instance, in June 2021, data released by the World Health Organization (WHO) revealed that out of 17 million premature deaths (under 70 years old) attributed to non-communicable diseases in 2019 globally, 38% were linked to cardiovascular diseases (CVDs). Approximately 17.9 million individuals lost their lives to CVDs in 2019, constituting 32% of all global fatalities. Of these deaths, 85% were due to heart attacks and strokes. In the U.S., around 659,000 people succumb to heart disease annually, equating to one in four deaths. Additionally, approximately 18.2 million adults aged 20 and above in the U.S. have Cardiac Associated Disorders (CAD), accounting for about 6.7% of the population. Furthermore, according to the Centers for Disease Control and Prevention (CDC), a heart attack strikes in the U.S. every 40 seconds.

Market Concentration and Competitive Landscape

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Technological Innovations in Portable and Homecare Medical Devices

Technological innovations in portable and homecare medical devices are significantly driving the growth of the global medical batteries market . With advancements in wearable devices and remote patient monitoring systems for chronic conditions, there is an increasing demand for small, lightweight, and long-lasting batteries that can power these devices. Devices like glucose monitors, insulin pumps, portable ECG monitors, sleep apnea monitors and other home-use medical equipment rely on batteries as their primary or secondary power source. As the use of such Devices grows due to ageing populations and prevalence of lifestyle diseases, the need for high-capacity batteries optimized for the power requirements of these devices is also witnessing a parallel growth.  Advancements are being made in battery chemistries to provide longer battery life in smaller footprints for portable use. Lithium-ion batteries are increasingly becoming the battery of choice due to their high energy density and no-memory effect. Additionally, researchers are working on batteries with novel electrolyte materials, composite electrodes and 3D electrode architectures to enhance storage capacity while reducing size and weight. For example, recent studies by US Department of Energy have demonstrated the development of cobalt-free lithium-ion chemistries and composites using silicon and carbon that can increase storage capacity by 3-4 times in the same volume compared to conventional lithium ion batteries. If commercialized, these can vastly improve the runtime of portable and homecare medical devices on a single charge.

Key Takeaways from Analyst:

The global medical batteries market is expected to witness steady growth in the coming years. The rising demand for portable medical devices is a key growth driver for the market. The growing elderly population globally who require constant medical monitoring and care is increasing the adoption of devices such as glucose monitors and ECG machines which use medical batteries. However, stringent regulations regarding the use and disposal of batteries pose a challenge to market growth.

The market is expected to witness higher demand from the Asia Pacific region attributed to increasing healthcare expenditure and rapidly expanding medical infrastructure in countries like China and India. North America will continue to be a major market backed by the presence of leading healthcare companies developing new home-use medical devices.

Lithium-ion battery technology is gaining prominence in the market owing to benefits such as light weight and high energy density. Manufacturers are focused on developing lithium batteries suitable for implantable medical devices to capture the opportunity. Moreover, the demand for disposable batteries is expected to rise owing to increased focus on single-use devices to prevent infection risks.

Market Challenges: High costs associated with batteries

 The high costs associated with batteries is one of the major factors restraining the growth of the global medical batteries market. Medical batteries power a wide range of devices used for diagnosis, monitoring and treatment of various medical conditions. However, batteries used in medical devices need to meet stringent safety standards in terms of quality, reliability and shelf-life. This necessitates the use of high-grade materials and advanced manufacturing processes in the production of medical batteries. The raw materials used such as lithium, cobalt and other chemicals are costly. Moreover, medical batteries are designed to last longer than consumer batteries in order to avoid frequent replacement and ensure uninterrupted device operation. This requires sophisticated cell chemistry and additional safety features. All these factors make medical batteries significantly more expensive than normal batteries. For example, according to the UN Industrial Development Organization, the manufacturing cost of a common lithium-ion battery used in medical devices is around 2-3 times the cost of same battery for consumer electronics.

Market Opportunities: Growing demand for wireless medical devices

The healthcare sector has seen tremendous growth in wireless medical technologies over the past few years. Devices such as wireless blood pressure monitors, glucose monitors, ECG monitors, and implantable cardiac devices have revolutionized patient care by enabling remote and continuous monitoring. This shift towards wireless connected care comes with an increased need for higher capacity, longer lasting and portable power sources. Medical devices now require sophisticated batteries that can withstand years of continuous use inside the human body or power devices for days on a single charge. As new, more advanced wireless medical gadgets hit the market, their miniaturized nature and constant power demands will further stimulate demand for specialized high-quality medical batteries.

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By Usage: Growing Use of Implantable Medical Devices Drives the Battery Demand

In terms of usage, implantable devices batteries segment is expected to contribute the highest share of 60.00% in 2024 owing to rapid technological advancements and growing patient acceptance of implantable devices. Implantable medical devices such as pacemakers, defibrillators, and neurostimulators require long-lasting power sources to function optimally while implanted inside the body. Lithium batteries are the preferred option for most implantable devices due to their high energy density, lightweight design, and ability to provide power for 5-7 years on a single charge. Manufacturers are continuously working to miniaturize implantable devices and add new features, which is increasing their power requirements over time. This in turn is driving demand for more efficient and higher capacity implantable batteries. Growing geriatric population also contributes significantly, as elderly patients are more likely to require implantable devices for conditions like arrhythmia, chronic pain, and mobility issues. Favorable reimbursement policies in major markets encourage the widespread adoption of life-improving and life-saving implantable devices. With new technologies on the horizon like brain-computer interfaces, the demand for implantable batteries are expected to grow steadily.

By Battery Type: Technological Advancements Fuel Lithium Battery Usage

In terms of battery type, lithium batteries segment is expected to contribute the highest share of 40.12% in 2024 owing to their superior performance attributes. Lithium battery chemistry provides two to three times higher energy density compared to other battery types like nickel-metal hydride. This allows device designers to pack more power into miniature battery sizes without compromising runtime. Lithium batteries also have a flat discharge profile and maintain voltage until near complete discharge. They exhibit low self-discharge rates and can retain up to 80% of their charge even after one year of storage. Continuous R&D is focused on improving lithium battery formulation to achieve even higher energy and power density levels. New lithium-ion chemistries like lithium-sulfur and solid-state designs promise major leaps in battery capacity and safety. The ability of lithium to power a wide variety of medical devices while occupying minimal space drives its popularity among OEMs and end users. Stringent battery testing ensures lithium power sources meet safety and long-term reliability requirements for medical applications.

By End User: Rising Hospital Admissions Boost the Demand from Healthcare Facilities

In terms of end user, hospitals and nursing homes segment is expected to contribute the highest share of 49.12% in 2024. Healthcare facilities utilize vast amounts of medical batteries to power diagnostic equipment, emergency response devices, patient monitoring systems, and other technology used for round-the-clock patient care. Rising worldwide hospital admissions, primarily driven by an aging population and growing prevalence of chronic diseases, is increasing the workload and functionality requirements of large hospitals. This is amplifying their demand for reliable battery-operated medical tools and devices. Furthermore, hospitals are now equipped with sophisticated critical and palliative care units that depend heavily on battery-powered lifesaving machinery. Strict regulations regarding emergency preparedness and business continuity planning also mandate uninterrupted power backup for healthcare facilities. Their budget allocations towards procuring medical batteries, especially high-capacity lithium batteries, continue growing year-over-year to ensure smooth operation during power outages. Online procurement is gaining popularity among hospital procurement teams seeking bulk discounts.

Regional Insights

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North America has established itself as the dominant region in the global medical batteries market. The region is expected to account for a share of 39.2% in 2024. With a strong presence of major medical device manufacturers and increasing healthcare spending, the demand for batteries to power various medical equipment is consistently high in the U.S. and Canada. A large number of major hospitals and healthcare institutions rely on critical medical devices that require reliable energy storage solutions. Additionally, the region is an early adopter of new medical technologies due to higher patient affordability, which drives the need for supportive battery technologies.

Another key factor for North America's dominance is the focus on research and development within the healthcare industry. Major medical device companies invest heavily in developing new and innovative products for disease diagnosis and treatment. This necessitates continuous innovation in medical batteries as well to ensure devices are powered effectively. The region also has a conducive regulatory environment that supports such product development. These factors have allowed North America to account for the largest share in the global medical batteries market.

The Asia Pacific region has emerged as the fastest growing market for medical batteries. Rapid economic development and growing population have increased the burden of diseases across developing nations like India and China. This has prompted governments to prioritize healthcare infrastructure and services. The heavy investments are enabling greater access to advanced medical facilities and improved healthcare coverage. Consequently, the usage of medical equipment powered by batteries is surging tremendously.

Market Report Scope

Medical Batteries Industry News

• On 30 April 2024, A new battery research factory in Münster, Germany, backed by Fraunhofer-Gesellschaft applied research organizations and Siemens, focuses on digitalization. It aims to optimize battery production for industries like automotive. Europe's battery production capacity is projected to grow significantly by 2025 and 2030. The initiative, funded by the Federal Ministry of Education and Research and the State of North Rhine-Westphalia, aims to enhance Germany's competitiveness in battery technology.
• In January 2023, Ilika battery technology company and Cirtec Medical, provider of outsourced medical device has strengthened their collaboration through the signing of a memorandum of understanding. This agreement details the relocation of Stereax mm-scale battery manufacturing to Cirtec's facility in Lowell, MA. This move aims to enhance Cirtec's efforts in system-level miniaturization for the medical device sector. Meanwhile, Ilika will concentrate on advancing technology development and offering IP licensing to support Cirtec's manufacturing and commercialization endeavors.
• In December 2022, Panasonic Energy Co., Ltd., a Panasonic Group company, , multinational electronics company, and Lucid Group, Inc , electric vehicles company have signed multi-year deals to provide batteries for Lucid's luxury electric vehicles, including the Lucid Air and upcoming Gravity SUV. This agreement signifies Panasonic's expansion of lithium-ion EV battery production into the U.S., with current production in Japan and future output anticipated from their De Soto, Kansas facility.

*Definition: The global medical batteries market involves the manufacturing, development, and sale of rechargeable and non-rechargeable batteries that are used to power medical equipment and devices. This includes batteries used in devices like mobility aids, surgical equipment, personal medical devices, Implantable medical devices and other healthcare appliances. The medical batteries market is driven by the aging population, growing number of people suffering from chronic diseases and improvements in healthcare infrastructure across the world which has increased the demand for medical devices needing reliable battery power.

Market Segmentation

• By Usage
  
  • Implantable Devices Batteries
    
    • Pacemakers Batteries
    • Implantable Cardioverter Defibrillator
    • Neurostimulators Batteries
    • Cochlear Batteries
    • Infusion Pumps
    • Other Implantable Batteries 
  • Non-Implantable Devices Batteries  
    
    • Diagnostic Imaging Device Batteries
    • Patient Monitoring Device Batteries
    • Critical Care Support Batteries
    • In vitro Diagnostics Instrument Batteries
    • Therapeutic Devices
    • Prosthetic Device Batteries
    • Other Non-implantable Batteries
• By Battery Type
  
  • Lithium Batteries 
  • Nickel –Metal Hydride Batteries
  • Zinc-air Batteries
  • Other Batteries
•   By End User
  • Hospitals and Nursing Homes
  • Clinics
  • Diagnostic Centers
  • Home Care Settings
  • Other End User
• Regional Insights (Revenue, USD BN, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Merck Millipore Corporation
  • Sanofi-Aventis LLC.
  • AllCells LLC.
  • STEMCELL Technologies
  • ATCC Inc.
  • Hemacare Corporation
  • Cellular Dynamics International
  • ReachBio LLC.
  • Conversant Bio ABM Inc.
  • PromoCell GmbH
  • Cruline Human biospecimen PRO
  • Lifeline Cell Technology
  • Mesoblast Ltd.
  • Actinium Pharmaceuticals, Inc
  • Bluebird Bio, Inc
  • Gilead Sciences, Inc
  • Novartis AG