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.

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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.