MEDICAL BATTERIES MARKET ANALYSIS

Battery systems consists of one or more storage batteries and battery chargers, and includes inverters, converters, and associated electrical equipment. As instruments are increasingly becoming computerized and mobile, systems’ performance and reliability depends on its battery. There are three major types of batteries used in medical devices based on their chemical composition, which includes lithium batteries, nickel-metal hydride batteries, and zinc-air batteries. Demand for medical batteries has increased significantly in the recent past, due to advancements in technology in lithium ion batteries for better performance and durability. For instance, in December 2017, Hong Kong-based Company, Surwon Technology, has successfully completed the grapheme layering process to conduct energy through lithium-ion battery.

The global medical batteries market is estimated to be valued at US$ 2,714.68 million in 2022 and is expected to exhibit a CAGR of 6.4% during the forecast period (2022-2030).

Figure 1. Global Medical Batteries Market Share (%), by Battery Type, 2022

Increasing demand for battery powered portable and implantable devices is expected to fuel growth of the global medical batteries market

Manufacturers are focusing on manufacturing medical batteries which can provide high performance and have long-life span. For instance, in February 2017, Ultralife Corporation launched 492Wh Lithium iron phosphate (LiFePO4) smart battery, which is equipped with accurate fuel gauging and integrated safety circuitry that is designed to replace Sealed Lead Acid (SLA) batteries used in medical carts.

Figure 2.Global Medical Batteries Market Share (%), by Region, 2022

Increasing prevalence of chronic diseases such as diabetes and cardiovascular attack is leading to rising demand for medical batteries is expected to drive the medical batteries market

Increasing prevalence of chronic diseases such as diabetes and cardiovascular is leading to rising demand for medical batteries in devices required for treatment of these diseases. For instance, in June 2021, according to data published by the World Health Organization (WHO), out of 17 million premature deaths (under the age of 70) due to noncommunicable diseases in 2019, 38% were caused by cardiovascular diseases all over the world. An estimated 17.9 million people died from cardiovascular diseases (CVDs) in 2019, representing 32% of all global deaths. Out of these deaths, 85% were due to heart attack and stroke. About 659,000 people in the U.S. die from heart disease each year—that’s 1 in every 4 deaths. In the U.S., about 18.2 million adults age 20 and older have Cardiac Associated Disorders (CAD) (about 6.7%). Moreover, according to Centers for Disease Control and Prevention in the U.S., heart attack occurs in every 40 seconds. Coronary heart disease is the most common type of heart disease, killing 360,900 people in 2019 in the U.S.

Global Medical Batteries Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

COVID-19 can affect the economy in three main ways: by directly affecting production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, are facing problems with regards to the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a negative impact on the global medical batteries market, owing to the decrease in supply of medical batteries. In the COVID-19 situation, the expected growth of the lithium-ion battery market is expected to decline as the pandemic is restricting the supply of batteries and other components due to severe disruptions in businesses and the global economy. The lockdown affected production of the batteries as the due to shortage of raw material used for manufacturing, as export import was restricted due to prevailing pandemic situation and lockdown.

Global Medical Batteries Market: Key Developments

In April 2022, according to article published by National Center for Biotechnology Information, in MEDICA, the world’s largest medical trade show that is being held in Düsseldorf, Germany, Panasonic will be presenting its extensive line-up of batteries, which are used in the various fields of the healthcare and medical industry. In addition to the current line-up, a number of prototypes, such as the flexible polymer battery and the pin type lithium-ion battery were on display by Panasonic. The launch of Flexible waterproof battery is so pliant that it can still function when stretched to double its original length.

Global Medical Batteries Market: Restraint

The major factors that hinder growth of the global medical batteries market include safety concerns related to lithium batteries. Lithium rechargeable batteries have the potential to overheat and even catch fire, this can occur due to overcharging, overloading, or by over-stressing due mechanical or environmental pressure. The U.S. Food and Drug Administration (FDA) has issued a warning regarding potential fire hazards due to the use of lithium-ion batteries in mobile medical carts. For instance, in May 2022, according to data published by pubmed, in 2022, fires were reported in February and April at Northern Beaches Hospital in Frenchs Forest, Australia. In both cases, lithium-ion batteries were on charge and overheated, causing them to ignite due to a process called thermal runaway.

Key Players

Major players operating in the global medical batteries market include Ultralife Corporation, EaglePicher Technologies LLC, EnerSys, Liberating Technologies, Inc., Panasonic Corporation, Tadiran Batteries Ltd., Saft Groupe S.A., Arotech Corporation, SHENZHEN KAYO BATTERY Co., Ltd, and Vitec Group plc.