Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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 was valued at US$ 2,059.1 million in 2016 and is expected to witness a robust CAGR of 6.4% over the forecast period (2017–2025).
Medical Batteries Market Share (%) By Batteries - 2017
SOURCE: COHERENT MARKET INSIGHTS ANALYSIS
Increasing demand for battery powered portable and implantable devices is expected to fuel growth of the medical batteries market
Manufacturers are focusing on manufacturing battery, which can provide high performance and have long-life span. For instance, CONMED launched Hall lithium battery system in 2013, which has double power storage capability than standard batteries and can be used in reconstructive orthopedic procedures for uninterrupted surgery procedure. Furthermore, increasing demand for implantable devices to cater to rising population suffering from chronic diseases such as diabetes and cardiovascular, is expected to aid in high demand for implantable batteries. According to World Health Organization (WHO), CVDs are the major cause of death globally: more people die annually from CVDs. In 2015, it was estimated that 17.7 million people died from CVDs, representing 31% of all global deaths. Of these deaths, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to stroke, which is expected to increase the demand of pacemakers, in turn favoring the growth of medical batteries. Moreover, 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.
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. According to Center for Disease Control and Prevention in 2015, leading cause of death in the U.S. was heath disease and each year about 630,000 Americans die from heart disease. This is expected to support demand for medical devices required for treatment and prevention of this disease in turn aiding in growth of the medical batteries market in the U.S. Furthermore, the number of people suffering from diabetes increased from 108 million in 1980 to 422 million in 2014 worldwide. This has led to high demand for products such as insulin pumps, which require batteries.
However, safety concerns related to lithium batteries is a major factor restraining growth of medical batteries market. 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. Furthermore, according to FDA reports, in 2016, cases related to hospital fires and other health hazards, associated with batteries used in mobile medical carts and their chargers include explosions, fires, smoking, or overheating of equipment that required hospital evacuations.
Some major players operating in the medical batteries market are 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.