Global Medical Batteries Market, by Product Type (Implantable Batteries {Pacemakers Batteries, Implantable Cardioverter Defibrillator Batteries, Neurostimulators Batteries, Cochlear Batteries, Infusion Pumps Batteries, and Other Implantable Batteries} and Non-Implantable Batteries {Diagnostic Imaging Device Batteries, Patient Monitoring Device Batteries, Critical Care Support Batteries, In Vitro Diagnostics Instrument Batteries, Therapeutic Devices, Prosthetic Device Batteries and Other Non-Implantable Batteries}), by Product Type (Lithium Batteries, Nickel-Metal Hydride Batteries, Zinc-air batteries), by End User (Hospitals and Nursing Homes, Clinics, Diagnostic Centers, Home Care Settings, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Increasing marketing strategies by the key players in the market such as showcasing its products in events is expected to drive the global medical batteries market over the forecast period. For instance, in March 2022, Ultralife Corporation, medical battery manufactures and communications systems, showcased its new URS-X5 medical cart power system on booth 1217 at the spring Healthcare Information and Management Systems Society (HIMSS) event, held at the Orange County Convention Centre in Orlando, Florida from March 15 to 17, 2022. The power system is designed for cart users with medical electronic devices who need more supply. The new cart power solutions are embeddable smart U1 battery or a hybrid combination. URB-X5 batteries offer 276Wh and can be charged onboard the power system or removed, from specially designed cradles, for charging.
Global Medical Batteries Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global medical batteries market, owing to shortage of medical devices during pandemic. For instance, in March 2022, according to an article published by the U.S. Food and Drugs Administration, Food and Drug Administration (FDA) published a device shortage list to provide transparency to the American public, particularly those who use or purchase medical devices. The shortage list by Food and Drug Administration showed demand for lithium-ion batteries (LIBs) is immense, lithium-ion batteries (LIBs) market was pegged at US$ 36.7 billion in 2019 and is projected to hit US$ 129.3 billion by 2027. Although, the U.S. is one of the biggest consumers of LIBs, it only produces 12% of the annual 316 gigawatt hour (GWh) of lithium cell manufacturing capacity. China remains the largest manufacturer and accounts for 73% of annual lithium-ion batteries production in 2019. However, distribution of medical devices and raw material required to manufacture medical devices reverberated worldwide as it endured complete shutdowns during the first few months of the COVID-19 pandemic.
Global Medical Batteries Market: Key Developments
In 19 June 2022, GE Healthcare, a manufacturer and distributor of diagnostic imaging agents and radiopharmaceuticals for imaging modalities, launches its wireless patient monitoring system called Portrait Mobile. The company claims that its new device has been designed to help clinicians detect early patient deterioration and constantly monitor patients’ health during their stay at the hospital. Portrait mobile helps in capturing respiration rate, oxygen saturation, and pulse rate for general ward and post-surgery patients continuously, thereby giving clinicians to act early and avert serious adverse events.
Browse 40 Market Data Tables and 36 Figures spread through 214 Pages and in-depth TOC on “Global Medical Batteries Market”- Forecast to 2030, Global Medical Batteries Market, by Product Type (Implantable Batteries {Pacemakers Batteries, Implantable Cardioverter Defibrillator Batteries, Neurostimulators Batteries, Cochlear Batteries, Infusion Pumps Batteries, and Other Implantable Batteries} and Non-Implantable Batteries {Diagnostic Imaging Device Batteries, Patient Monitoring Device Batteries, Critical Care Support Batteries, In Vitro Diagnostics Instrument Batteries, Therapeutic Devices, Prosthetic Device Batteries and Other Non-Implantable Batteries}), by Battery Type (Lithium Batteries, Nickel-Metal Hydride Batteries, Zinc-air batteries), by End User (Hospitals and Nursing Homes, Clinics, Diagnostic Centers, Home Care Settings, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in the medical batteries market, click the link below:
https://www.coherentmarketinsights.com/market-insight/medical-batteries-market-1174
Moreover, manufacturers of medical batteries are focusing on new product launches to expand its product portfolio and to cater to increasing demand for batteries. For instance, MED-EL, a provider of hearing implant systems, launched first cochlear implant audio processor to feature wireless charging, in September 2017. This wireless charging enables user to power their implants with 18 hours of battery life for each four hour charge, providing the users a full day of hearing from one overnight charge.
Key Takeaways of the Global Medical Batteries Market:
- The global medical batteries market is expected to exhibit a CAGR of 6.4% during the forecast period due to the increasing adoption of inorganic growth strategies such as acquisition by the key players in the market for developing critical medical devices. For instance, in April 2022, Resonetics, LLC, a pioneer in micro manufacturing and medical device manufacturing company acquired EaglePicher, Technologies' Medical Power business, a leading manufacturer of implantable batteries for critical medical devices, based in Columbia. EaglePicher Medical Power brought innovative manufacturing capability to Resonetics that will enable customers to advance the state-of-the-art in clinical applications requiring miniaturized bioelectronics devices.
- Among battery type segments, lithium batteries is expected to exhibit fastest growth over the forecast period, due to high voltage, energy density, and unique characteristics of lithium battery system makes then a strongest battery type preferred for implantable medical devices.
- The global medical batteries market is characterized by market expansion in Asia Pacific, North America, and Europe, which is expected to generate higher market revenue due to increase in number of acquisition of key players within market. For instance, in April 2022, according to data published by frontlinear org., medical devices industry venture financing deals total US$436.2 million in Asia-Pacific in March 2022. In terms of venture financing deal activity, Asia-Pacific recorded 34 deals with medical device companies in the U.S. during March 2022, marking an increase of 17.24% over the February month in 2022 and a drop of 5.56% over the 12-month average. China recorded 21 deals with medical device companies located in the U.S. during the March 2022. The U.S., Europe, imports all the medical devices from Japan and China. Moreover, in December 2020, according to data published by National Center for Biotechnology Information, China remains the largest manufacturer and accounts for 73% of annual lithium-ion batteries (LIB) production.
- 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.
