The 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) and by End User (Hospitals and Nursing Homes, Clinics, Diagnostic Centers, Home Care Settings, Others) and by Region is estimated at US$ 2,181.6 million in 2017 and is projected to exhibit a CAGR of 6.4 % over the forecast period (2017-2025), as highlighted in a new report published by Coherent Market Insights.
Increasing prevalence of chronic diseases and cardiovascular diseases is leading to continuous developments and innovation in medical devices for treatment and prevention, such as pacemakers and defibrillators. This rise in prevalence is leading to development of light, long-life efficient batteries, mainly in patient monitoring devices such as glucometer, hemodynamic, cardiac, neuro, fetal & neonatal, respiratory, weight, temperature, multi-parameter, and remote patient monitoring devices and this is expected to lead to growth of the medical batteries market.
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. In May 2014, Vitec Group — a manufacturer of mobile power systems for healthcare industry — introduced Elora battery system. The Elora battery system is 240Wh, lithium-ion battery, which provides flexible and scalable solutions in battery management for point-of-care technology, primarily for mobile workstations such as medical carts.
Furthermore, in October 2014, Panasonic Corporation commercialized its pin shaped lithium ion battery. The pin shaped battery is the smallest cylindrical shaped rechargeable lithium ion battery, which is suitable for powering small devices such as medical devices and wearable devices.
Browse 40 Market Data Tables and 36 Figures spread through 214 Pages and in-depth TOC on Medical devices Product Type (Implantable Batteries (Pacemakers Batteries, Implantable Cardioverter Defibrillator Batteries, Neurostimulators Batteries, Cochlear Batteries, Infusion Pumps Batteries, and Other Implantable Batteries) 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- Global Forecast to 2025
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
Manufacturers are focusing on expanding the company's presence in the medical batteries market through mergers and acquisitions strategy, which in turn is expected to favor the growth of medical batteries in near future. For instance, in January 2016, Ultralife Corporation acquired Accutronics Ltd. for US$ 11 million in cash transaction, as Accutronics is engaged in designing, development, and manufacturing of smart battery and charger systems for devices including digital imaging, ventilators, anesthesia, endoscopy, patient monitoring, cardio pulmonary care, oxygen concentration, and aspiration. In addition to this, in February 2017, EaglePicher Technologies, LLC acquired Lithiumstart Inc. — a company engaged in offering lithium ion battery management, safety, and power conversion technology.
Key takeaways of the market:
The global medical batteries market is expected to exhibit a CAGR of 6.4% over the forecast period (2017-2025), owing to the rising prevalence of cardiovascular disease. Asia Pacific market is expected to exhibit a high growth rate, in terms of value, over the forecast period, as the medical battery manufactures involved in the merger and acquisition activities to expand their market in Asia Pacific.
Among battery type segments, lithium batteries is expected to exhibit fastest growth with a CAGR of 7.6% 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. For instance, EnerSys acquired the Energy Leader Batteries India Pvt Ltd. in November 2013. Moreover, the acquisitions enables EnerSys to geographically expand their medical batteries portfolio in the Asia Pacific region
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.
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