According to a new market report published by Lucintel, the future of the global medical battery market looks promising in the segments of patient monitoring, general medical devices, cardiovascular, orthopedic, and home healthcare. The global medical battery market is expected to reach an estimated $2.2 billion by 2024 with a CAGR of 4.6% from 2019 to 2024. The major drivers for this market are increasing demand for battery powered portable and implantable devices in medical diagnostic and therapeutic practices.
In this market, lithium-ion, lead acid, zinc air, and others (including nickel-cadmium), are the main battery chemistries used for manufacturing medical batteries. On the basis of comprehensive research, Lucintel forecasts that lithium-ion batteries will remain the largest segment as well as witness the highest growth over the forecast period due to their unique characteristics, such as high voltage and energy density. These qualities make lithium-ion batteries the preferred choice for implantable medical devices.
In the global medical battery market, the cardiovascular device battery segment is expected to witness the highest growth over the forecast period due to increasing chronic and cardiovascular diseases in various regions.
In this market, implantable and non-implantable batteries are used in various medical devices. The non-implantable battery segment is projected to remain the largest market over the forecast period due to increasing healthcare awareness and demand for portable medical devices for frequent self-monitoring and for disease treatment.
North America is anticipated to remain the largest market due to its advanced healthcare infrastructure. APAC is expected to witness the highest growth over the forecast period due to increasing awareness and advancement of healthcare in this region.
Emerging trends which have a direct impact on the dynamics of the market include increasing recycling of lithium-ion batteries to reduce waste and introduction of thin film batteries to make lightweight, smaller size wearable devices. GE Healthcare, Siemens, Kholberg Kravish Roberts, Boston Scientific, Integer Holding, EaglePicher Technology, and Saft Group are among the major suppliers of medical batteries.
Lucintel, the leading global strategic consulting and market research firm, has analyzed growth opportunities in the global medical battery market by application, battery chemistry type, product type, battery type, capacity type, and region to compile a comprehensive research report titled, “Growth Opportunities in the Global Medical Battery Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategies by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global medical battery market by application, battery chemistry type, product type, battery type, capacity type, and region, as follows:
By Application [Value ($ Million) from 2013 to 2024]:
• Patient Monitoring Devices
• General Medical Devices
• Cardiovascular Medical Devices
• Orthopedic Devices
• Home Healthcare Devices
• Other Devices
By Battery Chemistry Type [Value ($ Million) from 2013 to 2024]:
• Lead Acid
• Zinc Air
By Product [Value ($ Million) from 2013 to 2024]:
• Implantable Batteries
• Non-Implantable Batteries
By Battery Type [Value ($ Million) from 2013 to 2024]:
By Capacity Type [Value ($ Million) from 2013 to 2024]:
• Less than 1000 mAh
• 1000-2000 mAh
• Above 2000 mAh
By Region [Value ($ Million) from 2013 to 2024]:
• North America
− United States
− United Kingdom
This 225-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Medical Market Analysis, Medical Market Research, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
This report addresses the following key questions:
Q. 1. What are some of the most promising, high growth opportunities for the global medical battery market by application (patient monitoring, general medical, cardiovascular medical, orthopedic, home healthcare, and other devices), battery chemistry type (lithium-ion, lead acid, zinc air, and others), product (implantable and non-implantable), battery type (rechargeable and non-rechargeable), capacity type (0-1000 mAh, 1000-2000 mAh, and 2000-above mAh), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2. Which product segment will grow at a faster pace and why?
Q. 3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers, challenges, and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market and which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are being taken by key companies for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by product substitution?
Q. 11. What M&A activity has occurred in the last 5 years?