Summary: The global medical battery market reached $1.84 billion in 2023 and is expected to grow at a CAGR of 5.78%, reaching $2.97 billion by 2032. The aging population and rise in chronic diseases drive demand for advanced medical devices with reliable batteries. Challenges include labor shortages and ensuring battery safety.
Key Takeaways:
- Market Growth: The medical battery market is projected to grow from $1.84 billion in 2023 to $2.97 billion by 2032.
- Demand Drivers: Aging populations and the prevalence of chronic diseases increase the need for reliable medical device batteries.
- Challenges: Labor and material shortages and ensuring battery safety pose significant challenges.
The global medical battery market reached a valuation of $1.84 billion in 2023, according to Astute Analytica, driven by increasing demand for advanced medical devices.
Market Growth Projections
Astute Analytica expects the market to grow at a compound annual growth rate (CAGR) of 5.78% from 2024 to 2032, eventually reaching a market valuation of $2.97 billion by 2032.
Drivers of Demand
The world’s aging population and the rising prevalence of chronic diseases are driving the demand for medical devices which require reliable batteries, according to Astute. In 2023, pacemaker sales reached 3.4 million units worldwide, reflecting this trend.
Chronic diseases, including heart disease, stroke, cancer, diabetes, respiratory conditions, and arthritis, are responsible for more than 70% of global deaths and over 87% of deaths in the United States. These conditions are the leading causes of death and disability in high-income countries and account for a significant portion of America’s $4.1 trillion health care expenses.
Importance of Portable Medical Devices
Portable ECG monitors, pulse oximeters, and blood glucose meters are crucial for tracking vital signs and health status, requiring long-lasting and compact batteries. Other portable medical devices like infusion pumps and drug delivery systems, such as insulin pumps and pain management pumps require high-energy density batteries.
The increasing demand for these portable medical devices has a positive impact on the medical battery market, according to Astute, driving the need for advanced battery technologies that prioritize safety, reliability, and longevity.
Challenges in the Market
The demand for non-implantable medical device batteries is also surging, driven by the aging population and the increasing prevalence of chronic diseases. Likewise, the shift towards home healthcare and remote monitoring is further fueling the demand for battery-powered medical devices that can be used outside of traditional healthcare settings.
With all this expected growth, the medical battery market also faces certain challenges. Shortages of labor and materials for battery production are likely to remain an issue and delays in the construction of factories to produce batteries at scale could also impact growth. There also remains the challenge of ensuring battery safety and reliability for medical applications.
