The global medical batteries market is expected to experience sustained growth owing to technological advancements and increased demand.
Strong potential offered by emerging economies, especially in the Asia-Pacific, will offset the sluggish growth rates in mature markets such as North America and Europe, according to Frost & Sullivan.
Market growth will increase along with the use of wireless medical devices and continued innovation.
Analysis from Frost & Sullivan on the global medical battery market reports that the market earned revenues of $1.84 billion in 2013 and estimates this to reach $2.74 billion in 2020.
“Asia-Pacific’s large population, low penetration, and increasing prevalence of chronic illness are driving demand for off-the-shelf medical devices,” according to a Frost & Sullivan press release. “As a result, conventional medical batteries used in back-up, hearing aids, pacemakers, and implantable cardio defibrillators will see strong adoption in the Asia-Pacific. A similar trend is expected in the Middle East.”
“The availability of advanced medical devices including cordless surgical devices, prosthetic devices, lifesaving implantable devices and neurostimulators spurs the uptake of batteries,” said Frost & Sullivan Energy and Environmental Research Manager Suba Arunkumar. “The advent of cutting-edge technologies such as robot-assisted surgeries and remote patient monitoring is also fuelling developments in medical device batteries.”
American and European manufacturers are expected to increase their global offerings.
“U.S.- and Europe-based manufacturers must shift their base to the Asia-Pacific in order to capitalize on the immense opportunities the region offers,” Arunkumar said. “Meanwhile, certain specialized, certified manufacturers are turning to consolidation, acquiring major battery or material manufacturers, in a bid to expand their footprint in the global medical battery space.”
Persistence Market Research also predicts growth for the medical battery market.
“Medical electronic market is growing at a significant rate due to advancement in the technology and increasing population and growing lifestyle diseases. In addition, rising demand for personalization of health care systems is increasing the global market for medical electronic devices,” according to Persistence Market Research.
“North America dominates the global market for medical batteries due to improved health care facilities and broad technical applications of medical batteries in the region,” according to Persistence Market Research. “Asia, followed by Europe, is expected to experience a high growth rate in next few years in the global medical batteries market. China and India are expected to be the fastest growing medical batteries markets in Asia-Pacific region. Some of the key driving forces for the medical batteries market in emerging countries is a large pool of patients, improvement in the health care facilities and rising government funding.”
The global market is fueled by various factors.
“Some of the major factors driving the global medical batteries market include increasing number of patients with chronic diseases, growing awareness for different medical electronic equipment available and increased government funding,” according to Persistence Market Research. “In addition, technological advancement is also fueling the growth of the global medical batteries market. However, limited technical knowledge related to medical batteries, low acceptance due to high cost and availability of alternative technologies are some of the major factors restraining the growth for global medical batteries market.”