Medical Batteries Market Report 2024

This Medical Batteries market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The medical batteries market size has grown strongly in recent years. It will grow from $1.64 billion in 2023 to $1.75 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth during the historic period can be attributed to the increasing demand for portable medical devices, the rising prevalence of chronic diseases, expanding healthcare infrastructure, the greater need for long-lasting batteries, and the growing aging population.

The medical batteries market size is expected to see strong growth in the next few years. It will grow to $2.26 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth during the forecast period can be linked to the rising adoption of telemedicine, a greater emphasis on home healthcare, more regulatory approvals for advanced medical devices, increased R&D investment in solid-state batteries, and their growing use in electric wheelchairs. Key trends expected in this period include the development of rechargeable lithium-ion batteries with improved safety features, innovations in smart batteries with integrated diagnostics and monitoring, advancements in battery management systems (BMS) technology, the emergence of advanced wireless medical devices, and the incorporation of wireless charging technology.

The growing demand for medical devices is projected to drive the expansion of the medical batteries market. Medical devices, which include instruments, apparatus, or machines used in healthcare to diagnose, treat, or monitor medical conditions, are seeing increased demand due to aging populations, a rise in chronic diseases, and advancements in healthcare technology. This heightened demand globally is elevating healthcare needs. Medical batteries play a crucial role in powering these devices, ensuring dependable operation for patient monitoring, diagnostic tools, and life-saving equipment. For example, in 2023, Abbott Laboratories, a US-based medical devices and healthcare company, reported that total medical device sales increased from $14.485 billion in 2021 to $14.802 billion in 2022, and further to $16.887 billion in 2023. As a result, the rising demand for medical devices is fueling the growth of the medical batteries market.

Leading companies in the medical batteries market are concentrating on developing lithium-ion medical batteries to improve the performance, safety, and reliability of medical devices. These lithium-ion batteries are specifically engineered for use in medical equipment, such as portable oxygen concentrators, insulin pumps, and other diagnostic or therapeutic devices where dependable power and consistency are essential. For example, in January 2022, Resonetics, LLC, a US-based medical technology firm, launched the Contego 1.5 mAh lithium-ion battery. This battery is noted as the smallest standard rechargeable battery in the medical field, designed for implantable devices. Measuring just 0.299 inches in length and 0.114 inches in diameter, it is the smallest off-the-shelf rechargeable lithium-ion battery available.

In April 2022, Resonetics LLC, a US-based micro-manufacturing services provider, acquired the medical power division from EaglePicher Technologies for an undisclosed sum. This acquisition expands Resonetics' portfolio with new implantable battery solutions, allowing customers to enhance cutting-edge clinical applications that require miniaturized bioelectronic devices. EaglePicher Technologies is a US-based manufacturer specializing in implantable batteries for critical medical devices.

Major companies operating in the medical batteries market are TotalEnergies SE, Panasonic Corporation, 3M Company, Merck KGaA, Texas Instruments Incorporated, STMicroelectronics NV, Murata Manufacturing Co. Ltd, EnerSys Inc., Energizer Holdings Inc., Renata AG SA, VARTA Microbattery GmbH, Vitec Group PLC, EaglePicher Technologies LLC, Ultralife Corporation, Probo Medical LLC, Camelion Battery Co. Ltd., Maxim Integrated Products Inc., Tadiran Batteries Ltd., Blue Spark Technologies Inc., KAYO Battery Company Limited.

North America was the largest region in the medical batteries market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the medical batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the medical batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Medical batteries are specialized power sources designed to meet the unique needs of medical devices. They provide reliable, long-lasting energy for devices such as pacemakers, hearing aids, and infusion pumps. These batteries must meet stringent safety and performance standards to ensure reliable operation in critical healthcare applications. They often feature high energy density, stability, and biocompatibility.

The main battery types of medical batteries are lithium-ion batteries, nickel-metal hydride (NIMH) batteries, alkaline batteries, zinc-air batteries, and others. Lithium-ion batteries refer to rechargeable batteries known for their high energy density and long lifespan. The applications include implantable medical devices, non-implantable medical devices, and portable and wearable medical devices and the various end-users such as hospitals and clinics, home healthcare settings, ambulatory surgical centers, and research institutes.

The medical batteries market research report is one of a series of new reports that provides medical batteries market statistics, including medical batteries industry global market size, regional shares, competitors with a medical batteries market share, detailed medical batteries market segments, market trends and opportunities, and any further data you may need to thrive in the medical batteries industry. This medical batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The medical batteries market consists of sales of primary batteries, secondary batteries, battery packs, and custom batteries. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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