Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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), was evaluated at US$ 2,181.6 million in 2017 and is projected to exhibit a CAGR of 6.4 % over the forecast period (2017-2025).
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Surging prevalence of chronic diseases, as well as cardiovascular diseases are leading to significant innovations in medical devices, such as pacemakers and defibrillators. This, in turn, is facilitating the development of lightweight, long-life, efficient batteries used in patient monitoring devices, such as glucometer, hemodynamic, cardiac, neuro, fetal & neonatal, respiratory, weight, temperature, multi-parameter, and remote patient monitoring devices. This is a major growth propeller for the global medical batteries market.
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At present, the leading manufacturers are focusing on new product launches to expand its product portfolios and fulfil the growing requirement for batteries. For instance, in September 2017, MED-EL, a renowned provider of hearing implant systems, launched the first cochlear implant audio processor with wireless charging. The wireless charging system enables the user to power their implants with 18 hours of battery life. In May 2014, Vitec Group, a leading manufacturer of mobile power systems, introduced the Elora battery system, which is a 240Wh, lithium-ion battery providing flexible and scalable solutions in battery management for point-of-care technology. Furthermore, in October 2014, Panasonic Corporation commercialized its pin-shaped lithium ion battery, which is known as the smallest cylindrically shaped rechargeable lithium ion battery suitable for powering small medical devices.
The key market players are looking to expand their presence across the global medical batteries market, with the help of mergers and acquisitions. Hence, this is foreseen to favor the global market growth in the upcoming years. For instance, in January 2016, Ultralife Corporation acquired Accutronics Ltd. for US$ 11 million. Accutronics, for the record, is engaged in designing, development, and manufacturing of smart battery charger systems for devices, including digital imaging, ventilators, anesthesia, endoscopy, patient monitoring, cardio pulmonary care, oxygen concentration devices.
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Key Market Takeaways:
- Surging prevalence of cardiovascular diseases is an imperative aspect supporting the growth of the global medical batteries market.
- Asia Pacific, North America, and Europe are identified as the leading growth engines in the global medical batteries market, owing to the escalating adoption of business growth strategies, such as mergers and acquisitions, in these regions.
- Among battery type segments, the lithium batteries segment is predicted to exhibit the highest growth rate of 7.6% over the forecast period, due to high voltage, energy density, and unique characteristics of the lithium battery systems.
- The prominent players operating in the global 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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