An exponential increase in development efforts related to wearable medical devices and implants, has fueled a corresponding rise in demand for safe, compact, light-weight and high energy density batteries with longer life span
Roots Analysis has announced the addition of “Medical Device Batteries: Focus on Implants and Wearable Medical Devices – Market Distribution by Battery Chemistry (Lithium, Zinc Air, Nickel and Others), Rechargeability (Rechargeable and Non-Rechargeable), Application (Hearing Aids, Patient Monitoring Devices, Drug Delivery Devices, Cardiovascular Medical Devices and Others) and Key Geographies (North America, Europe, Asia Pacific, Latin America, MENA and Rest of the World): Industry Trends and Global Forecasts, 2020-2030” report to its list of offerings.
Battery-operated medical devices, such as cochlear implants, defibrillators, insulin pumps and pacemakers, have redefined 21st century healthcare, adding to the user convenience factor and offering profitable value propositions for developers. Battery technologies have simultaneously evolved, with modern power-storage cells having improved safety features and the potential to be used for longer durations.
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Key Market Insights
More than 930 batteries, designed for use in medical devices, are currently available / under development
More than 75% of the aforementioned batteries that are intended for implants and wearable medical devices, have lithium based chemistries. The majority of batteries captured in the report (62%) are intended for hearing aids; this is followed by those used in patient monitoring devices (17%) and drug delivery devices (12%).
Over 50 companies, across the world, claim to be engaged in developing medical device batteries
Majority (45%) of these battery developers are located in the Asia Pacific region, primarily in China, while Europe (29%) and North America (27%) almost have an equal number of innovators focused in this field. More than 40% of the industry stakeholders are very large firms.
330+ patents related to medical device batteries have been filed since 2015
R&D activity related to medical device batteries is largely concentrated in the US, considering that more than 35% of the total number of patents were filed in this region. Around 70% of intellectual property related filings in this field were observed to focused on batteries intended for implantable devices.
North America and Europe are anticipated to capture close to 50% market share, by 2030
On the other hand, Asia Pacific is expected to witness a higher growth rate as compared to other geographies due to the advancement in healthcare facilities. Currently, the market is driven by the sales of medical device batteries designed for wearable medical devices (75%), followed by those intended to power implantable devices (25%). Further, rechargeable medical device batteries currently capture 25% of the overall market share (in terms of sales revenues).
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Key Questions Answered
The USD XX billion (by 2030) financial opportunity within the medical device batteries market has been analyzed across the following segments:
Type of Device
Key Geographical Regions
The research includes detailed profiles of key players (listed below) engaged in the development of medical device batteries; each profile features an overview of the developer, its financial information (if available), recent developments and an informed future outlook.
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