The Global Medical Batteries Market Growth Is Driven By Rise In Usage Of Medical Devices
Market drivers
The key driver influencing the growth of medical batteries market is the rising sales of home healthcare devices. Equipment like glucose meters, thermometers, oxygen concentrators, nebulizers require batteries to function which is propelling the demand for medical batteries. Moreover, increasing investments by governments and private players into development of advanced medical devices is also boosting the market growth. Furthermore, growing usage of battery powered patient monitoring devices and importance of portability is expected to drive the medical batteries market over the forecast period.
Current Geopolitical Situation and Its Impact on the Medical Batteries Market Growth
The Medical Batteries Market Demand is facing uncertainties owing to the ongoing geopolitical tensions and conflicts across various regions. The Russia-Ukraine war has severely disrupted the global supply chains of various medical devices that use batteries as a power source. Both Russia and Ukraine are major producers and exporters of raw materials like cobalt, nickel, and rare earth metals that are key components in the manufacturing of lithium-ion batteries. The supply constraints of these raw materials due to sanctions and export restrictions have adversely impacted the production volumes of various medical batteries globally.
Moreover, inflationary pressures triggered by rising energy and commodity prices have jacked up operational costs for medical batteries manufacturers. This is forcing many companies to hike the prices of their products. The decreasing consumer spending on non-essential medical equipment and devices due to economic downturns in major markets like Europe and North America is a challenge. However, the demand from the healthcare sector remains resilient which is expected to partially offset the slowdown. The medical batteries market players need to focus on diversifying their supply chains, backward integration for critical materials and building strategic reserves to minimize disruptions. Strengthening their distribution networks in growth markets of Asia Pacific and Latin America would also help them sustain revenue growth over the coming years.
Geographical Regions with High Concentration of Medical Batteries Market
North America currently accounts for over 30% of the global medical batteries market value and is expected to remain the highest revenue generator through 2030. This can be attributed to factors like the large base of elderly population suffering from chronic diseases, heavy investments in research and development of advanced medical technologies, and strong healthcare infrastructure and spending in the US and Canada. The Asia Pacific region excluding Japan presents lucrative growth opportunities with a growing CAGR of around 10% owing to rapidly improving access to healthcare, rising medical awareness, and increasing domestic manufacturing of medical devices driven by countries like China, India and South Korea. Asia Pacific is projected to surpass Europe as the second largest market
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