Medical Batteries Market is driven by Growing Demand For Portable Medical Devices
The Global Medical Batteries Market is estimated to be valued at US$ 3327.46 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Medical Batteries are Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., Jazz Pharmaceuticals, Inc., BIOPROJET, Avadel Pharmaceuticals, Plc. GlaxoSmithKline plc, Pfizer Inc., Theranexus, Fisher & Paykel Healthcare Limited, Drive DeVilbiss Healthcare LLC, and Merck & Co. Inc. The increasing prevalence of chronic diseases and the growing geriatric population are fueling the demand for medical devices, thereby propelling the medical batteries market. Several market players are focusing on strategic collaborations and new product launches to expand their global footprint in the medical batteries market.
Growing demand for Medical Batteries Market Growth and the increasing prevalence of chronic diseases around the world have boosted the medical batteries market. Portable medical devices like glucose meters, insulin pumps, and digital thermometers require batteries as their primary power source, driving battery demand. The rising geriatric population also contributes to market growth as elderly people typically need more medical care and monitoring, increasing the need for devices and batteries.
The Europe medical batteries market is concentrated in Western European countries like Germany, France, and the UK, which collectively account for over half of the regional market value. This is owing to the well-established healthcare systems and presence of key global medical devices OEMs in these countries. Additionally, Latin American nations like Brazil and Mexico are emerging as profitable markets due to healthcare reforms and public-private investments in their medical infrastructure and services. Thus, focusing on domestic manufacturing and partnerships with regional players could help global companies further penetrate high-potential growth areas.
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