- Persistent advances in medical devices increase the demand for efficient, high energy density batteries
LONDON, Sept. 29 2014 /PRNewswire/ -- The global medical batteries market is expected to experience sustained growth owing to technological advancements and booming regional demand. Strong potential offered by emerging economies, especially in the Asia-Pacific, will offset the sluggish growth rates in mature markets such as North America and Europe. Market growth will be bolstered by the increasing acceptance of wireless medical devices and continuing innovation, especially in high energy density batteries for wearable medical devices.
New analysis from Frost & Sullivan, Global Medical Battery Market, finds that the market earned revenues of $1.84 billion in 2013 and estimates this to reach $2.74 billion in 2020.
Asia-Pacific's large population, low penetration, and increasing prevalence of chronic illness are driving demand for off-the-shelf medical devices. As a result, conventional medical batteries used in back-up, hearing aids, pacemakers, and implantable cardio defibrillators will see strong adoption in the Asia-Pacific. A similar trend in expected in the Middle East.
"The availability of advanced medical devices including cordless surgical devices, prosthetic devices, lifesaving implantable devices and neurostimulators spurs the uptake of batteries," says Frost & Sullivan Energy and Environmental Research Manager Suba Arunkumar. "The advent of cutting-edge technologies such as robot-assisted surgeries and remote patient monitoring is also fuelling developments in medical device batteries."
Since the American and European markets are saturated in terms of advanced device adoption, and present high entry barriers, only select battery manufacturers can compete for market share. This has led to highly priced components and lower sales volumes.
"US- and Europe-based manufacturers must shift their base to the Asia-Pacific in order to capitalise on the immense opportunities the region offers," suggests Arunkumar. "Meanwhile, certain specialised, certified manufacturers are turning to consolidation, acquiring major battery or material manufacturers, in a bid to expand their footprint in the global medical battery space."
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Global Medical Battery Market
SOURCE Frost & Sullivan