Medical Batteries Market: Snapshot
The revolutionary advancements in the medical industry are rapidly transforming the healthcare scenario. The magnifying prevalence of cardiovascular and chronic diseases is prompting the need for the advancement of extensive technologies. This factor may bring good growth for the global medical batteries market during the forecast period of 2020-2030.
The burgeoning influence of medical devices across the healthcare sector to track diverse diseases and disorders is laying a red carpet of growth for the medical batteries market. Based on battery type, the global medical batteries market can be classified into zinc-air batteries, lithium batteries, nickel-metal hydride batteries, and other batteries.
The global medical batteries market report provides a systematic study to the stakeholder on numerous parameters of growth such as competitive scenario, regional assessment, and notable trends. The researchers have closely studied and monitored the COVID-19 impact on the medical batteries market and have been inculcated in the report. Furthermore, the report also highlights the pain points so that the stakeholder can design the business strategy accordingly.
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Medical Batteries Market: Competitive Analysis
The global medical batteries market is fragmented with numerous players in fray for obtaining a dominating position. Manufacturers in the medical batteries market are focusing on research and development activities to produce batteries that prove fruitful for a plethora of medical devices. The players in the medical batteries market are also focusing on customizable batteries that cater to a niche medical product. This aspect may also bring considerable growth for the medical batteries market.
Mergers, acquisitions, partnerships, and joint ventures help the players to cement their foothold in the medical batteries market. These activities also help the players to explore untapped regions and novel growth opportunities. For instance, Energous Corporation, the creator of Wattup, a wireless charging technology recently entered into a partnership with Grepow Battery, one of the renowned battery manufacturers in China to introduce wireless charging for batteries used across commercial, industrial, and medical industries. Such developments help in introducing novel technologies into the medical batteries market.
Some well-entrenched players in the medical batteries market are Shenzhen Kayo Battery Co., Ltd., Quallion LLC, Arotech Corporation, EnerSys, Siemens, Liberting Technologies, Inc., Electrochem Solutions, Inc., Vitec Group Plc., Tadiran Batteries Ltd., and EaglePicher Technologies, LLC.
Medical Batteries Market: Recent Trends
The COVID-19 outbreak has brought immense stress on the healthcare industry as the numbers of infected patients are rising day by day. A considerable chunk of patients are on ventilator support to tackle the novel coronavirus infection. Although ventilators usually run on electricity, a slot for battery backup is provided to enable the smooth running of the ventilator during power cuts. Therefore, medical batteries are being used on a large-scale for ventilators.
For instance, Epsilor Electric Fuel, a smart battery and charger manufacturer was selected for providing rechargeable lithium batteries to an Israeli manufacturer of automatic ventilation machines to strengthen the coronavirus-fighting mechanism.
Government funding for improving the healthcare infrastructure across numerous countries is bringing tremendous growth opportunities for the medical batteries market. Initiatives encouraging medical device startups are also bringing extensive growth prospects for the medical batteries market.
Medical Batteries Market: Regional Aspects
The global medical batteries market is spread across North America, Latin America, the Middle East and Africa, Europe, and Asia Pacific. North America may serve as the largest regional contributor across the forecast period of 2020-2030. Well-established healthcare infrastructure and technological advancements in the region may serve as prominent growth factors for the medical batteries market. Asia Pacific may also open the pathway to a plethora of growth opportunities for the medical batteries market due to the growing influence of technology in the medical industry across the region.
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Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.