Due to the growing geriatric population and the rising prevalence of chronic diseases, the healthcare industry is rapidly adopting various advanced technologies and solutions. One such advanced technology being increasingly adopted in the healthcare industry is the internet of things (IoT). The ballooning integration of this technology in medical instruments is a major factor responsible for the growing demand for micro batteries across the world. The mushrooming utilization of medical devices integrated with IoT is causing a huge improvement in patient outcomes and reduction in healthcare costs.
Cardiac monitoring systems, insulin pumps, and various other types of medical devices are being increasingly integrated with the IoT for conducting the remote monitoring of patients. This method also provides the healthcare providers with real-time information about the patient’s health. The other important factor fueling the demand for micro batteries is the rising usage of wearable devices such as wireless headsets, fitness bands, and smartwatches. These devices use micro batteries as the main power source and are finding surging number of takers all over the world, who use these devices for monitoring and tracking their fitness levels and calorie intake.
Get More Insights: Micro Battery Market Revenue Estimation and Growth Forecast Report
Hence, with the mushrooming usage of these wearable devices and advanced medical instruments throughout the world, the global micro battery market will grow, in value, from $418.2 million to $1,100.0 million from 2018 to 2024, exhibiting a CAGR of 18.4% between 2019 and 2024. Silver oxide (SR), alkaline (LR), and lithium (CR) are the main types of micro batteries used around the world. Out of these, the usage of the CR variants was found to be the maximum in the past, mainly because of their incorporation in electronic toys, medical devices, and calculators.
Automotive, wearable devices, medical devices, and consumer electronics are the major application areas of micro batteries. Out of these, the highest utilization of micro batteries was found to be in medical devices. This is because of the huge requirement of these batteries in insulin pumps, drug delivery instruments, glucometers, thermometers, and various other medical devices. However, despite this factor, the incorporation of micro batteries will increase at the fastest rate in wearable devices over the next few years. This is credited to the ballooning sales of these products in India, the U.S., and China.