- Microbatteries for medical devices category had accounted for the largest share in 2018
- China, India and the US forecast to be larger adopters of microbatteries
The global micro battery market, as per a report by Prescient & Strategic Intelligence, is expected to reach $1.1 billion by 2024, registering a CAGR of 18.4 per cent during the forecast period. The major factors stimulating the market growth include growing demand for compact batteries in medical devices and growing adoption of wearable devices.
Global shipments of wearable devices totaled 84.5 million units in the third quarter of 2019 (3Q19), a year-over-year increase of 94.6 per cent and a new record for shipments in a single quarter, according to new data from the International Data Corporation (IDC) Worldwide Quarterly Wearable Device Tracker. Most of the growth in demand for wearables was driven by new products in the hearables market. Hearables alone accounted for almost half the market in 3Q19, followed by wrist bands and smartwatches.
Microbatteries based on applications
Based on applications, the micro battery market is categorised into consumer electronics, automotive, medical devices, wearable devices, and others, wherein the others category includes wireless sensor networks and smart meters. Among these, the medical devices category accounted for largest share in 2018 in the market. This was due to the growing demand for micro batteries in various devices such as thermometers, glucometers, insulin pumps, and drug delivery systems.
The wearable devices category is expected to witness the fastest growth during the forecast period. This can be attributed to the growing adoption of wearable devices, such as fitness bands, headphones, and watches, primarily in China, India, and the Unitet States of America.
Growing demand for fitness trackers in developing countries
Globally, the Asia-Pacific (APAC) micro battery market is expected to witness the fastest growth during the forecast period. This can be attributed to the growing demand for fitness trackers in developing countries, such as India, China, and Indonesia, due to easy affordability of these trackers for measuring fitness among young population in the region.
Additionally, the growing medical devices market in China is also driving the demand for micro batteries in the region. The demand is also rising due to the increasing production of low-cost fitness bands by Chinese companies in the market.
Continuous health monitoring devices
With growing geriatric population and associated diseases amongst the populace, the demand for wireless and continuous health monitoring devices is increasing. Also, healthcare players are developing medical devices with next-generation technologies to monitor patients efficiently.
This is expected to fuel the growth of the wearable fitness tracker market, which in turn, boosts the demand for microbatteries, as these are an important source of power in these devices. Hence, rising demand for wearable devices is driving the micro battery market growth across the globe.
