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The global micro battery market had a valuation of $418.2 million in 2018 and is predicted to generate a revenue of $1,100.0 million by 2024. Furthermore, the market will exhibit a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, the rising integration of the internet of things (IoT) in medical devices, and the soaring usage of compact batteries in healthcare applications are the major factors fueling the progress of the market.
The rising incorporation of the IoT in medical devices is an important factor propelling the growth of the micro battery market across the globe. With the soaring population levels and the rising prevalence of chronic diseases in various countries, the healthcare industry is rapidly adopting high-tech solutions. The growing usage of advanced medical devices and wearable electronics is causing huge improvements in patient care and treatment procedures. Moreover, it is massively reducing the healthcare costs.
Read Full Report: Micro Battery Market Growth
For example, medical devices such as cardiac monitoring systems and insulin pumps are increasingly being integrated with IoT in order to ensure the remote monitoring of patients. This allows medical practitioners to avail real-time information of their patient’s health. The surging usage of wearable devices is another important factor driving the advancement of the market across the world. Depending on battery type, the market is divided into SR (silver oxide), LR (alkaline), and CR (lithium).
Out of these, the CR category recorded the highest growth in the market in the past years. This was because of the numerous applications of the micro batteries in devices such as medical devices, electronic toys, and calculators. These batteries have very low self-discharge rates and high energy densities. When rechargeability is taken into consideration, the market is classified into rechargeable and non-rechargeable batteries. Between them, the non-rechargeable category recorded higher growth in the market in the past.
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