Coronavirus Business Impact – Micro Battery Market In-depth Analysis of the Global Industry with Future Estimations | P&S Intelligence

The burgeoning adoption of internet of things (IoT) in medical devices is one of the key factors propelling the demand for micro batteries across the world. There has been a massive surge in the prevalence of chronic diseases and in geriatric population over the last few years, which has greatly pushed the demand for advanced medical diagnostic and treatment procedures.

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This has consequently boosted the adoption of improved medical devices and wearable electronics, such as cardiac monitoring systems and insulin pumps, which are integrated with IoT for remotely monitoring patients and for improving the outcomes for them. Driven by the above-mentioned factor, the revenue generated from the sales of micro batteries is expected to increase from $418.2 million in 2018 to around $1,100.0 million by 2024.

The global micro battery market is additionally predicted to progress at a CAGR of 18.4% during the forecast period (2019-2024). The other factors fuelling the demand for such instruments are the increasing popularity of wearable devices, such as smartwatches, fitness bands, and wireless headsets, which require these batteries as the power source, the rising production of fitness trackers, and the soaring purchasing power of people.

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Out of these, the CR variants recorded the highest use in 2018, mainly due to the increasing utilization of these batteries in calculators, electronic toys, and medical devices. Moreover, the low self-discharge rate and high-energy density of these batteries also contribute to their rising popularity across the world.

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