Betavoltaic Device Market In North America To Surpass Valuation Of US$ 1 Bn By 2030
Transparency Market Research delivers key insights on the North America betavoltaic device market. In terms of revenue, the betavoltaic device market in North America is estimated to expand at a CAGR of ~12% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the North America betavoltaic device market.
The North America betavoltaic device market has been positively impacted by a rise in the demand from healthcare, electronics & communication industries, as betavoltaic devices possess long battery life and less maintenance. Thus, a rise in the demand from healthcare and electronics & communication industries is propelling the betavoltaic device market in North America.
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Betavoltaic devices Market: Dynamics
A significant change has been witnessed in the lifestyle and eating habits of the population in North America in the past few years, which leads to a high rate of cardiovascular disease. Furthermore, a large portion of the geriatric population in the region requires various types of battery-operated medical devices such as pacemakers, defibrillator, micro stimulator, and drug delivery system. According to the U.S. Department of Health & Human Services and Centers for Disease Control and Prevention, coronary heart disease is the most common type of heart disease in the U.S. About 6.7% of the total population in the country is afflicted with coronary heart disease. Furthermore, every year, about 805,000 people in the U.S. suffer a heart attack, wherein 605,000 experience their first heart attack, while 200,000 suffer their second or more heart attacks. Rise in heart-related health issues is boosting the demand for pacemakers and related devices in North America. Medical devices such as pacemakers, defibrillator, micro stimulator, and drug delivery systems utilize betavoltaic device, which is expected to drive the betavoltaic device in forecast period.
The increase in investment in R&D of medical devices is also driving the demand for betavoltaic devices. Several advancements have been made in pacemaker technologies, such as tracking device data and patient health through wireless remote monitoring systems, models that are magnetic resonance imaging (MRI)-safe, new data recording functionality to provide more information on patient health and device status and longer battery life and technology. Thus increase in investment in R&D of medical devices is anticipated to drive the battery operated medical devices market in the near future. Betavoltaic devices are currently being used in these types of equipment due to better performance, compact size, and long life of nearly 20 years of these devices as compared to that of lithium-ion and other thermochemical batteries.
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In terms of by type, the betavoltaic device market has been segmented into tritium, krypton, nickel, and others. Tritium is the dominant segment of the North America market, as tritium batteries continuously emit low powered electrons irrespective of temperature or any environmental conditions. Moreover, the availability of tritium is abundance and has lower price compare to other beta emitters.
Based on end user, the betavoltaic device market has been segregated into aerospace, electronics & communication, healthcare, defense, and others. Betavoltaic devices possess long battery life and less maintenance. Consequently, the demand for these devices is high in the healthcare segment. The number of patients with heart diseases has been increasing at a significant rate in North America. Therefore, the demand for pacemakers is high in North America. This is expected to drive the betavoltaic device market in the region in the near future.
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Betavoltaic Device Market in North America: Prominent Country
North America is a leading region in terms of manufacturing of electro-medical devices, consumer electronics, and aerospace. These industries require specially designed batteries that have long life and reliable power supply. Furthermore, North America is also a leading region of the global defense industry. The overall budget for the defense industry of North America was around US$ 750 Bn in 2019. Thus, expansion of all these industries in North America is expected to drive the betavoltaic device market in the near future.
The U.S. dominated the betavoltaic device market in North America in 2019. This can be ascribed to the expansion of healthcare, aerospace, and defense industries in the country. Betavoltaic devices are an integral part of the healthcare, aerospace, and defense industries; hence, the growth of these industries is anticipated to propel the demand for betavoltaic devices in the country.
Betavoltaic Device Market in North America: Key Players
Key players operating in the betavoltaic device market in North America are City Labs, Inc BetaBatt, Inc., Direct Kinetic Solutions, and Widetronix.
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