LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global battery market for the medical devices industry to post a CAGR of over 7% during the forecast period. The legislative support for battery recycling is a key trend, which is expected to impact the market.
The governments of many countries are formulating regulations to recycle batteries such as primary lithium and Li-ion batteries, which have harmful materials, to prevent groundwater and environmental contamination. Recycling can result in the extraction of useful metals from battery scrap, which will reduce the cost of producing new batteries. Companies such as Call2Recycle and Earth911 are focusing on primary battery recycling. Since 2006, Umicore, which is based in Belgium, has been recycling Li-ion batteries using smelting and leaching with chemicals to recover metals. Other companies such as Li-Cycle and Stiftung GRS Batterien also recycle Li-ion batteries.
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In this report, Technavio analysts highlight the growth of medical tourism in India as a key factor contributing to the growth of the global battery market for the medical devices industry:
Growth of medical tourism in India
India has become a hub for medical tourism. In 2016, the number of medical treatment visas issued by the Government of India had increased by approximately 45% when compared with 2015. People, from the US and Europe, travel to the country for cosmetic surgeries, which are usually not covered by insurance. The cost of treatments is less than half the cost of treatment in Europe and the US. For instance, the cost of bariatric surgery in India is 47% less than the cost in the US.
Non-resident Indians (NRIs), persons of Indian origin (PIO), and overseas citizens of India (OCI) also travel to the country for in vitro fertilization (IVF) and gynecological treatments as the cost of such treatments are merely 30% of the cost in the US or the UK.
According to a senior analyst at Technavio for energy storage research, “The Government of India supports medical tourism. It has simplified the process for obtaining medical treatment visas. In October 2017, the Ministry of Commerce and Industry, the Ministry of Tourism, and the Ministry of Health launched a portal in three languages, which include Russian, French, and Arabic, to provide comprehensive information to medical travelers.”
People from the Middle East, Africa, Bangladesh, Afghanistan, the Maldives, Pakistan, Bhutan, and Sri Lanka are the most common medical tourists in the country. Hence, the growth of medical tourism in India will drive the growth of the global battery market for medical devices.
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Global battery market for medical devices industry - segmentation and analysis
This market research report segments the global battery market for the medical devices industry by product (primary battery and secondary battery) and key regions (the Americas, APAC, and EMEA).
The primary battery segment dominated the market with over 92% share. However, by 2022, the primary battery segment is expected to witness a drop of a little over 2% of its share of the market
In 2017, the Americas held the largest market share of the global battery market for the medical devices industry accounting for over 46%, followed by EMEA and APAC. However, the market share of APAC is expected to witness the maximum growth over the forecast period while the market share of the Americas will witness a decline.
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