Surging Use of Wearable Devices Driving Micro Battery Market Expansion

Due to the mushrooming use of wearable devices, increasing adoption of the internet of things (IoT) in medical instruments, and surging utilization of compact batteries in the healthcare sector, the global micro battery market is expected to demonstrate a CAGR of 18.4% from 2019 to 2024. According to the estimates of the market research company, P&S Intelligence, the revenue of the market will surge from $418.2 million in 2018 to $1.1 billion by 2024.

With the rising prevalence of chronic diseases, such as diabetes and cancer and the surging population of geriatric people, the incorporation of advanced technologies and solutions in the healthcare sector is rising sharply. For instance, as per the World Health Organization (WHO), 422 million people all over the world are diagnosed with diabetes every year.

Furthermore, the organization found that the disease claims the lives of 1.6 million people across the world every year. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of geriatric people will rise from 727 million in 2020 to more than 1.5 billion by 2050.

As geriatric people need remote monitoring, owing to their weak immune systems and high vulnerability to various diseases, their mushrooming population is encouraging many healthcare facilities to integrate medical devices, such as insulin pumps and cardiac monitoring systems, with the IoT, as this enables remote patient monitoring. Besides the aforementioned factor, the growing use of smart meters is creating lucrative growth opportunities for the players operating in the micro battery market.

A smart meter is basically an electronic device, which is used to record the power consumption level and communicate this information to the power supplier for billing and monitoring. Moreover, the governments of many countries are making huge investments for promoting the usage of smart devices in the healthcare sector.

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