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Medical Devices and Wearables to Push the Global Flexible Batteries Market

The Global Flexible Batteries Market is projected to grow at a CAGR of around 25.12% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The surge in the demand for medical devices and wearables have been one of the primary factors for the demand for flexible batteries. Wearables are designed to be lightweight, compact, and comfortable to wear on the body which provides a pathway for the integration of flexible batteries which are thin & bendable for ensuring continuous power supply to the devices.

Several wearables such as fitness trackers, smart watches, smartglases, and other type of wearables have gained traction across the globe owing to the rising health consciousness and awareness among the consumers for staying fit and healthy. According to the Institute for Health Metrics and Evaluation 2019, high blood pressure, high blood sugar, and obesity have been the leading risk factor for causing maximum deaths across the globe i.e., nearly 22.35 million. Thus, outbreak of COVID-19, obesity, diabetes, increasing heart diseases, body shaming, and other health issues have alarmed the citizens across the globe to adopt wearable & health trackers for monitoring their health issues and risk factors.

Advancement in the sensors, artificial intelligence, IoT, semiconductors, and other technology would support the development and penetration of wearable among the consumers further leading to the growth of Global Flexible Batteries Market. Moreover, the penetration of smart packaging in industries such as food & beverages and healthcare industries has been rapidly evolving trend across the globe. Smart packaging which includes integration of electronic components, sensors, and communication capabilities for monitoring temperature & humidity have also increased the demand for flexible batteries.

Expansion in the food & beverages industry, rising manufacturing of medicines, vaccines, and medical devices would further require flexible batteries for ensuring their proper storage and supplies.  In 2023, Moderna-a pharmaceutical company signed a deal worth around USD1 billion with the Chinese government for producing messenger RNA (mRNA) vaccines for COVID-19 in China. For transportation and storages of vaccines the requirement for flexible batteries is expected to increase during 2023-2028. Hence, the rising support by the government for enhancing the healthcare & pharmaceutical industry would also play key role in the burgeoning growth of the Global Flexible Batteries Market in the coming years.

Global Flexible Batteries Market

Medical Device to Witness a Considerable Growth in the Global Flexible Batteries Market

Based upon application, Global Flexible Batteries Market has been bifurcated into consumer electronics, medical devices, smart packaging, wireless sensors, and others. Among them, the market share of medical devices category is projected to grow steadily in the coming years owing to the rising cardiovascular diseases, neurological disorders, hearing & ear disorders, diabetes, and other diseases across the globe. The adaptability of these batteries enables customers to conform to the contours of the human body, enhancing comfort and safety for patients. Furthermore, the increasing backing and financial investments from governments worldwide to improve healthcare infrastructure and promote medical tourism would further increase the requirement for flexible batteries in the manufacturing of medical devices. Also, the upsurge in the adoption of implantable medical devices, such as smart pacemakers, cardioverter-defibrillators, neurostimulators, etc., would gain a significance for monitoring the health issues, further necessitating the flexible batteries for ensuring continuous power supply to these devices in the forecast period.

North America to Hold a Considerable Market Share in the Global Flexible Batteries Market

Geographically, the Global Flexible Batteries Market expands across North America, South America. Europe, the Middle East & Africa, and Asia-Pacific. Among them North America is estimated to hold a considerable market share during the forecast period owing to the surging sale of consumer electronics including smartphones and wearable in the region. According to the Global System for Mobile Communications Association, smartphones accounted for 83% of mobile connections in 2021 and is estimated to grow to reach 86% by 2025 in North America. The transition development in the 5G infrastructures would be the leading factor for increasing sales of smartphones in the coming years.

The surge in the sale of these devices has stressed the OEM’s like Apple, Microsoft, etc., to increase their manufacturing capabilities further augmenting the demand for flexible batteries. Foldable smartphones and tablets have gained popularity, offering users larger screen sizes that can be conveniently folded and carried. Flexible batteries have played a pivotal role in enabling the seamless operation of such devices, supporting their unique folding and bending capabilities. Hence, the surging sale of consumer electronics accompanied by the rising demand for flexible batteries from other end-user industries would expand the North America revenues in the Global Flexible Batteries Market in the coming years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Samsung, LG, Enfucell OY Ltd., Blue Spark Technologies, Apple Inc., Panasonic Corp., Ultralife Corp., Brightvolt, Imprint Energy, Energy Diagnostics, Prologium Technology Co. Ltd., Molex, Polyplus Battery Company, Iten SA, Jenax, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across various region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various region?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame

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