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Cost of Lithium Ion Batteries for Medical Applications – Cost And Need
What Is The Cost Of Lithium Ion Batteries Recently?
According to a recent survey and research, over the past 8 years cost of lithium ion batteries has declined because of its increased usage and popularity. However, they are still considered pricey when it comes to using in medical devices. The overall cost of medical devices has gone up for this very reason as well. The cost of lithium ion battery also depends on the size and functionality of it as they come in different sizes and pieces. Another factor that adds to the cost of lithium ion batteries for medical devices is the mandatory approvals that need to be carried out in order to manufacture the medical device. It makes the whole process very expensive, which eventually adds up to the cost of the medical equipment and device.
The price of a lithium ion battery ranges from $100 to $200 per kilowatt hour in recent times. It is expected that the prices of lithium ion batteries in medical field is going to drop by at least 50% in the coming few years. This is mainly because of its mass production as they are widely being used in the development of science and medicine. If purchased in mass quantity, then the cost per lithium battery would be lower than the average market price.
What Is The Market Need Of Medical Lithium Ion Batteries?
As per a recent survey, the market of lithium ion batteries is expected to grow to approximately $92.2 billion by 2024. And the growth of medical lithium ion batteries is expected to grow up to $2.2 billion by 2024, with a CAGR of 4.6% from 2019 to 2024. As the prices of medical lithium ion batteries are declining, it is opening up opportunities for its growth in science and medicine. Another reason for increase in the market of medical lithium ion batteries is the increased demand of medical devices and equipment like pacemakers, thermometers, monitors, etc. Every reputed hospital wants to be equipped with these devices, thus, the overall demand of lithium ion batteries in medical field is on the rise. The fact that lithium ion batteries are rechargeable and ideal for portable devices makes it ideal for medical devices.
However, lithium ion batteries are still mostly used in other industries like electronics, automotive and industrial. Medical industry is still not very popular user of lithium ion batteries. They have very little market share. Having said this, manufacturers of medical devices are rapidly increasing the usage of lithium ion batteries because of their numerous advantages. Medical industry in the fifth largest gets the usage of lithium ion batteries. If we go region wise, North America is the biggest user of lithium ion batteries followed by Europe, Asia Pacific and RoW (Rest of the World).
Lithium ion batteries have benefited medical industry largely as more and more small sized and portable devices need to be created and developed for the development of medicine and science. Earlier usage of lithium ion batteries was only restricted to few medical devices like thermometers etc. But now the usage is slowly increasing. Especially the cardiac department has greatly benefited from lithium ion batteries. All in all, the future of lithium ion batteries in medical industry looks promising, especially in the segments of patient monitoring, cardiovascular, general medical care, and orthopedic. Evolving trends, which have a direct effect on the dynamics of the market of medical batteries including increase in the recycling of lithium ion batteries, so the waste is reduced.
Lithium ion batteries are useful in patient monitoring, diagnosis and therapeutic treatments, which made it usage popular in medical industry. The growth of lithium ion batteries will remain largest because of their unique functionality and characteristics. It has voltage and high energy density, which makes it preferred choice for cardiovascular devices and medical devices that can be implanted in the human body.