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.

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.

Geographically, the micro battery market is predicted to exhibit the fastest growth in the Asia-Pacific (APAC) region throughout the forecast period. This is ascribed to the high affordability of fitness trackers and their surging requirement in emerging economies, such as China, Indonesia, and India, for monitoring and tracking fitness among young individuals. In addition, the booming medical devices industry in China is also fueling the sales of micro batteries in the region.

Hence, it can be safely said that the market will surge sharply in the forthcoming years, primarily because of the growing usage of wearable devices, soaring incorporation of IoT in medical instruments, and expansion of the healthcare industry across the world.