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3. Medical Sensors Companies - Analog Devices, Inc. (US) and Medtronic (Ireland) are the Key Players

The medical sensors market is valued at USD 2.4 billion in 2024 and is projected to reach USD 3.6 billion by 2029; it is expected to grow at a CAGR of 8.1% from 2024 to 2029. Increasing adoption of sensors in portable and connected medical devices, growing elderly population and increasing life expectancy, and rising demand for wearable medical devices are some of the key drivers driving the growth of medical sensors market.

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Major Medical Sensors include:

• TE Connectivity (Switzerland)
• Medtronic (Ireland)
• Analog Devices, Inc. (US)
• Texas Instruments Incorporated (US)
• STMicroelectronics (Switzerland)
• Tekscan, Inc. (US)
• NXP Semiconductors (Netherlands)
• Sensirion AG (Switzerland)
• Semiconductor Corporation (US)
• Amphenol Corporation (US)

Some prominent medical sensors industry players have predominantly used acquisition and partnership tactics to strengthen their market position.

• In June 2023, GlobalFoundries Inc. (US), a global leader in feature-rich semiconductor manufacturing, and STMicroelectronics (US) announced the conclusion of the agreement to create a new, jointly-operated, high-volume semiconductor manufacturing facility in Crolles (France).
• In March 2023, NVIDIA Corporation (US) announced that it is collaborating with Medtronic (Ireland) to accelerate the development of AI in the healthcare system and bring new AI-based solutions into patient care. The companies will integrate NVIDIA healthcare and edge AI technologies into Medtronic’s GI Genius intelligent endoscopy module, developed and manufactured by Cosmo Pharmaceuticals. GI Genius is the first FDA-cleared, AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer.

Analog Devices, Inc. (US), and Medtronic (Ireland) are among the top 5 players in the medical sensors market.

Analog Devices, Inc.

Analog Devices, Inc. is one of the leading high-performance analog technology companies. The company designs, manufactures, tests, and markets a broad portfolio of solutions, including integrated circuits (ICs), software, and subsystems that leverage high-performance analog and mixed signal, as well as digital signal processing technologies. The company’s product portfolio and manufacturing capabilities span power management and processing technologies such as data converters, amplifiers, power management, radio frequency (RF) ICs, digital signal processors (DSP), and other sensors.

The company provides its offerings through four segments: industrial, automotive, consumer, and communications. Its main product categories include converters, amplifiers, power management and reference, digital signal processing, and other analog products. The signal processing products are used to convert, condition, and process real-world phenomena such as temperature, sound, light, pressure, speed, and motion into electrical signals. The analog technology portfolio comprises sensor and actuator products, including products based on Microelectromechanical System (MEMS) technology.

The company offers healthcare products through its Industrial business segment where it offers medical sensors for various applications such as multi-parameter vital signs monitors, x-ray equipment, image-guided therapies, ultrasound systems, anesthesia equipment, blood analyzers, point-of-care diagnostic equipment, and lab diagnostic equipment.

Analog Devices, Inc. has several subsidiaries around the world, including Maxim Integrated (US), Linear Technology Corporation (US), Symeo GmbH (Germany), OtoSense, Inc. (US), Analog Devices Co., Ltd. (China), Analog Devices Ltd. (Israel), Analog Devices AB (Sweden), Analog Devices GmbH (Germany), Analog Devices GmbH (Austria), and Analog Devices India Private Limited (India).

The company provides products to more than 125,000 customers through a direct sales force, third-party distributors, and independent sales representatives. It has direct sales offices, sales representatives, and/or distributors in over 50 countries outside North America.

Medtronic

Medtronic is a medical technology company, which engages in the development, manufacture, distribution, and sale of device-based medical therapies and services. It operates through the following segments: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes.

The Cardiovascular segment includes products for the diagnosis, treatment, and management of cardiac rhythm disorders and cardiovascular disease. The Neuroscience segment is made up of cranial and spinal technologies, specialty therapies, and neuromodulation divisions. The Medical Surgical segment is comprised of surgical innovations and respiratory, gastrointestinal, and renal divisions. The Diabetes segment offers insulin pumps, continuous glucose monitoring systems, and insulin pump consumables.

Medtronic offers a standalone CGM solution for diabetes treatment, which integrates a sensor and a transmitter, which streamline the process for optimal customer experience. Guardian Sensor 3, the most advanced sensor provided by the company, can be integrated to fit every lifestyle.

Related Reports:

Medical Sensors Market by Sensor Type (Pressure, Temperature, ECG, Image, Touch, Blood Oxygen, Blood Glucose Sensor), End-Use Product, Medical Procedure (Invasive, Noninvasive), Device Classification, Medical Facility & Region - Global Forecast to 2029

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