Medical Electronics Market

Medical Electronics Companies - Analog Devices (US) and Texas Semiconductor (US) are the Key Players

The medical electronics market is estimated to be worth USD 6.3 billion in 2021 and projected to reach USD 8.8 billion by 2026, at a CAGR of 6.9%. The aging population and increasing life expectancy, increasing adoption of IoT-based smart medical devices, escalating demand for portable medical devices and wearable electronics, growing use of radiation therapy in diagnosis and treatment of diseases and existing favorable healthcare reforms and financial assistance by governments for senior citizens are some of the prominent factors for the growth of the medical electronics market globally.

Medical Electronics companies include:

  • Analog Devices (US),
  • Texas Semiconductor (US),
  • TE Connectivity (Switzerland),
  • Medtronic (Ireland), and
  • ST Microelectronics (Swtizerland).

The companies in the medical electronics market have adopted various strategies in such as introduction of technologically advanced products, integration of emerging technologies such as IoT, AI and machine learning, partnerships, collaborations and acquisitions to grow in the medical electronics market. The organic and inorganic strategies has helped the players in the market to expand themselves globally with innovative offering in the medical electronics market.

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Analog Devices (US) operates through 4 segments—Industrial, Consumer, Communications, and Automotive. The company offers a wide range of products that include amplifiers and linear products, data converters, power management products, radiofrequency (RF) integrated circuits, and digital signal processors (DSPs). The company’s Industrial segment products find major applications in medical devices such as activity monitors, infusion pumps, pulse oximeters, ultrasound systems, CT scanners, clinical laboratory instrumentation, multi-parameter patient monitors, digital X-ray, surgical instrumentation, and blood analyzers. In the medical electronics industry, the company is engaged in launching innovative products and several key components, such as low-power battery chargers for medical wearables and heart monitors. The company’s business operations are spread across North America, Latin America, Europe, and Asia. Analog Devices Limited (UK), Analog Devices Korea, Ltd. (South Korea), Analog Devices India Private Limited (India), Analog Devices Pty, Ltd. (Australia), and Analog Devices, K.K. (Japan) are among a few subsidiaries of Analog Devices Inc. (ADI) operating in the medical electronics market.

Texas Instruments (US) is among the leading players in the medical electronics market. The company is engaged in the designing and manufacturing of semiconductors, which are sold to electronics designers and manufacturers across the world. The company has a strong focus on innovative products and invests a significant amount in R&D activities. The company focuses on innovative product launches to gain its market share in the medical electronics market. For instance, the company launched DLP660TE chipset with 4K Ultra HD technology to power medical imaging devices. Texas Instruments has developed a highly integrated distribution network that enables it to connect with its customers to facilitate a faster movement of products in the market. The increased adoption of IoT will likely increase the demand for the company’s wireless medical electronic products in the next 5 years.

TE Connectivity (Switzerland) is among the largest sensor companies in the world, with innovative sensor solutions that help customers transform concepts into smart, connected creations. The company designs and manufactures sensors to exact specifications for various medical applications, with ISO 13485 certification and FDA registration for various products. TE Connectivity manufactures and sells a broad portfolio of products to customers in various industries, including medical. The company has a diversified customer base, which reduces the companys exposure to individual end markets and distinguishes it from its competitors. The company sells its products in more than 140 countries, primarily through direct selling and third-party distributors. The company positions its manufacturing facilities strategically near its customer’s location to maintain an efficient supply chain and low-cost production.

Medtronic (Ireland) is one of the world’s largest medical technology, services, and solutions provider with a strong focus on cardiac and vascular, minimally invasive therapies, and restorative therapies. Medtronic’s distinctive competencies include its organic and inorganic growth strategies, a large number of patents, and innovative product portfolio. The company focuses on inorganic growth strategies to stay ahead in the medical electronics market. For example, Medtronic’s acquisition of Israel-based Mazor Robotics in December 2018 enhanced the company’s offering of medical devices and solutions related to spine surgery. However, despite huge revenues and strong cash flow, the company may face financial risks in the coming years. A few acquisitions have not yielded the desired results mainly due to the inability to integrate seamlessly with the core business. The company has a strong dependency on North America and generates more than 50% of its total revenue from North America. The company can explore new opportunities in emerging markets through partnerships and joint ventures to gain a larger market share in other regions and reduce overreliance on the US market.

ST Microelectronics (Switzerland) offers a broad range of semiconductor products, including ultra-low-power STM32 microcontrollers, high-performance application-specific analog products, and wireless connectivity solutions for medical applications. The company focuses on organic and inorganic growth strategies to generate higher revenues while streamlining operations. The company invests a significant portion of its revenue in R&D and manufacturing operations to support major new projects. Diversifying the technology capabilities of manufacturing plants is another key strategy to increase overall flexibility and improve operating efficiency. For instance, the company is likely to invest in a new 300-mm fab unit in Agrate (Italy), which is expected to start production in 2021; it is also expected to expand its 150-mm fab SiC unit in Italy to enhance investments in wide bandgap materials. The company is working toward boosting demand creation through an enhanced focus on regional coverage with strong technical expertise, supported in the mass market by an extensive distribution channel and local initiatives, and establishing regional sales and marketing teams that are fully aligned with the company’s strategic end markets.

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Medical Electronics Market with Covid-19 Impact Analysis by Component (Sensors, MCUs/MPUs, Displays), Device Classification (Class I, Class II, Class III), Application (Diagnostic, Cardiology, Flow Measurement), and Region - Global Forecast to 2026

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Medical Electronics Market Size,  Share & Growth Report
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