Medical Electronics Market

Market Leadership - Medical Electronics Market

The medical electronics market is estimated to be worth USD 5.1 billion in 2019 and is projected to reach USD 6.6 billion by 2025, at a CAGR of 4.6% from 2019 to 2025. The rapid growth of the medical electronics industry can be attributed to the rising incidents of chronic diseases, increasing adoption of medical imaging, monitoring, & implantable devices, rising healthcare expenditure across the world, and a growing elderly population. Increasing demand for early disease diagnosis & widening scope of clinical applications, technological advancements in diagnostic imaging modalities, and rising investments, funds, & grants by public-private organizations are some of the other major factors driving the growth of this market.

Medtronic (Ireland) is one of the world’s largest medical technology, services, and solutions provider with a strong focus on cardiac & 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 steady 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 the region. The company can explore new opportunities in emerging markets through partnerships and joint ventures to gain a larger market share in other geographic regions and reduce overreliance on the US market.

To know about the assumptions considered for the study download the pdf brochure

Texas Instruments (TI, US) is among the leading players in the medical electronics market. The company is engaged in 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 it invests a significant amount on R&D activities (approximately 10% of its overall revenue in 2018). The company focuses on innovative product launches to gain its market share in the medical electronics market. For instance, in December 2017, the company launched DLP660TE chipset with 4K Ultra HD technology to power medical imaging devices. TI has developed a highly integrated distribution network that enables it to connect with its customers to facilitate faster movement of products in the market. The increased adoption of IoT will likely increase the demand for TI’s wireless medical electronic products in the next five years.

TE Connectivity (TE, 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 exacting 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 multiple industries, including medical. The company has a diversified customer base, which reduces the company exposure to individual end markets and distinguishes from its competitors. The company sells its products in about 140 countries primarily through direct selling and third-party distributors. Direct sales represented approximately 80% of net sales in FY2018. The company positions its manufacturing facilities strategically near its customer’s location to maintain an efficient supply chain and low-cost production.

NXP Semiconductors (Netherlands) is among the leading semiconductor manufacturers in the world. It has an extensive product lineup for use in several applications in the medical electronics industry. The company focuses on a wide range of embedded products to meet the needs of medical device manufacturers. The company has a proven track record of successful mergers and alliances with other leading players in the industry. The company uses partnerships to expand its product lineup and gain access to new markets. R&D and product innovation are the other key strategies that the company adopts to strengthen its position in the market. The company has a broad portfolio of over 9,000 patent families (each patent family includes all patents and patent applications originating from the same invention). However, the company is slow to launch its products owing to which it loses the first-mover advantage to its competitors. The company has struggled to succeed in new markets due to unclear market strategies. The company has also faced challenges from local manufacturers with regard to product pricing and counterfeit products in these new markets. The company can seek partnership with already established players in the new market or conduct research to understand the market dynamics before entering into new markets.

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 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 in Italy, which is expected to commence production by 2021; it is also likely 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 improved focus on geographic 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 aligned fully with the company’s strategic end markets.

Related Reports:

Medical Electronics Market by Component (Sensors, MCUs/MPUs, Displays, Memory Devices, Batteries), Application (Patient Monitoring, Diagnostic Imaging, Medical Implants), Product (Invasive, Non-Invasive), and Region - Global Forecast to 2025

Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
SE 2742
RI Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Medical Electronics Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2021 MarketsandMarkets Research Private Ltd. All rights reserved