Medical Sensors Market

Market Leadership – Mecial Sensors Market

The medical sensors market is estimated to be worth USD 1.2 billion in 2020 and is projected to reach USD 1.7 billion by 2025, at a CAGR of 6.8% from 2020 to 2025. The rapid growth of the medical sensors industry can be attributed to the rising incidents of chronic diseases, growing geriatric population, increasing demand for home-based medical care and technological advancements in the medical device industry, and rising expenditure on healthcare across the world.

Texas Instruments (TI, US) is among the leading players in the medical sensors market. The company is engaged in designing and manufacturing sensors, which are sold to medical device manufacturers across the world. The company has a strong focus on innovative products, and it invests a significant amount on R&D activities (~ 10% of its overall revenue in 2018). The company had 29,888 employees as of December 2018. The company has a strong presence in countries such as the US, Asia, Europe, Japan, and the Rest of the World. However, Texas Instruments generates a small chunk of revenue from medical and healthcare vertical. The company should focus on increasing its revenue share from the medical industry since increasing the adoption of IoT in medical devices is expected to offer significant opportunities for the companies in the years to come.

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TE Connectivity (TE, Switzerland) is one of the largest sensors companies in the world. The company designs and manufactures sensors to exacting specifications for various medical applications, with ISO 13485 certification and FDA registration for multiple products. 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 ~80% of net sales in FY2018. TE Connectivity manufactures and sells a broad portfolio of sensors to customers in various industries, including medical and healthcare. The company majorly aims to strengthen its business through strategic acquisitions and collaboration. For instance, it acquired Alpha Technics that enables it to become the leader in the medical sensors market. Furthermore, it collaborated with SnapEDA which will enable TE Connectivity to bring its product faster in the market.

First Sensor (Germany) is among the world’s leading suppliers in the field of sensor systems. The company focuses on standard products and customer-specific solutions with a strong focus on research and development. Research and development expenses at First Sensor AG in 2018 were USD 10.2 million, which is equivalent to 6.6% of its total sales. In 2018, R&D expenditures increased both as a percentage of sales and in actual amounts. The company is focusing heavily on inorganic growth strategies for its future growth. Since 2016, First Sensor has entered into more than five partnerships agreements for its growth in the medical sensors market. The company should focus on increasing its market penetration in developing regions like APAC, Middle East, and Africa through partnership and agreements to gain market share in the medical sensors market.

Medtronic (Ireland) is among the world’s largest medical technology, and solution providers with a strong focus on standalone continuous glucose monitoring (CGM), and sensor integrated pump therapy. Medtronic’s distinctive competencies include its organic and inorganic growth strategies, a large number of patents, and an innovative product portfolio. The company focuses on inorganic growth strategies to stay ahead in the medical sensors market. 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 geographic regions and reduce over-reliance on the US market

Tekscan Inc (US) is among the fastest-growing company as a manufacturer of sensors in the medical industry. The company has a growing product portfolio of pressure sensors, force measurement, and tactile sensors. Several products are patented and have won awards for their design and innovation on different forums. The company focuses on product innovation and partnerships to improve its market share. For example, the company partnered with Digital Dentistry Society (DDS) International to disseminate digital occlusion information and protocols around dental applications. This partnership has provided Tekscan with access to the latest information regarding latent demands in the market. The company can look to leverage this partnership to develop new products and enter new markets in the years to come.

Related Reports:

Medical Sensors Market by Sensors Type (Pressure, Temperature, Blood Oxygen, Blood Glucose, Ingestible), Application (Monitoring, Diagnostic Imaging, Medical Implants), Product (Invasive, Non-Invasive), and Geography - Global Forecast to 2025

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Report Code
SE 1587
RI Published ON
2/13/2020
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