The medical sensors market is estimated to be worth USD 1.8 billion in 2021 and projected to reach USD 3.0 billion by 2026, at a CAGR of 10.3%. Growing elderly population and increasing life expectancy, increasing adoption of sensors in portable and connected medical devices, rising demand for wearable medical devices, surging adoption of IoT-based medical devices, burgeoning expenditure on healthcare and accelerating demand for ventilators due to COVID–19 are some of the important factors for the growth of the medical sensors market globally.
The major players in the market with a significant global presence in the medical sensors market are TE Connectivity (Switzerland), Medtronic (Ireland), Analog Devices (US), Texas Instruments (US), STMicroelectronics (Switzerland). The companies in the medical sensors market have adopted various strategies such as development of advanced products, integration of emerging technologies such as IoT and AI, partnerships, collaborations and acquisitions to strengthen their position in the medical sensors market. The organic and inorganic strategies have helped the market players to expand themselves globally with innovative product offerings in the medical sensors market.
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TE Connectivity (US) is among the largest sensor companies in the world. TE Connectivity manufactures a diverse portfolio of products to customers across various industries. The company operates through Transportation Solutions, Industrial Solutions, and Communications Solutions business segments. It operates in the medical sensors market through the Industrial Solutions segment. TE Connectivity designs and manufactures sensors to exact specifications for various medical applications, with ISO 13485 certification and FDA registration for various products. The sensors manufactured by the company are extensively used in imaging, diagnostic, surgical, and minimally invasive applications. The company sells its products in more than 140 countries, primarily through direct selling and third-party distributors. TE Connectivity positions its manufacturing facilities strategically near its customer’s location to maintain an efficient supply chain and low-cost production.
Medtronic (Ireland) is among the largest medical technology, services, and solutions provider with a strong focus on cardiac and vascular, minimally invasive therapies, and restorative therapies. The company’s distinctive competencies include its organic and inorganic growth strategies, a large number of patents, and an innovative product portfolio. The company extensively focuses on inorganic growth strategies to strengthen its position in the medical sensors market. For instance, in June 2019, Medtronic collaborated with Tidepool (US) to create an automated insulin pump system. Medtronic had created the Bluetooth-enabled pump system that would be compatible with Tidepool Loop, which is an open-source insulin delivery app for Apple Watch and iPhone. The company has a strong dependency on the US market that generates more than 50% of its total revenue. Medtronic 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.
Analog Devices (US) operates through 4 segments—Industrial, Communications, Automotive, and Consumer. 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 healthcare products offered by the company are a part of the Industrial segment. The sensors offered by the company are used in applications such as ultrasound systems, X-ray equipment, image-guided therapies, multi-parameter vital signs monitors, anesthesia equipment, lab diagnostic equipment, blood analyzers, and point-of-care diagnostics equipment. mainly focuses on new product development to strengthen its position in the medical sensors market. The company spends a very high 18.7% of its annual revenue on R&D activities to develop innovative products and diversify its product portfolio across various end markets. 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 few of the subsidiaries of Analog Devices Inc. (ADI) operating in the medical sensors market.
Texas Instruments (US) manufactures analog and digital semiconductor ICs, which are sold to electronics designers and manufacturers across the world. The company mainly focuses on the development of new products. Like Analog Devices, Texas Instruments also spends extensively on R&D activities. In 2020, the company spent about 10.6% of its revenue on R&D activities. Texas Instruments’ portfolio of sensors comprises analog and digital temperature and humidity sensors, which are used in various applications such as diagnostics and imaging, patient monitoring, medical implantable devices, and flow measurement, The company focuses on the development of innovative products to gain a large market share in the medical sensors market. For instance, in May 2020, Texas Instruments developed devices that can measure vital signs using their mmWave radar technology. The sensor in SymtomSense devices can detect breathing rate, heart rate, and other vital signs that could indicate illness. 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 products in the next 5 years.
STMicroelectronics (Switzerland) offers a broad range of semiconductor products such as ultra-low-power microcontrollers, high-power application-specific analog products, and wireless connectivity solutions for medical applications. The company focuses on both organic and inorganic growth strategies to generate higher revenues and developing a strong global presence. In March 2019, STMicroelectronics developed water-resistant MEMS pressure sensors that can be used in wearable devices. These sensors can be used for monitoring applications, in fitness trackers and other industrial sensing applications. Along with new product development, the company also focuses extensively on acquisitions and collaborations. For instance, in December 2019, the company had announced the acquisition of Swedish SiC wafer manufacturer Norstel AB (“Norstel”). ST had acquired 55% of Norstel’s share capital initially and acquired the remaining 45% in December 2019. The acquisition was done to secure the needed wafers for the development of components. 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.
Medical Sensors Market with COVID-19 Impact Analysis bY Sensor Type (Pressure, Temperature, Blood Oxygen, Image, Flow Sensor), End-use Product, Medical Procedure (Invasive, Non-invasive), Device Classification, and Geography – Global Forecast to 2026
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