LG Electronics is following Samsung's lead in pursuing the lucrative medical technology field as a key future revenue source. The company plans to develop its medical technology business, particularly through medical monitors, through substantial investments and a distinct, high-quality product approach.
LG intends to establish medical monitors as a new growth engine for its IT business, targeting to become one of the top three global players in this market within five years, according to a recent report by South Korean news outlet Dailymedi.
Despite high entry barriers, including stringent regulatory standards across different countries for medical imaging and equipment precision, LG is committed to advancing its overseas medical monitor business by providing high-quality products. The company launched its first medical monitors in 2016 and has since seen its sales in regions like North America and Europe nearly double year over year.
LG's current medical lineup includes about 14 models spanning clinical, diagnostic, and surgical monitors, as well as six types of digital X-ray detectors (DXD) sold in over 50 countries. These offerings include specialized products such as mini-LED surgical monitors, high-resolution diagnostic screens tailored for mammography, and screens with advanced split-view capabilities.
Market research firm Omdia has projected the global medical monitor market to reach US$2.5 billion by 2030. While established players like Siemens, GE, and Philips dominate the sector, later entrants such as Samsung and Sony are actively working to enhance their competitiveness and grow their market presence.
To attract more medical clients, LG plans to incorporate AI-powered data analysis into its medical monitors and X-ray detectors, offering comprehensive solutions and exploring an expansion into the broader medical imaging equipment market.
Samsung, meanwhile, has long been active in the medical technology (medtech) arena. At an August 2024 event in Suwon, Samsung Device eXperience (DX) division head Han Jong-hee emphasized the company's commitment to "One Samsung" as it pivots to robust growth across four key areas: medtech, robotics, automotive technology, and eco-friendly air-conditioning.
In May 2024, Samsung Medison, Samsung's medtech subsidiary, acquired French AI startup Sonio for KRW126.5 billion (approx. US$94.4 million) to expand the development of ultrasound diagnostic solutions in gynecology.
Furthermore, Samsung recently opened the SUITE Lab, a training facility that highlights its medtech equipment portfolio and provides healthcare professional education. Samsung's early entry into healthcare, initially directed by the late Chairman Lee Kun-hee in 2010, could see Samsung Medison and Samsung Biologics emerging as prominent growth pillars for the Samsung Group.
