OFweek Medical Technology Network April 15 news, foreign media reported that Foxconn will work with US medical equipment manufacturers to develop the medical market.
Leonard Wu, general manager of Foxconn Health Business Group, said that in order to obtain permission to sell radiotherapy equipment in China, Foxconn has negotiated with American medical equipment manufacturer Varian Medical Systems.
Varian confirmed this news and pointed out that Foxconn has a good track record in business development in Taiwan and China.
Last year, Foxconn became a pioneer in the US medical device Sotera Wireless. As part of the transaction, Foxconn will manufacture sensors and batteries for Sotera medical devices, and Foxconn is also the exclusive distributor of Sotera devices in China.
Sotera CEO Tom Watlington said that Foxconn will eventually take over the production of Sotera equipment. Currently, Sotera produces equipment in the United States.
Sotera manufactures wireless wearable devices that monitor vital signs such as blood sugar. High Ventilation and Intel Ventures have invested in Sotera. Varian produces radiation therapy, radiosurgery and brachytherapy equipment and related software.
Whether American medical companies can help Foxconn develop the medical market is still not fixed. But Leonard Wu said that as China's medical needs grow, he expects Foxconn's medical business – founded in 2009 – to grow from $20 million in 2014 to $200 million in 2020. But Foxconn's annual revenue is as high as 130 billion US dollars, and the proportion of medical business revenue is negligible.
General trend
The competition in the consumer electronics manufacturing industry is becoming increasingly fierce. Foxconn hopes to find new growth engines and new customers, so it is a general trend to enter the medical equipment market. In recent years, as Foxconn's largest customer, Apple has been increasing the number of its parts suppliers. As Apple delivers more orders to small-scale businesses such as Heshuo United and Quanta Computer, Foxconn's revenue growth has fallen from 53% in 2010 to 6.5% last year.
In the past two years, Foxconn has tried diversified operations and has invested in several new areas, including telecommunications services, mobile software and e-commerce. Currently, the new business has not contributed too much revenue.
London consulting firm PA Consulting Group expects global medical equipment market revenue to grow from $23 billion in 2013 to $35 billion in 2016, an increase of 52%, while global consumer electronics market revenue growth for the same period is only 17%.
Experts say that the iPhone's product life cycle is usually less than three years, but the medical market is strict and competitive, and the life cycle of medical equipment is close to 20 years. Simon Burnell, a medical device specialist at PA Consulting Group, said that consumer electronics has a profit margin of 4% to 7%, but medical equipment has a profit margin of 23% to 25%.
“The consumer healthcare market is growing, and the traditional boundaries between consumer electronics and medical devices are blurring. OEMs can serve both markets simultaneously, and they will compete differently,†said Bunyer.
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