LG challenges Siemens, Sony in medical display market
Visitors to this year’s meeting of the Radiological Society of North America in Chicago examine LG Electronics’ medical monitors, Sunday (local time). The company showcased three medical display devices at the event. / Courtesy of LG Electronics
By Lee Min-hyung
LG Electronics is challenging traditional healthcare products giants ― including Sony, Olympus and Siemens ― by offering medical display equipment outfitted with its top-notch imaging technology.
The company said Monday it has unveiled three medical display products ― monitors for surgery, monitors for clinical purposes and digital X-ray detectors ― speeding up its expansion drive into the medical equipment industry.
The announcement came as part of its group-wide strategy to realign its business structure into the stable and lucrative sector, as the standard display industry is showing signs of a slowdown and reaching saturation point due to fierce rivalry from Chinese manufacturers.
For this reason, the company has sought to diversify its display lineup, highlighting its technological edge to tackle the substantial entry barriers of the medical-grade display industry, compared with traditional display markets.
“We hold industry-leading imaging technologies, which we believe will become our core marketing points differentiating ourselves from existing healthcare industry titans,” said an LG Electronics spokesman.
But the company is expected to face tough challenges from the Japan- and German-based leading healthcare players, due to the conservative nature of the medical equipment industry.
Medical buyers have traditionally wanted safer and more conservative products than those in the television and standard display sectors, as the former must take a bigger responsibility for their purchases.
Things are much tougher in the healthcare industry, as potential newcomers require certifications and licenses, and face tough regulations which differ in each market.
LG Electronics is, for this reason, seeking to slowly expand its global presence in the industry after successfully penetrating into Korea and the United States where the company is recognized for its brand value and generates more revenue than any other global markets.
“Our display and electronics businesses are highly recognized in the two countries,” he said. “This will help reduce entry barriers there. We are going to differentiate our products by aggressively promoting our leading imaging technologies and hardware stability which is another key factor determining success in the medical equipment industry.”
He cited its commercial display products, the LG Digital Signage, to stress its technological expertise in manufacturing stable display products.
LG is the world’s leading display manufacturer, particularly focusing on the premium sector with its OLED display.
The company will start selling the devices next year in Korea and the United States, expanding its sales into key European markets soon after, according to the firm.