The global medical display market was valued at $2,052.77 million in 2019, and is projected to reach $3,194.72 million by 2027, registering a CAGR of 4.90% from 2020 to 2027.
A medical display is a monitor that meets the high demands of medical imaging. Medical displays usually come with special image-enhancing technologies to ensure consistent brightness over the lifetime of the display, noise-free images, ergonomic reading and automated compliance with digital imaging and communications in medicine (DICOM) and other medical standard.
Some of the factors characterizing the market growth are growth in adoption of hybrid operating rooms, short replacement cycles of medical displays, and increase in preference for minimally invasive treatments. Hybrid operating rooms are used for endovascular and vascular surgeries, spinal, and neurological surgeries, orthopedic trauma procedures, and cardiac surgeries. This feature enables advanced surgical procedures in hospitals; thereby, increasing the demand for medical displays.
In contrast, increase in adoption of refurbished medical displays and market saturation in developed countries are the factors anticipated to restrain the market growth during the forecast period.
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The virus that causes COVID-19 is from the family of viruses called Coronaviridae. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. Thus, COVID-19 was declared a pandemic by the World Health Organization (WHO) on March 11, 2020. The novel coronavirus suddenly spread across the globe. Although the COVID-19 pandemic continues to transform the growth of various industries, the immediate impact of the outbreak is varied. For instance, the increase in the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) induced respiratory failure leading to COVID-19 disease, has increased the hospitalization and thereby supported the market growth globally. On the other hand, the impose of new government rules and lockdown across the world has disrupted supply chain of medical devices including medical displays. Thus, resulted in decrease of manufacturing and operations of medical displays. Further, after mid-2020, there were various COVID-19 awareness initiatives organized and promoted by few market players to help COVID-19 patients, which has increased the adoption of monitors/displays in the hospitals.
Depending on device, the market is segmented into desktop, mobile, and all-in-one. The desktop segment spearheaded the market in 2019 and is expected to continue its dominance during the forecast period as desktop medical displays are considered to be more suitable for visualization of some critical procedures such as surgeries, diagnostics, and medical imaging. The all-in-one segment will follow the desktop segment in terms of value during the study period owing to its increasing applications in medical software imaging and electronic medical records (EMR).
Depending on panel size, the global medical display market is segmented into up to 22.9-inch panels, 23.0-26.9-inch panels, 27.0–41.9-inch panel, and above 42-inch panels. The 27.0–41.9-inch panel segment is expected to lead the market as these are commonly used in radiology, computerized tomography (CT), magnetic resonance imaging (MRI), and ultrasound.
Depending on resolution, the global medical display market is bifurcated into up to 2MP (megapixel) resolution displays, 2.1–4MP resolution displays, 4.1–8MP resolution displays, and above 8MP resolution displays. Being the decent configuration, which is suitable for surgical and diagnostic applications, the 2.1–4MP resolution displays segment has witnessed supremacy in 2019.
Depending on application, the global medical display market is classified into the digital pathology, multi-modality, surgical, radiology, mammography, and others. The multi-modality application segment is anticipated to hold the second position throughout the assessment period in terms of value as multiple modalities enable flexibility for healthcare facilities to use medical displays for different departments according to their needs.
Region wise, the medical display market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the largest share of the global medical display market in 2019, and is expected to register the fastest CAGR during the study period. This is due to increased demand for advanced surgical display devices in the emerging countries such as India and China, rise in awareness about medical technologies, boom in medical tourism, and surge in healthcare spending in the region. According to export.gov, health expenditure as a percentage of gross domestic product (GDP) is expected to increase to between 6.5% and 7% by 2020.
By Device
The Desktop segment is expected to spearhead the market throughout the forecast period.
Advancement in technologies such as adoption of organic light-emitting diode (OLED) in medical treatments amongst various hospitals and the presence of major market players such as Novanta Inc., Quest International, Double Black Imaging, and Dell Inc. drive the growth of the market in North America.
The medical display market is highly competitive in nature, as major players in this space are focusing on growth strategies, namely, product launches, mergers and acquisitions (M&As), product developments, partnerships, and distributor agreements to strengthen their foothold in the competitive market. The key players operating in the global medical display market include ASUSTeK Computer Inc.; Axiomtek Co., Ltd.; Barco; BenQ Medical Technology; COJE Co.,Ltd.; Dell Inc.; Double Black Imaging; FSN Medical Technologies; Sony Corporation; DIVA Laboratories. Ltd.; EIZO Corporation; and Novanta Inc. (NDS Surgical Imaging).
By Region
Asia-Pacific held the largest share of the global medical display market in 2019, and is expected to register the fastest CAGR during the study period.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global medical display market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers market analysis from 2020 to 2027, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global medical display market growth.
Medical Display Market Report Highlights
| Aspects | Details |
 By DEVICE |
|
 By PANEL SIZE |
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 By RESOLUTION |
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 By APPLICATION |
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 By Region |
|
 Key Market Players | NOVANTA INC. (NDS SURGICAL IMAGING), COJE CO., LTD, FSN MEDICAL TECHNOLOGIES, BARCO NV, DIVA LABORATORIES. LTD, BENQ MEDICAL TECHNOLOGY, ASUSTEK COMPUTER INC, DELL TECHNOLOGIES INC, DOUBLE BLACK IMAGING CORPORATION, AXIOMTEK CO., LTD, EIZO CORPORATION, SONY CORPORATION |
Analyst Review
The medical display market is expected to witness considerable growth in the near future. The adoption of medical displays in hybrid operating rooms in hospitals and specialty clinics due to the need for early diagnosis and use of medical imaging in various surgeries in the developed nations is supporting the market growth. Moreover, the medical display market has gained immense interest of the healthcare industry due to its major role in diagnosis of endovascular and vascular surgeries, spinal & neurological surgeries, orthopedic trauma procedures, and cardiac surgeries.
Shorter replacement cycles of medical displays and increase in preference for minimally invasive treatments are also driving the market growth. In contrast, a surge in adoption of refurbished medical displays and market saturation in developed countries is anticipated to impede the market growth during the forecast period. As per the analysis in the report, the market in Asia-Pacific is projected to register the highest growth rate owing to increasing healthcare expenditure and rise in geriatric population in China and India.
Medical display is a monitor that features a special image-enhancing technology to ensure consistent brightness over the lifespan of the display, noise-free images, ergonomic reading and automated compliance with Digital Imaging and Communications in Medicine (DICOM) and other medical standard, and hence is used for medical imaging.
Medical displays are used for medical imaging in clinical consultation rooms, operating rooms, and at reception desks.
The total value of medical display market was $2,052.77 million in 2019.
The forecast period in the report is from 2020-2027.
The market value of opthalmic devices market in 2027 was $3,194.72 million.
The base year calculated in the report is 2019.
Growth in adoption of hoybrid operating rooms and increase in preference for minimally invasive treatments will drive the market according to the KOLs.
The market has drawn the interest of the healthcare industry, owing to rising prevalence of chronic diseases along with hospitalizaion
By device, the desktop segment holds the maximum market share.
Asia-Pacific held the largest share of the global medical display market in 2019, and is expected to register the fastest CAGR of 5.70% during the study period. This is due to increased demand for advanced surgical display devices in the emerging countries such as India and China, rise in awareness about medical technologies, boom in medical tourism, and surge in healthcare spending in the region.
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