According to a new report published by Allied Market Research, titled, “Medical Display Market, by Device, Panel Size, Resolution, and Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global medical display market was valued at $2.1 billion in 2019, and is projected to reach $3.2 billion by 2027, registering a CAGR of 4.90% from 2020 to 2027
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.
The growth of the global medical display market is majorly driven by growth in adoption of hybrid operating rooms, increase in preference for minimally invasive treatments, surging number of medical establishments, and rise in healthcare expenditure across the world. The growth in demand for multimodality displays for radiology and various medical applications to get a detailed view of ultrasound outputs and positron emission tomography (PET) further drive growth of the global medical display market.
Coronavirus disease (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in a patient, which ranges from common symptoms to serious symptoms. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as a pandemic. In addition, no drugs are currently licensed for COVID-19 treatment or prevention. Thus, social distancing is observed as the most important measure to stop spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.
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.
On the basis of device, the global medical display market is categorized into desktop, mobile, and all-in-one. The desktop segment dominated the market in 2019 owing to its wide usage during major medical procedures attributed to its high image quality and ease of image analysis.
By 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 dominate the market owing to its suitability for wide range of applications that include surgical as well as diagnostics.
By resolution, the global medical display market is classified 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.
On the basis of application, the global medical display market is classified into the digital pathology, multi-modality, surgical, radiology, mammography, and others. The surgical segment dominated the market in 2019 and is expected to continue to remain dominant throughout the forecast period due to increase in use of medical displays for surgeries with its critical impact on the quality of procedures.
Region wise, the medical display market 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.
On the other hand, Europe held the second largest market share of the global medical display market in 2019. The increase in healthcare expenditure in both public and private sector has driven the market growth in this region.
The market players are adopting growth strategies such as product launches, mergers and acquisitions (M&As), product developments, partnerships, and distributor agreements in order to attain a substantial share of the market. The key players operating in the market are 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).
Key Findings Of The Study
- By device, the desktop segment was the highest contributor to the market in 2019
- On the basis of panel size, the 27.0 to 41.9 inch panels segment dominated the market in 2019, and is expected to continue this trend during forecast period with a CAGR of 5.40%
- On the basis of resolution, the above 8MP segment spearheaded the market among other resolution
- On the basis of application, the surgical segment held a prominent share in 2019 and is likely to continue its status quo throughout the study period
- On the basis of region, Asia-Pacific accounted for the largest share in 2019; and is anticipated to grow at the highest CAGR of 5.70% during the forecast period