Demand for Surgical and Diagnostic Displays Drives Medical Display Market Growth
The medical
display industry is poised to undergo significant transformations in
the near future. With rapid advancements in technology and increasing demand
for high-quality visualization in healthcare settings, medical displays are
expected to become more sophisticated and efficient. Cutting-edge technologies
like high-resolution screens, 3D imaging, and augmented reality are likely to
be integrated into medical displays, enhancing diagnostic accuracy and
improving surgical procedures. Additionally, the adoption of artificial
intelligence algorithms and machine learning techniques will enable real-time
image analysis, assisting healthcare professionals in making accurate and
timely decisions. Furthermore, the growing trend of telemedicine and remote
healthcare services will drive the demand for portable and wireless medical
displays that can deliver seamless and secure transmission of patient data. In
conclusion, the near future of the medical display industry promises remarkable
advancements that will revolutionize medical imaging, diagnostics, and patient
care, ultimately leading to improved healthcare outcomes worldwide.
Medical Display Market in terms
of revenue was estimated to be worth $2.3 billion in 2023 and is poised to
reach $2.9 billion by 2028, growing at a CAGR of 5.2% from 2023 to 2028
according to a new report by MarketsandMarkets™. The global Medical Display
market is like rising technological advancements, increasing demand for
diagnostic imaging, rising awareness and adoption of minimally invasive
procedures and surge in telemedicine and remote diagnostics. However, market
saturation in developed countries and increasing adoption of refurbished
medical displays will be challenges in the growth of this market during the
forecast period.
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Medical Display - Key Market Players:
The prominent players in the
global Medical Display Market are Barco NV (Belgium), Eizo (Japan), Sony
Electronics Inc. (Japan), Lg Electronics (South Korea), Novanta (US), FSN
Medical Technologies (South Korea), Advantech (Taiwan), Quest International
(US), Steris (UK), Jusha Medical (China), Siemens Healthineers Ag (Germany),
Double Black Imaging (US), HP Development Co. Ltd (US), Stryker (US), and Coje
Display (South Korea)
In this report, the Medical Display Market is segmented based on technology, panel size, resolution, display color, application and region.
|
Report Metric |
Details |
|
Market Size Available for Years |
2020–2028 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2028 |
|
Forecast Unit |
Value (USD Billion) |
|
Segments Covered |
By Technology, By Panel size, By Resolution, By color, By Applications,
and By Region |
|
Countries Covered |
|
|
Company Profile |
Barco NV (Belgium), Eizo (Japan),
Sony Electronics Inc. (Japan), Lg Electronics (South Korea), Novanta (US), FSN
Medical Technologies (South Korea), Advantech (Taiwan), Quest International
(US), Steris (UK), Jusha Medical (China), Siemens Healthineers Ag (Germany), Double
Black Imaging (US), HP Development Co. Ltd (US), Stryker (US), and Coje
Display (South Korea) |
Color display segment is
expected to witness the fastest growth in the forecast period.
The Medical Display Market is
categorized into five segments, including technology, panel size, resolution,
display color, application. Among these categories, the color segment in
display color is projected to experience the highest growth rate from 2023 to
2028. Enhanced visualization, technological advancements, increasing complexity
of medical imaging, improved patient care and safety, integration with picture
archiving and communication systems (PACS), and advantages of color displays
over grayscale displays such as enhanced contrast and differentiation, improved
depth perception, enhanced communication and collaboration, multi-modality
application are responsible for the large adoption of color display.
OLED Displays accounted for
the fastest growing of the Medical Display Market in 2022.
The Medical Display Market is
categorized into different technology, including LED-Backlit LCD Displays,
CCFL-Backlit LCD Displays, OLED Displays. Among these, the OLED displays
segment held the fastest-growing market for medical display market in 2022.
This significant market share can be attributed to factors such as fast
response time and high refresh rates of OLED displays enable real-time
visualization of moving structures, making them valuable for procedures that
require precise guidance and monitoring, such as minimally invasive surgeries
and endoscopy.
Europe accounted for the
second largest share of the Medical Display Market in 2022.
The Medical Display Market is
segmented into five geographical regions: North America, Europe, Asia Pacific,
Latin America, and the Middle East & Africa. In 2022, Europe emerged as the
second dominant market for Medical Display worldwide. The increasing demand for
Medical Display and the availability of advanced technologies are expected to
be major driving factors for market growth in Europe. The region's substantial
market share can be attributed to its well-developed healthcare infrastructure
and the continuous investment in research and development of medical devices.
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Medical Display Market Dynamics:
Drivers:
·
Growing Adoption of Hybrid Operating Rooms
·
Short Replacement Cycles of Medical Displays
·
Increasing Preference for Minimally Invasive
Treatments
·
Rising Number of Diagnostic Imaging Centers
Restraints:
·
Market Saturation in Developed Countries
·
Increasing Adoption of Refurbished Medical
Displays
Opportunities:
·
Development of Healthcare Infrastructure in
Emerging Markets
·
Technological Advancements
Challenges:
·
Adoption of Consumer-Grade Displays
·
Fluctuating Average Selling Prices of Display
Panels
Medical Display Market - Primary Research
To gather qualitative and
quantitative data for this study, a variety of sources from the supply and
demand sides were interviewed during the main research phase. CEOs, vice
presidents, marketing and sales directors, business development managers,
technology, and innovation directors of medical display manufacturing
businesses, key opinion leaders, suppliers, and distributors are the main
sources on the supply side. Diagnostic centers and Hospitals and dentistry, and
Others are some of the main demand-side suppliers.
Medical Display Market - Secondary Research
There were several secondary
sources used in this study, including directories, databases like Bloomberg
Business, Factiva, and Dun & Bradstreet, white papers, annual reports,
corporate house documents, investor presentations, and firm SEC filings. To
find and gather data for the detailed, technical, market-focused, and
commercial analysis of the Medical Display Market, secondary research was
carried out. Relevant information on major companies, market classification and
segmentation according to industry trends down to the most basic level, and
significant changes regarding market and technological views were also
obtained. Additionally, utilizing secondary research, a database of the
important industry executives was created.
Medical Display Market Recent Developments:
In April 2023, LG electronics
launched 32HQ713D-B, which has latest high-resolution 8MP diagnostic medical
monitor. It combines 1000 nits of brightness with LG's proprietary IPS Black
panel to deliver an enhanced 2,000:1 contrast ratio with deep blacks, while
greatly simplifying color calibration through an automatic integrated sensor
and software.
In February 2023, Eizo launched a
21.3-inch 2-megapixel (1200 x 1600 pixels) color monitor for displaying patient
charts and reviewing diagnostic imaging in hospital and clinic environments.
In November 2022, Barco launched
two displays. Io Gray 5.8 MP for the breast imaging and MDSC-8532 and MDSC-8527
4K UHD for surgical display.
In July 2022, Eizo launched
launched four new monitors ranging from 32 to 55 inches with 4K UHD resolution
(3840 x 2160 pixels) for use in endoscopy, microsurgery, and other
high-precision procedures in the operating room (OR).
Medical Display Market Advantages:
·
Enhanced image quality: Medical displays provide
high-resolution and accurate visualization of medical images, enabling
healthcare professionals to make precise diagnoses and treatment decisions.
·
DICOM compliance: Medical displays adhere to the
DICOM standard, ensuring consistency and compatibility in image display across
different healthcare systems. This promotes seamless sharing and collaboration
of medical images among healthcare providers.
·
Ergonomic features: Medical displays are
designed with features like backlight stabilization, ambient light sensors, and
anti-glare coatings to optimize viewing conditions and reduce eye fatigue. This
improves user comfort and productivity during long hours of image
interpretation.
·
Versatility: The medical display market offers a
wide range of display sizes and configurations to suit different clinical
settings. From large format displays for operating rooms to compact and
portable displays for point-of-care applications, healthcare professionals have
access to tailored display solutions.
·
Integration of advanced technologies: Medical
displays are incorporating advanced technologies such as artificial
intelligence and machine learning algorithms. These technologies assist in
automated image analysis, abnormality detection, and generating quantitative
data, leading to faster and more precise diagnoses.
·
Workflow efficiency: With optimized image
quality, standardized display, and ergonomic features, medical displays
contribute to improved workflow efficiency in healthcare settings. This leads
to streamlined processes, reduced errors, and enhanced patient care.
·
Telemedicine and remote healthcare: The growing
trend of telemedicine and remote healthcare services demands portable and
wireless medical displays that can securely transmit patient data. Medical
displays cater to these requirements, facilitating remote consultations and
diagnosis.
·
Ongoing technological advancements: The medical
display market is continuously evolving, with ongoing research and development.
Advancements in display technology, such as higher resolutions, 3D imaging, and
augmented reality, are expected to further enhance the capabilities of medical
displays.
·
Overall, the medical display market offers
advantages like enhanced image quality, DICOM compliance, ergonomic features,
versatility, integration of advanced technologies, improved workflow
efficiency, support for telemedicine, and ongoing technological advancements.
These factors contribute to the critical role of medical displays in enabling
accurate diagnoses, efficient healthcare processes, and better patient
outcomes.
Medical Display market - Report Highlights:
Refinements in the segments of
the medical display market
The current edition of the report
consists of an updated market overview. Additional points in the market
overview have been added, keeping in mind the impact of Recession impact on the
overall medical display market. The new additions in this chapter include
supply chain analysis, ecosystem analysis, regulatory analysis, value chain
analysis, Porter's five forces analysis, Company evaluation quadrants for
start-ups/ SMEs and product portfolio analysis.
Coverage of new market players in
the medical display market
Updated financial
information/product portfolio of players
The new edition of the report
provides updated financial information until 2022 for each listed company in a
graphical representation as a single diagram (instead of multiple tables). This
will easily help analyze the present status of profiled companies in terms of
their financial strength, profitability, key revenue-generating country/region,
business segment focus in terms of the highest revenue-generating segment, and
R&D investments.
Updated market developments of
profiled players recent developments are important to understand market trends
and the growth strategies adopted by players. The current edition of this
report provides updated developments of profiled players from January 2019 to
August 2022, indicating a continuation from the previous version.
Product/services launches, approvals, and upgrades, expansions, acquisitions,
agreements, partnerships, and collaborations were the principal growth
strategies adopted by market players in this period.
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