Medical Display Market Size to Reach US$ 3,194.7 million by 2027

CITY, Country, 2023-Feb-20 — /EPR Network/ —The global medical display market size is expected to grow from USD 2,288.8 million in 2020 to USD 3,194.7 million by 2027, at a CAGR of 4.9% from 2021 to 2027. They diagnose patients accurately using a picture archive communication system (PACS) viewer that displays medical images on liquid crystal display (LCD) monitors to detect various diseases. Thus, medical display devices are effective tools for medical professionals to see images better than physical films or cathode ray tube monitors. Proper diagnosis necessitates streamlining hospital operations and enhancing patient care in the healthcare system. For reliable and accurate medical display systems, medical professionals such as surgeons, radiologists, and information technology specialists require medical-grade monitors. Thus, the adequacy of medical display monitors is a vital element in modern hospitals.

Medical facilities and healthcare spending growth fuel the demand for medical display devices in these regions. In addition, as the world’s senior population grows, demand for medical-aid and medical-display equipment grows in North America and Europe. The need for multi-modality displays in radiology and other medical applications to fully understand ultrasound outputs and positron emission tomography fuels the global medical display market’s expansion. Nonetheless, the market’s expansion is constrained by the gadgets’ greater prices. The increase in demand for diagnostic procedures such as ultrasound, medical resonance imaging, and X-ray is expected to provide newer opportunities for market growth.

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COVID19 Impact on the Global Medical Display Market

Coronavirus illness (COVID-19) was detected in the Chinese city of Wuhan in late December. The condition is caused by SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2), spreading from person to person. The illness quickly spread throughout the globe after its discovery in Wuhan. Furthermore, this virus causes various symptoms in a patient, ranging from minor to severe. COVID-19 has been classified as a pandemic by the World Health Organization (WHO) as of March 11, 2020.

Furthermore, no medications are presently approved for the treatment or prevention of COVID-19. As a result, the most crucial approach to inhibit the development of this disease is social separation. Furthermore, several governments have used statewide lockdowns to preserve social distance.

The new coronavirus spread rapidly over the world. Even though the COVID-19 pandemic is still transforming the growth of numerous businesses, the outbreak’s immediate impact is varied. For example, the increased hospitalization caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) induced respiratory failure leading to COVID-19 disease has boosted market growth globally. On the other hand, imposing new government rules and the lockdown has disrupted the supply chain of medical devices, including medical displays. Thus, it resulted in a decrease in the manufacturing and operations of medical displays. Further, after mid-2020, various COVID-19 awareness initiatives were organized and promoted by a few market players to help COVID-19 patients, which has increased the adoption of monitors/displays in the hospitals.

Global Medical Display Market Dynamics

DriversGrowth in Adoption of Hybrid Operating Rooms

Hybrid operating rooms are surgical theatres equipped with advanced medical imaging devices to perform image-guided minimally invasive procedures. These hybrid ORs find their usage in various hospitals as they are well-equipped with CT scanners, MRI scanners, and C-arms. Hybrid operating rooms are used for spinal and neurological surgeries, orthopedic trauma procedures, cardiac surgeries, endovascular and vascular surgeries. This feature enables advanced surgical procedures in hospitals, increasing the demand for medical displays.

RestraintsMarket Saturation in Developed Countries

The developed geographic region, which consists of countries like the U.S., Canada, and the UK, witnesses market saturation for medical displays. The presence of major players in the medical display market results in product obsolescence, which further leads to a drastic drop in the average selling price of medical display monitors in these countries. In addition, the well-established hospitals are opting for refurbished medical displays owing to the higher costs associated with newer products. Furthermore, there are approximately 38,132 diagnostic centers. Around 6,534 are diagnostic imaging centers in the U.S. Majority of diagnostics centers and almost all the imaging centers in the U.S. are equipped with medical displays. Moreover, the U.S. consists of 43,233 operating rooms with fully equipped medical display devices. Similarly, the number of operating rooms in Europe is nearly 131,720; thus, the further scope for market penetration is limited, which may restrain the medical displays market in these developed countries.

OpportunitiesTechnological Advancements in Imaging techniques

The need for ultra-high-resolution imaging and multi-modality monitors in hospitals and diagnostic centers for surgeries creates new opportunities for medical display devices in the market. Recent advances in the medical imaging techniques such as 3D technology, open and portable MRIs, digital mammography, and AI are expected to offer remunerative opportunities for major players.

ChallengeAdoption of Consumer-Grade Displays

The consumer-grade displays have specific functions, making them better for hospitals and clinics. Consumer-like features such as common resolutions or compatibility with various modalities are required. Consumer displays have a glossy finish, which can be beneficial in low-light settings and windows, preventing distraction. These can handle the consumer video formats in an enhanced way compared to the medical displays.

Scope of the Report

The study categorizes the medical display market based on device, panel size, resolution, and application at the regional and global levels.

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By Device Outlook (Sales, USD Million, 20172027)

  • Mobile
  • Desktop
  • All-in-one

By Panel Size Outlook (Sales, USD Million, 20172027)

  • Up to 22.9-inch Panels
  • 23.0–26.9-inch Panels
  • 27.0–41.9-inch Pane
  • Above 42-inch Panels

By Resolution Outlook (Sales, USD Million, 20172027)

  • Up to 2MP Resolution Displays
  • 2.1–4MP Resolution Displays
  • 4.1–8MP Resolution Displays
  • Above 8MP Resolution Displays

By Application Outlook (Sales, USD Million, 20172027)

  • Digital Pathology
  • Multi-modality
  • Surgical
  • Radiology
  • Mammography
  • Others

By Region Outlook (Sales, USD Million, 20172027)

  • North America (US, Canada, Mexico)
  • South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
  • Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
  • The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The desktop segment is projected to account for the largest market share by devices

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Based on devices, the global medical display market is categorized into desktop, mobile, and all-in-one products. In 2020, the desktop segment accounted for the largest market share of 87.5% in the global medical display market. Desktop medical displays are the commonly used medical displays and are often connected with various medical devices such as imaging, endoscopic cameras, and radiology equipment to visualize medical procedures. Desktop medical devices feature better screen resolution, easier analysis, better visualization with minute details, and a bigger display size that curtails the need for zooming, saves time and avoids image saturation. With such features, desktop medical displays are considered more suitable for visualizing critical procedures such as surgeries, diagnostics, and medical imaging, thereby supporting the segment’s dominance during the forecast period.

Asia Pacific accounts for the highest CAGR during the forecast period. 

Based on the regions, the global medical display market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 5.7% in the global medical display market during the forecast period. India, China, South Korea, Australia, Japan, Southeast Asia, and the Rest of Asia-Pacific make up the region. Strong economic growth in domestic rising nations such as China, Indonesia, Malaysia, and India is driving the region’s expansion.

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The medical display device market will be one of the fastest-growing market sectors in China in 2020. Over 70% of this growth was fueled by hospital procurement. Medical display devices are regulated by the National Medical Products Administration (NMPA) in China. Furthermore, according to export.gov, health expenditure as a percentage of GDP is expected to increase to 6.5 and 7% by 2020. As of November 2018, China had approximately 32,000 hospitals, of which 12,072 are public. Despite the number of private hospitals typically small, large public hospitals still drive healthcare product procurement. An increase in healthcare expenditure and a rise in the geriatric population are expected to boost further the demand for diagnosis of various diseases and medical conditions, thereby increasing the requirement for medical display devices.

Key Market Players

Every company follows its business strategy to attain the maximum market share. Asustek Computer Inc, Axiomtek Co., Ltd, Barco Nv, Benq Medical Technology, Coje Co., Ltd, Dell Technologies Inc, Diva Laboratories. Ltd, Double Black Imaging Corporation, Eizo Corporation, FSN Medical Technologies, Novanta Inc. (Nds Surgical Imaging), and Sony Corporation are leading players operating in the global medical display market.

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