Global medical display market was valued at US$ 2,039.04 million in 2022 and is estimated to generate a revenue of US$ 3,777.78 Mn by 2031 at a CAGR of 5.68% over the forecast period (2023-2031). In terms of Volume, the market is expected to sales 18,531.40 thousand units by 2031.
The medical display industry is witnessing a significant transformation with the advent of cutting-edge technology. The traditional Cathode Ray Tube (CRT) displays are being replaced by more efficient and thinner Liquid Crystal Displays (LCDs). LCDs offer a range of advantages over CRTs including better image quality, lower power consumption, and thinner form factors.
The healthcare industry is undergoing a transition with the shift from paper-based medical records to electronic health records (EHRs). This transition in the medical display market has opened up new avenues for firms providing informatics solutions and services. Electronic health records contain detailed information about patient history, medications, allergies, immunizations, lab results, radiology images, and vital signs. The compilation of all this data in one place allows easy access to a patient’s complete medical record by authorized personnel.
One of the major challenges faced by the medical display market is data interoperability between different EHR systems. Data interoperability issues arise due to lack of standards for storage and exchange of electronic health information. To overcome this challenge, various public and private organizations are working on developing standards for interoperability such as Health Level Seven International (HL7), Integrating the Healthcare Enterprise (IHE), and Digital Imaging and Communications in Medicine (DICOM).
Market Dynamics
Drivers
Segmental Analysis
Product Insights:
By product, the medical display market is classified into surgical field cameras, distribution systems, monitors, servers and hybrid visual system (fixed C-Arms, X-ray computed tomography (CT) scanners, magnetic resonance imaging (MRI) scanners and others). The hybrid visual system dominates the global market. In addition to this, X-ray computed tomography (CT) scanners holds the highest market share while magnetic resonance imaging (MRI) scanners is growing with the highest CAGR.
Technology Insights:
Based on technology, the medical display market is segmented into LED-backlit LCD display, CCFL-backlit LCD display and OLED display. LED-backlit LCD Display dominates the global market having the highest market share due to factors including reduced voltage use, lower power consumption, and cheaper maintenance costs. It has been noticed that LCD technology is less prone to failures than CRT technology. Therefore, it used more frequently in medical displays.
Panel Size Insights:
Based on panel size, the medical display market is segmented into under 22.9-inch panels, 23.0-26.9-inch panels, 27.0-41-inch panels and above 42-inch panels. The 23.0-26.9-inch panels segment has been witnessing a strong momentum in the demand across surgical, therapeutic, and diagnostic procedures. These diagnostic displays are used for magnetic resonance imaging (MRI), computed tomography (CT), and X-rays (MRI).
Today, most of the hospitals are deploying bigger medical screen to show numerous images at once. Moreover, large-size displays improve visibility and productivity by reducing window/image overlap and providing clear images. Another element boosting the demand for higher size of panel is the ease of connection to endoscopic cameras, imaging, and radiology equipment to visualize medical procedures.
Resolution Insights:
Based on the resolution, the medical display market is segmented into- up to 2MP, 2.1-4MP, 4.1-8MP and above 8MP. Images with a high pixel count and resolution are essential for accurate diagnosis and dependable image analysis. The 2.1-4MP resolution screens category witnessed the highest market growth in 2022 and is expected to continue the same during the forecast period.
Display Color Insights:
The medical display market is divided into two main categories: color displays and monochrome displays. While color displays are currently the most prevalent in the industry, there is a growing trend towards multi-modal displays. These advanced displays allow for the simultaneous display of multiple image types, including both color and grayscale images in both still and moving formats. They also often feature color enhancement capabilities, giving healthcare professionals access to enhanced views of imaging such as PET and ultrasound outputs. Overall, multi-modal displays are becoming increasingly popular as they offer more comprehensive diagnostic capabilities.
Application Insights:
The medical display market is segmented based on application, including diagnostic, general radiology, mammography, digital pathology, multi-modality, surgical/interventional, dentistry, and others.
The medical display market is a rapidly growing industry due to the increasing demand for advanced technologies in healthcare. The diagnostic segment, in particular, is expected to experience significant growth as the use of medical displays in diagnostic imaging continues to rise. The use of medical displays in diagnostic applications such as mammography and radiography allow radiologists to view high-quality images, which helps them make more accurate diagnoses and treatment decisions. Furthermore, with the advancement of technology, medical displays are now available in multiple modalities and with different image enhancement features which are increasingly used in diagnostic imaging and other healthcare applications.
Additionally, the market for digital pathology, multi-modality and surgical/interventional applications is also expected to grow in the forecast period, driven by the increasing use of medical displays in these applications. For example, digital pathology allows for the digitization of pathology specimens, which can be viewed and analyzed on medical displays. Multi-modality displays allow for the simultaneous display of multiple image types, providing healthcare professionals with more comprehensive diagnostic capabilities. Surgical/interventional displays are used in the operating room and interventional radiology suites to view live imaging during procedures.
Regional Insights
The global medical display market is segmented by region, with North America currently leading in terms of market share. The demand for medical display devices in this region is driven by several factors. Firstly, the increasing number of medical facilities in North America is leading to an increased need for advanced medical technologies, including medical displays. Additionally, healthcare spending in the region is on the rise, leading to a greater demand for high-quality medical equipment.
Another key factor driving demand for medical display market in North America is the region's growing geriatric population. As the population ages, there is an increased need for medical aids and medical devices, including medical displays. According to the U.S. Census Bureau, the older population (persons 65 years or older) is projected to nearly double from 52 million in 2018 to 95 million by 2060. This demographic shift will lead to an increased demand for medical display devices, as they are crucial for the diagnosis and treatment of age-related conditions.
Furthermore, government regulations and reimbursement policies also play a major role in the growth of the medical display market. The governments in North America are focusing on providing better healthcare services to the citizens, which includes providing better diagnostic equipment, thereby driving the market for medical displays.
List of Key Companies Profiled:
Key Developments:
Segmentation Overview
By Product
By Technology
By Panel Size
By Resolution
By Display Color
By Application
By Region/Country
Medical display devices are commonly used for digital signal processing (DSP), which has the advantages of portability, miniaturization and multi-parameter displays that can track many different vital signs at once.
The Global Medical Display Market is studied from 2018-2031.
The Global Medical Display market is projected to grow at a CAGR of 5.8% during the forecast period 2023-2031 and is expected to reach US$ 3,777.78 Million by 2031.
Factor such as growing prevalence of minimally invasive treatment and increasing number of hybrid operating rooms drives the growth in the global medical display market.
Diagnostic segment holds highest CAGR in the Global Medical Display during the forecast period.
North America region is growing with the highest CAGR during the forecast period.
Growing use of refurbished medical display restricts the growth of medical display market.
Surgical Field Cameras holds the highest market share in the North America Medical Display market in 2022.
Improvement in display technologies and growing integration of LED and OLED are the recent trends in the market.
Product, Technology, Panel Size, Resolution, Display Color, Application and Region are the different segments in the Global Medical Display market.
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, Novanta Inc., and WIDE among others.
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| Report ID: AA0123358 
