Medical Display Monitor Market to Reach $2.8 Billion by 2023
- Published: May 2018
Global medical display monitor market is expected to attain revenue of $2.8 billion by 2023, according to P&S Intelligence.
The market is mainly driven by increasing prevalence of chronic diseases, increasing demand for minimally invasive treatments, rising adoption of hybrid operating room (OR) technologies, and short replacement cycle of medical display technologies.
Insights on market segments
Among all technologies, the demand for organic light-emitting diode (OLED) technology is expected to exhibit the fastest growth in the medical display monitor market, with a CAGR of 5.4%, during the forecast period. The technology is also predicted to generate revenue of more than $70.0 million by 2023.
Displays with 5MP–8MP resolution held the largest share in the medical display monitor market in 2017, accounting for 30.5% share. This can be attributed to the fact that these monitors offer better-quality images in various surgical and diagnostic applications, as compared to other monitors. During the forecast period, the market for colored medical display monitors is expected to witness faster growth, at a CAGR of 5.2%. This is because of the high preference for these monitors for surgical and diagnostic purposes.
Browse report overview with 94 tables and 64 figures spread through 162 pages and detailed TOC on "Medical Display Monitor Market by Technology (LED-Backlit LCD, CCFL-Backlit LCD, OLED), by Resolution (5MP–8MP, Up to 2MP, Above 8MP, 3MP–4MP), by Display Color (Colored, Monochrome), by Panel Size (23.0–26.9 Inches, 27.0–41.9 Inches, Under 22.9 Inches, Above 42 Inches), by Application (Diagnostic, Clinical, Surgical), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, U.A.E.) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/medical-display-monitor-market
Monitors of 23.0–26.9-inch panel sizes held the largest share in the medical display monitor market in 2017, accounting for 38.7% share. Diagnostics forms the largest application area of medical display monitors and is also anticipated to project the fastest growth, at a CAGR of 5.3%, in the market, during the forecast period. This can be attributed to the increasing adoption of these monitors in various imaging techniques, such as X-ray, magnetic resonance imaging, and computed tomography.
Market is predicted to witness the fastest growth in LATAM
During the forecast period, the medical display monitor market is expected to witness the fastest growth in LATAM. Advanced diagnostic imaging technologies are leading to a high demand for medical imaging devices, which, in turn, is boosting the market growth in LATAM.
According to a report published by the United Nations Department of Economic and Social Affairs (UNDESA) in 2017, the number of people aged 65 years and above in Brazil is expected to reach approximately 58 million by 2050. Therefore, increasing requirement for medical imaging devices and rising geriatric population in LATAM are expected to drive the medical display monitor market growth in the region in the coming years.
Surging demand for advanced display imaging systems is leading to product development
In order to increase their market share, key players of the medical display monitor industry are developing products for effective imaging in the areas of magnetic resonance imaging, digital subtraction angiography, and computed tomography. For instance, in October 2017, EIZO GmbH launched a 55-inch 4K ultra-high-definition (UHD) monitor, CuratOR LX550W, for use in interventional radiology and endoscopy. The widescreen monitor is ideal for displaying medical images for angiography, cardiology, and endoscopy in medical environments.
In June 2016, EIZO Corporation acquired the endoscopy monitor business of Panasonic Healthcare Co. Ltd. The acquisition was part of the company’s mid-term business plan, announced in 2015, to expand in the healthcare market, with a particular focus on OR. With this acquisition, EIZO Corporation aimed at providing a complete line-up of endoscopy monitors, including 3D and 4K ones, and gaining a significant competitive advantage in product development.
Some of the other key players operating in the global medical display monitor market are Siemens AG, Sony Corporation, Novanta Inc., Barco NV, LG Display Co. Ltd., Advantech Co. Ltd., Jusha Medical, JVCKENWOOD Corporation, and Steris plc.
GLOBAL MEDICAL DISPLAY MONITOR MARKET SEGMENTATION
Market Segmentation by Technology
- LED-backlit LCD
- CCFL-backlit LCD
- Organic light-emitting diode (OLED)
Market Segmentation by Resolution
- 5MP–8MP
- Up to 2MP
- Above 8MP
- 3MP–4MP
Market Segmentation by Display Color
- Colored
- Monochrome
Market Segmentation by Panel Size
- 23.0–26.9 inches
- 27.0–41.9 inches
- Under 22.9 inches
- Above 42 inches
Market Segmentation by Application
- Diagnostic
- Clinical
- Surgical
Market Segmentation by Geography
-
North America medical display monitor market
- By technology
- By resolution
- By display color
- By panel size
- By application
- By country – U.S. and Canada
-
Europe medical display monitor market
- By technology
- By resolution
- By display color
- By panel size
- By application
- By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
-
Asia-Pacific (APAC) medical display monitor market
- By technology
- By resolution
- By display color
- By panel size
- By application
- By country – Japan, China, India, and Rest of APAC
-
Latin America (LATAM) medical display monitor market
- By technology
- By resolution
- By display color
- By panel size
- By application
- By country – Brazil, Mexico, and Rest of LATAM
-
Middle East and Africa (MEA) medical display monitor market
- By technology
- By resolution
- By display color
- By panel size
- By application
- By country – Saudi Arabia, U.A.E., and Rest of MEA