The medical display market is growing rapidly, driven by the increasing demand for minimally invasive treatments, thriving healthcare infrastructure, and technological advancements. Minimally invasive treatments are gaining popularity due to their shorter hospital stays, less post-operative pain, and fewer complications. The booming healthcare industry and rising disposable incomes are also contributing to the growth of the medical display market.
NEWARK, Del., Nov. 1, 2023 /PRNewswire/ -- Medical Display Market Segmentation Analysis by Radiology and Surgical, with Growth Opportunities and Revenue Forecast 2023 to 2033
The global medical display market has been estimated to be valued at US$ 2.4 billion in 2022 and is expected to reach US$ 2.6 billion by 2023. The market's growth is predicted to be beneficial, with a CAGR of 5.3% projected from 2023 to 2033. Furthermore, the medical displays market is expected to reach a valuation of US$ 4.3 billion by 2033. This growth in healthcare and computer hardware industries signals an increasing demand for medical display platform solutions due to the constantly evolving global environment.
Technological advancements in recent years have significantly impacted the healthcare industry, with medical displays becoming a rapidly growing segment in the global imaging market. Image display systems' reliable and consistent performance is critical to modernized radiology departments' data technology platforms. Furthermore, imaging technology is increasingly gaining popularity due to the surge in the aging population, changes in epidemiological patterns, and modifications in patient care practices. The clinical field heavily depends on imaging technology to improve the accuracy of diagnostic and therapeutic procedures.
Medical displays are essential in medical imaging as they give doctors, surgeons, and patients a real-time view of a particular organ or location. These displays are distinct from standard displays, offering better aspects such as grayscale output, higher contrast ratios, and improved brightness. Such high-resolution displays are crucial during surgeries as they assist in distinguishing vascular structures within the organ and assessing pathological areas.
The demand for medical displays is increasing due to several factors, such as technological advancements, a surge in telemedicine and remote diagnostics, greater awareness and adoption of minimally invasive procedures, and a rising demand for diagnostic imaging. The medical display industry is expected to grow due to the increasing demand for improvements in endoscopic video cameras. The market for medical displays used in surgical interventional applications is driven by the rapidly increasing volume of surgical procedures and the demand for high-resolution 4K and 8K surgical displays.
Several challenges arise from the use of consumer-grade displays in medical settings. Although these displays may be widely available and cost-effective, they have to meet specific requirements to ensure that medical imaging is accurate and reliable. Medical facilities face several challenges in the adoption of consumer-grade displays, including image quality, calibration and quality assurance regulatory compliance, longevity and reliability, vendor support, and service. To accommodate budget constraints, healthcare providers in developing countries like China and Japan increasingly turn to lower-priced COTS displays, which are almost 40% to 50% less expensive than their counterparts. The growing adoption of medical displays is expected to hamper the market's expansion in the coming years.
The healthcare industry is experiencing a growing demand for medical display devices with ultra-high-resolution imaging and multi-modality monitors in hospitals and diagnostic centers. The need for advanced imaging techniques in surgeries drives this demand.
"Adopting medical imaging technologies such as 3D, open and portable MRIs, digital mammography, and AI creates lucrative opportunities for industry experts. As the need for advanced imaging techniques in surgeries, diagnostic centers, and hospitals are driving the demand of medical displays," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.
Key Takeaways from the Medical Display Market
- The global medical display market is estimated to register a CAGR of 5.3% with a valuation of US$ 4.3 billion by 2033.
- The market captured a CAGR of 6.8% in the historical period between 2018 and 2022.
- Japan is anticipated to dominate the global market by registering a 9.3% CAGR during the forecast period.
- With an 8.6% CAGR, China is driving the global market by 2033.
- The United States is anticipated to secure a CAGR of 7.5% in the global market during the forecast period.
Country-wise Insights of Medical Display:
Country | CAGR (2018 to 2022) | CAGR (2023 to 2033) |
United States Medical Display Market Size | 7.50 % | 5.60 % |
United Kingdom Medical Display Market Outlook | 5.10 % | 4.30 % |
China Medical Display Market Size | 8.60 % | 6.00 % |
Japan Medical Display Market Share | 9.30 % | 6.50 % |
South Korean Medical Display Market Insight | 4 % | 3.10 % |
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Key Strategies
In the fiercely competitive medical display market, key players employ various growth strategies such as product launches, mergers and acquisitions, product development, partnerships, and distributor agreements to expand their market share. The global medical display market is dominated by LG Display, EIZO, Sony, FSN Medical, Double Black Imaging, STERIS, Barco, Jusha Medical, Advantech, Quest International, and other key players.
Recent Developments in the Medical Displays Market
- In October 2023, Leadtek Electronics' 6.2-inch TFT LCD Healthcare Display offers unmatched precision for medical imaging with its 360x960 resolution, delivering more precise and accurate outcomes.
- In April 2023, LG Electronics unveiled its latest diagnostic medical monitor, the 32HQ713D-B, which boasts a high resolution of 8MP. LG's IPS Black panel technology can display 1000 nits of brightness while delivering a contrast ratio of 2,000:1 that brings out deep blacks. An automatic sensor and software integration also make color calibration easy for users.
Comprehensive Research Methodology of Medical Display Market Available here!
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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