Medical Display Market by Technology (LED-Backlit LCD Displays, CCFL-Backlit LCD Displays, OLED Displays), Panel Size (Under 22.9 inch panels, 23.9-26.9 inch panels, 27-41.9 inch panels), Resolution, Display Color, Application - Global Forecast to 2028
Updated on : May 25, 2023
The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market for medical display is expanding because of factors like rising technological advancements, increasing demand for diagnostic imaging, rising awareness and adoption of minimally invasive procedures and surge in telemedicine and remote diagnostics. The medical display industry is anticipated to develop because of the rising demand for advancements in endoscopic video cameras, rapidly growing surgical procedure volume, and growing demand for high-resolution 4K and 8K surgical displays are driving the market for medial displays used in surgical/interventional applications.
Global Medical Display Market Trends
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Medical Display Market
Driver: Growing adoption of hybrid operating rooms
Hospitals around the world are gradually shifting towards hybrid ORs to perform sophisticated and minimally invasive surgeries. This has resulted in the replacement of old display systems with newer, high-resolution medical displays. Hybrid ORs are often used for image-guided interventions, such as minimally invasive surgeries, endovascular procedures, and catheter-based treatments. Medical displays play a crucial role in displaying imaging data, enabling surgeons to see the patient's anatomy and real-time imaging simultaneously. This integration of imaging and surgical tools improves precision, safety, and procedural outcomes. Moreover, hybrid ORs typically incorporate multiple imaging modalities, such as angiography systems, MRI scanners, and ultrasound machines. Medical displays serve as a central interface for these various imaging sources, allowing surgeons and radiologists to view and compare images from different modalities side by side. This integration streamlines workflow, enhances collaboration between surgical and imaging teams, and facilitates comprehensive patient care. Hybrid operating rooms offer several advantages over traditional operating rooms, including improved visualization, reduced complications, and shorter hospital stays, which have fueled the demand for hybrid operating rooms.
Restraint: Increasing adoption of refurbished medical displays
The increasing demand for refurbished devices poses a major challenge for market players, especially for small manufacturers. To strengthen their position in the market and create a strong user base for their imaging systems, market players must either position their products at lower prices or come up with better or more advanced technologies that will address the unmet needs in the market. The adoption of refurbished medical displays has been increasing in healthcare facilities for several reasons such as cost savings, quality and reliability, extended lifespan, availability of legacy systems, rapid technology obsolescence and established refurbishment channels.
Opportunity: Increasing investments from government bodies and private players in healthcare sectors in emerging economies
Asia accounts for more than half of the world’s population. The growing population in this region is driving the demand for healthcare services. In order to cater to the increasing demand for better healthcare services, various governments in Asian countries are making significant investments in the modernization of healthcare infrastructure in their respective healthcare systems. Emerging economies often experience rapid population growth, urbanization, and an aging population. These factors contribute to increased healthcare demand, leading to investments in healthcare infrastructure, facilities, and services. Governments and private players recognize the need to expand and improve healthcare systems to meet the growing needs of their populations. Furthermore, many emerging economies have seen a significant expansion of the middle class, accompanied by increasing disposable income levels. This upward economic mobility has resulted in higher expectations for quality healthcare services. Governments and private investors are capitalizing on this demand by investing in hospitals, clinics, and medical technologies to cater to the rising middle-class population. This is expected to provide significant revenue growth opportunities for players operating in the medical devices market.
Challenge: Adoption of consumer-grade displays
The adoption of consumer-grade displays in medical settings presents several challenges. While consumer displays may be cost-effective and widely available, they must meet certain criteria to ensure accurate and reliable medical imaging. Challenges associated with the adoption of consumer-grade displays in medical environments are Image quality, calibration and quality assurance regulatory compliance, Longevity and Reliability, Vendor Support and Service. Healthcare providers have begun to look towards lower-priced COTS displays (almost 40% to 50% less than their counterparts). This is particularly evident in small and mid-sized hospitals with budgetary constraints, in developing countries such as India and China. The growing adoption of COTS displays is expected to be a key challenge to the growth of the market in the coming years.
Medical Display Market Ecosystem
The ecosystem of the market is made up of the components that are present there and specifies these components with a list of the organizations involved. Manufacturers of different medical display include the businesses engaged in research, product development, optimization, and introduction of such goods. Distributors include third parties and e-commerce sites affiliated with the organization for selling these medical displays, whereas applications are the areas where medical displays are used.
OLED Displays segment of medical display market is expected to witness the fastest growth in the forecast period.
The global market is divided into technology, panel size, resolution, color and applications. The market category for OLED display falls under technology segment of the report and is anticipated to grow at the fastest rate between 2023 and 2028. OLED displays help healthcare professionals to notice very subtle details such as the indistinct color differences between different tissues and hemodynamics which many LED displays lack. In addition, OLED medical displays are increasingly being used in radiology and diagnostic imaging medical applications are the factors that are expected to boost market expansion throughout the projected period.
Diagnostic Applications accounted for the largest share of the medical display market in 2022.
The global market is divided into technology, panel size, resolution, color and applications. The market category for diagnostic application falls under application segment of the report and is anticipated to account for the largest share in 2022. The large share of this segment can be attributed to the rapidly increasing prevalence of diseases such as cancer and the increasing number of patients being screened using imaging systems. This application segment is expected to continue to dominate the market in the coming years.
2.1–4MP resolution accounted for the second largest share of the medical display market in 2022.
The global market by resolution is divided into Up to 2MP, 2.1–4MP, 4.1–8MP and Above 8MP. The market category 4.1-8MP is anticipated to account for the second largest share in 2022. The second large share of this segment can be attributed to the higher brightness, bezel-less widescreen, and ability to produce color and monochrome images with separate gamma curves, enhanced multitasking, compatibility with high-resolution modalities. Moreover, the 2.1-4 MP medical displays provide enhanced image detail, increased screen real estate, multi-modality support, accurate image rendering, DICOM compliance, wide viewing angles, and reliability. These advantages will continue to hold there market share throughout the forecast period.
North America accounted for the largest share of the medical display market in 2022.
The market is divided into five regions based on geography: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the largest market share for market globally. It is anticipated that a major driver impacting the North America market growth would be for increasing demand for diagnostic imaging, technological advancements and increasing adoption of picture archiving and communication systems (PACS), The significant market share of North America is related to the presence of good healthcare infrastructure, as well as the rising R&D investment on medical displays.
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Key players in the 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)
Medical Display Market Report:
Market Revenue in 2023
Projected Revenue in 2028
Poised to grow at a CAGR of 5.2%
Growing adoption of hybrid operating rooms
Increasing investments from government bodies and private players in healthcare sectors in emerging economies
The research report categorizes medical display market to forecast revenue and analyze trends in each of the following submarkets:
- LED-backlit LCD
- CCFL-backlit LCD
By Panel Size
- Under 22.9 inch panels
- 23.9-26.9 inch panels
- 27-41.9 inch panels
- Above 42 inch panels
- Up to 2 mp resolution displays
- 2.1-4 mp resolution displays
- 4.1-8 mp resolution displays
Above 8 mp resolution displays
- 4k resolutions
- 8k resolutions
By Display Color
- Color displays
- Monochrome displays
- General radiology
- Digital pathology
- Multi-modality applications
- Surgical/interventional applications
- Other applications
- Rest of Europe
- Rest of APAC
- Rest of LATAM
- Middle East and Africa
- 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).
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global medical display market?
The global medical display market boasts a total revenue value of $2.9 billion by 2028.
What is the estimated growth rate (CAGR) of the global medical display market?
The global medical display market has an estimated compound annual growth rate (CAGR) of 5.2% and a revenue size in the region of $2.3 billion in 2023.
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2 RESEARCH METHODOLOGY
The market size for Medical Display Market was estimated using four main methods in this study. The market, as well as its peer and parent markets, were the subject of extensive research. The subsequent phase involved doing primary research to confirm these conclusions, presumptions, and estimates with industry professionals across the value chain. For estimating the value market, top-down and bottom-up strategies were both used. The market size of segments and subsegments was then estimated using market breakdown and data triangulation processes.
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.
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.
The breakup of primary research:
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Market Size Estimation
The market size for Medical Display Market was calculated using data from four different sources, as will be discussed below. Each technique concluded and a weighted average of the four ways was calculated based on the number of assumptions each approach made. The market size for Medical Display Market was calculated using data from four distinct sources, as will be discussed below:
Medical Display Market: Country-level Analysis- Bottoms up approach
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Medical Display Market: Top-Down approach
The entire market was split up into several segments when the market size was determined. Data triangulation and market breakdown processes were used where necessary to complete the entire market engineering process and arrive at the precise statistics for all segments.
Approach to derive the market size and estimate market growth
Using secondary data from both paid and unpaid sources, the market rankings for the major players were determined following a thorough analysis of their sales of cold chain products. Due to data restrictions, the revenue share in certain cases was determined after a thorough analysis of the product portfolio of big corporations and their individual sales performance. This information was verified at each stage by in-depth interviews with professionals in the field.
Display is an output device that is used to represent information—textual, pictorial, or graphical. A medical grade display helps to read diagnostic images. Medical displays enable healthcare providers to make better and accurate decisions related to diagnosis of symptoms/diseases and surgical procedures. Medical displays are used in application areas such as diagnostic, surgical/interventional, dentistry, clinical review, and other applications such as training and education.
- Raw material providers
- Medical display panel manufacturers
- Medical display-related service providers
- Medical display-related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers.
- Venture capitalists and start-ups
- Semiconductor component suppliers
- Medical display panel and devices distributors and sales firms
- Medical display devices end users
- Research institutes, organizations, and consulting companies
- Healthcare service providers
- Medical display software and service providers
- Business research and consulting firms
Objectives of the Study
- To define, describe, segment, and forecast the global medical display market on the basis of technology, panel size, resolution, display color, application, and region.
- To forecast the size of the medical display market with respect to five main regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa
- To provide detailed information regarding the major factors influencing the growth of the medical display market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive leadership mapping for market leaders.
- To profile key players in the medical display market and comprehensively analyze their core competencies2 and market shares.
- To track and analyze competitive developments such as acquisitions; product launches; collaborations, partnerships, & agreements; and expansions in the market
Supply chain by application
- Diagnostic application
- Surgical/interventional application
Note: the supply chain will be provided in a similar format to what we provide in the syndicated study.
Qualitative data on medical displays by video input port type
Note: This data will be provided on best effort basis at end user level by understanding the utilization and adoption of type of port that are being used. There is limited information available to determine the use of medical displays by displaying video input ports. Additionally, companies offer medical displays supporting multiple video input ports, including HDMI, DVI, and others. There will be significant overlap in such segmentation. Volume data is out of scope.
Growth opportunities and latent adjacency in Medical Display Market