PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127443
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1127443
Medical Display Market size was valued at USD 2,300.6 Million in 2021, expanding at a CAGR of 5.8% from 2022 to 2028.
A monitor that can handle the strict requirements of medical imaging is called a medical display. They frequently have unique image-enhancement features that guarantee constant brightness throughout the display's lifespan, noise-free images, comfortable reading, and automated compliance with DICOM and other medical standards.
The increasing demand for minimally invasive procedures is one of the main factors fueling the growth of the global medical display market owing to advantages like rapid recovery and less discomfort. The prevalence of chronic conditions that necessitate surgery is escalating on a global scale. Numerous patients favor minimally invasive treatment due to its many advantages. In addition, hybrid operating theatres are used for cardiac operations, neurological and spinal operations, orthopedic trauma therapies, and vascular and endovascular procedures. The ability to execute complex surgical procedures in hospitals increases the demand for medical displays. Thus, the medical display business benefits from the increased use of hybrid operating rooms. Additionally, the demand for medical displays is also increasing as a result of increased healthcare costs as well as an increase in the number of pathology and radiology laboratories. The need for medical professionals like surgeons, radiologists, and information technology specialists to have a detailed view of these diagnostic outputs, as well as the rising demand for a variety of diagnostic procedures like X-ray, ultrasound, and magnetic resonance imaging, are also driving the market's growth.
Due to inadequate healthcare infrastructure, the majority of healthcare establishments, including hospitals, clinics, and imaging labs, favor used medical displays in developing nations. Additionally, the market's expansion may be hampered by the easy availability of refurbished medical displays in new, cutting-edge medical displays at a cheaper price and with little to no complete loss owing to underutilized assets. The expansion of the industry can also be hampered by the rising number of sellers of refurbished medical displays.
The Global Medical Display Market is segmented based on Technology, Panel Size, Resolution, Display Color, Application, and Region.
Based on technology, the global medical display market is bifurcated into LED-backlit LCD displays, CCFL-backlit LCD displays, and OLED displays. The LED-backlit LCD displays are expected to hold the largest market share during the forecast period. A monitor with LED backlighting is one that first diffuses the white light produced by UV LEDs into tiny segments of green, blue, and red light. As technology has advanced, some contemporary LED backlight displays use zone backlighting to increase the LED-backlit LCD's energy efficiency.
Based on application, the global display market is bifurcated into diagnostic, general radiology, mammography, digital pathology, multi-modality, surgical/interventional, dentistry, and others. Diagnostic application is expected to dominate the market during the forecast period owing to the increasing adoption rates of display systems in various imaging techniques.
The key players operating in the market are performing mergers & acquisitions, product launches, collaboration, expansion and others to gain major market share and to perform better in the competitive environment. For instance, in June 2021, At Arab Health 2021, the largest healthcare expo in the Middle East and North Africa (MENA) region, LG included a medical display for better patient care. With its cutting-edge medical display solutions that provide high-quality visuals, functionality, and technology, LG Electronics (LG) enables confident diagnosis and procedures. Moreover, in November 2021, The Radiological Society of North America (RSNA) annual meeting saw the introduction of new AI-enabled advancements in MR imaging from Royal Philips, a world leader in health technology. The new intelligent integrated MR portfolio from Philips is made to maximise diagnostic quality, accelerate workflows, and assure the effectiveness and sustainability of radiology operations.
The scope of this report covers the market by its major segments, which include as follows: