USD 2.2 billion
Medical Display Market Size, Share, Growth Analysis, By Display Technology Type(LED - Backlit LCD Displays, CCFL - Backlit LCD Displays and OLED Displays.), By Application(Radiology, Mammography, Digital Pathology, Surgical and Dentistry.), By Panel Size(Under 22.9 inches, 23.0 - 26.9 inches, 27.0 - 41.9 inches and Above 42 inches.), By Resolution(Up to 2MP, 2.1 - 4MP, 4.1-8MP and Above 8MP), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35G2148 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
117
|Figures:
77
Medical Display Market Insights
Medical Display Market size was valued at USD 3.50 billion in 2022 and is poised to grow from USD 3.71 billion in 2023 to USD 5.96 billion by 2031, growing at a CAGR of 6.10% in the forecast period (2024-2031).
Rapidly increasing demand for diagnostic imaging in the healthcare industry is projected to primarily drive the sales of medical displays over the coming years. Advancements in display technologies and the growing digitization of the healthcare industry are also estimated to promote the demand for medical displays across the study period and beyond. High demand for teleconsultation, rising use of remote patient monitoring, and growing use of robotics in surgeries are other factors that are also expected to benefit medical display market growth in the future. The surge in popularity of minimally invasive surgeries is also expected to promote the demand for specialized medical displays going forward. Rising investments in healthcare infrastructure development in developing countries will also present new opportunities for medical display providers in the long run. On the contrary, rapid technological obsolescence, expensive advanced display technologies, and limited healthcare spending potential in some regions are slated to slow down medical display sales outlook in the long run.
US Medical Display Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
LED - Backlit LCD Displays
Fastest Growth
LED - Backlit LCD Displays
Growth Rate
6.1% CAGR
Global Medical Display Market ($ Bn)
Country Share for North America Region (%)
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Medical Display Market Segmental Analysis
The global medical display market is segmented by display technology type, application, panel size, resolution, and region. Based on type, the market can be segmented into LED - Backlit LCD Displays, CCFL - Backlit LCD Displays and OLED Displays . Based on application, the market is segmented into Radiology, Mammography, Digital Pathology, Surgical and Dentistry. According to panel size it can be segmented as Under 22.9 inches, 23.0 - 26.9 inches, 27.0 - 41.9 inches and Above 42 inches. By resolution, it is segmented as Up to 2MP, 2.1 - 4MP, 4.1-8MP and Above 8MP. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Medical Display Market Analysis by Application
Radiology is forecasted to account for a dominant share of the global medical display demand outlook. Extensive use of medical displays in radiology for interpretation of images and performing diagnostic testing are estimated to help this segment maintain its dominance. Rapid advancements in medical imaging technologies will continue to uplift the demand for better medical displays in the future. The rising use of teleradiology to address the issue of dearth of skilled radiologists will also play in the hands of medical display companies going forward. Development of special medical display for radiology applications will also help promote market growth.
Meanwhile, the demand for medical displays for digital pathology applications is forecasted to increase at a robust CAGR over the coming years. The rising adoption of digital pathology around the world owing to the high emphasis on improving the efficiency of diagnostic laboratories will promote medical display sales in the future. The extensive use of medical displays by digital pathologists to collaborate, analyze, and share results is expected to create new opportunities for market players in the long run. Rising demand for remote consultations are also expected to create new opportunities for medical display companies via this segment going forward.
Medical Display Market Analysis by Display Technology
LED - Backlit LCD (Liquid Crystal Display) is forecasted to account for a substantial share of the global medical display market. Extensive use of these displays in medical imaging solutions and other medical devices allows them to hold a dominant market share. Superior image quality, high resolution, wide viewing angles, and accurate color reproduction are some key benefits of LED-Backlit LCD technology that has allowed them to maintain their high market share on a global level. Advancements in LED (light emitting diode) technology coupled with the launch of new medical displays with LED-Backlit LCD technology are expected to help market growth via this segment over the coming years.
On the other hand, the demand for OLED (organic light emitting diode) displays is projected to increase at a rapid pace. Growing advancements in OLED technologies and the rising popularity of OLED panel medical displays for their high contrast and better resolution are helping this segment generate lucrative opportunities for market players. OLED medical displays are estimated to be highly popular and in-demand for digital pathology, molecular imaging, and 3D visualization applications in the healthcare industry going forward. Launch of new OLED medical displays with curved screens at lower costs are also expected to favor market development in the future.
Global Medical Display Market By Display Technology
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Medical Display Market Regional Insights
North America secures the top spot when it comes to global medical display demand. The presence of a developed healthcare infrastructure and high use of advanced diagnostic imaging technologies are key contributors to the dominance of this region. High healthcare expenditure coupled with the quick adoption of novel technologies allows the United States to emerge as the most opportune market for medical display companies in this region. Rising use of telemedicine and home healthcare in this region are also expected to favor the sales of medical display in the long run.
Asia-Pacific is expected to emerge as the fastest-expanding regional market for medical display companies in the world. The presence of key display manufacturers, growing healthcare expenditure, and rising digitization of the healthcare industry are some major factors that promote the demand for medical displays in this region. India, China, and Japan are estimated to be the most opportune markets for medical display suppliers operating in the Asia Pacific region. Growing prevalence of chronic diseases has led to a high demand for advanced diagnostics thereby promoting the use of advanced medical display for novel diagnostic imaging products.
Global Medical Display Market By Region
- Largest
- Fastest
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Medical Display Market Dynamics
Medical Display Market Drivers
Rising Use of Diagnostic Imaging
- Most medical displays are projected to be used in diagnostic imaging products owing to their extensive increase in use around the world. Advancements in diagnostic imaging technologies and crucial role of medical displays in the smooth functioning of the same are expected to help market growth over the coming years.
Rise of Telemedicine and Teleconsultation
- Rapid digitization of the healthcare industry has led to a major upsurge in demand for telemedicine and teleconsultation around the world. Medical displays play a vital role in the proper functioning of the aforementioned trends as they utilize advanced digital medical devices thereby driving medical display market growth as well.
Restraints
High Cost of Advanced Displays
- While medical displays are becoming an integral part of the healthcare infrastructure, the use of advanced medical displays is still limited to organizations with high spending potential. Advanced medical displays are equipped with novel technologies that result in high costs of these displays and make them inaccessible to organizations with limited budgets.
Technological Obsolescence
- Display technologies are advancing at a rapid pace, and this has been rendering multiple old display technologies useless very fast. This rapid technological obsolescence is projected to hamper the sales of medical displays as continuously upgrading displays is not possible for all healthcare organizations especially for the ones with limited spending potential.
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Medical Display Market Competitive Landscape
Medical display manufacturers should focus on launching new portable and mobile offerings to meet their increasing demand. Integration of advanced technologies such as artificial intelligence and machine learning to enhance productivity through medical displays will also offer good revenue generation opportunities in the future. Focusing on diagnostic imaging will be a common trend for almost all medical display companies across the forecast period and beyond.
Medical Display Market Top Player’s Company Profiles
- Barco (Belgium)
- EIZO Corporation (Japan)
- Sony Corporation (Japan)
- LG Display Co., Ltd. (South Korea)
- Novanta Inc. (US)
- Siemens Healthineers AG (Germany)
- Advantech Co., Ltd. (Taiwan)
- FSN Medical Technologies (US)
- NEC Display Solutions, Ltd. (Japan)
- Philips Healthcare (Netherlands)
- Accuray Incorporated (US)
- JVC Kenwood Holdings Inc. (Japan)
- AsusTek Computer Inc. (Taiwan)
- Canon Inc. (Japan)
- Dell Technologies Inc. (US)
- Hisense Medical (China)
- Hologic, Inc. (US)
- Planar Systems, Inc. (US)
- Toshiba Corporation (Japan)
- ViewSonic Corporation (US)
Medical Display Market Recent Developments
- Schiller India, the Indian business arm of an international medical technology company announced the launch of new patient monitors in April 2024. The new range of TRUESCOPE P series modular patient monitors was launched to enhance the efficiency and delivery quality patient care whilst addressing the needs of all medical professionals.
- LG Electronics, a renowned South Korean company known for its display expertise unveiled new medical monitors and displays in April 2024. The lineup featured 21HQ613D, which is specifically designed for digital mammography and breast tomosynthesis applications. The company is focusing on advancing in its B2B medical device business through such innovative products.
- Barco, a renowned provider of healthcare visualization solutions announced the launch of its new medical-grade pathology display in June 2021. The 27-inch MDPC-8127 medical display comes with an 8-megapixel high resolution designed for use in primary diagnosis and whole-slide imaging (WSI).
Medical Display Key Market Trends
- Demand for Minimally Invasive Surgeries: Preference for minimally invasive procedures is increasing rapidly around the world and medical display companies can target this trend to maximize their business scope over the coming years. Developing specialized medical displays for use in minimally invasive surgeries to improve their efficacy can pay off big time for medical display providers in the long run.
- Multi-Modality Displays: Medical display companies can focus on the development of multi-modality displays, as they are gaining massive popularity among healthcare professionals around the world. These displays allow medical professionals to compare diagnostic images from multiple modalities to make more informed decisions. Use of these displays increases workflow efficiency and accuracy of diagnostic as well.
Medical Display Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growing use of diagnostic imaging and rising demand for telemedicine and teleconsultation are projected to drive medical display market growth in the future. On the contrary, the high costs of advanced displays and rapid technological obsolescence are slated to impede market development potential. North America is estimated to remain the top market for medical display providers owing to high healthcare expenditure and quick adoption of advanced technologies. Development of multi-modality displays is estimated to generate new opportunities for almost all medical display providers in the long run.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 3.50 billion |
| Market size value in 2031 | USD 5.96 billion |
| Growth Rate | 6.10% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Display Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Display Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Display Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Display Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Display Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Display Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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