Market Segmentation and Growth Opportunities in the Medical Display Industry

The medical display industry is poised to undergo significant transformations in the near future. With rapid advancements in technology and increasing demand for high-quality visualization in healthcare settings, medical displays are expected to become more sophisticated and efficient. Cutting-edge technologies like high-resolution screens, 3D imaging, and augmented reality are likely to be integrated into medical displays, enhancing diagnostic accuracy and improving surgical procedures. Additionally, the adoption of artificial intelligence algorithms and machine learning techniques will enable real-time image analysis, assisting healthcare professionals in making accurate and timely decisions. Furthermore, the growing trend of telemedicine and remote healthcare services will drive the demand for portable and wireless medical displays that can deliver seamless and secure transmission of patient data. In conclusion, the near future of the medical display industry promises remarkable advancements that will revolutionize medical imaging, diagnostics, and patient care, ultimately leading to improved healthcare outcomes worldwide.

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 according to a new report by MarketsandMarkets™. The global Medical Display market is like rising technological advancements, increasing demand for diagnostic imaging, rising awareness and adoption of minimally invasive procedures and surge in telemedicine and remote diagnostics. However, market saturation in developed countries and increasing adoption of refurbished medical displays will be challenges in the growth of this market during the forecast period.

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Medical Display - Key Market Players:

The prominent players in the global 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)

In this report, the Medical Display Market is segmented based on technology, panel size, resolution, display color, application and region.

Color display segment is expected to witness the fastest growth in the forecast period.

The Medical Display Market is categorized into five segments, including technology, panel size, resolution, display color, application. Among these categories, the color segment in display color is projected to experience the highest growth rate from 2023 to 2028. Enhanced visualization, technological advancements, increasing complexity of medical imaging, improved patient care and safety, integration with picture archiving and communication systems (PACS), and advantages of color displays over grayscale displays such as enhanced contrast and differentiation, improved depth perception, enhanced communication and collaboration, multi-modality application are responsible for the large adoption of color display.

OLED Displays accounted for the fastest growing of the Medical Display Market in 2022.

The Medical Display Market is categorized into different technology, including LED-Backlit LCD Displays, CCFL-Backlit LCD Displays, OLED Displays. Among these, the OLED displays segment held the fastest-growing market for medical display market in 2022. This significant market share can be attributed to factors such as fast response time and high refresh rates of OLED displays enable real-time visualization of moving structures, making them valuable for procedures that require precise guidance and monitoring, such as minimally invasive surgeries and endoscopy.

Europe accounted for the second largest share of the Medical Display Market in 2022.

The Medical Display Market is segmented into five geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, Europe emerged as the second dominant market for Medical Display worldwide. The increasing demand for Medical Display and the availability of advanced technologies are expected to be major driving factors for market growth in Europe. The region's substantial market share can be attributed to its well-developed healthcare infrastructure and the continuous investment in research and development of medical devices.

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Medical Display Market Dynamics:

Drivers:

• Growing Adoption of Hybrid Operating Rooms
• Short Replacement Cycles of Medical Displays
• Increasing Preference for Minimally Invasive Treatments
• Rising Number of Diagnostic Imaging Centers

Restraints:

• Market Saturation in Developed Countries
• Increasing Adoption of Refurbished Medical Displays

Opportunities:

• Development of Healthcare Infrastructure in Emerging Markets
• Technological Advancements

Challenges:

• Adoption of Consumer-Grade Displays
• Fluctuating Average Selling Prices of Display Panels

Medical Display Market - Primary Research

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.

Medical Display Market - Secondary Research

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.

Medical Display Market Recent Developments:

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).

Medical Display Market Advantages:

• Enhanced image quality: Medical displays provide high-resolution and accurate visualization of medical images, enabling healthcare professionals to make precise diagnoses and treatment decisions.
• DICOM compliance: Medical displays adhere to the DICOM standard, ensuring consistency and compatibility in image display across different healthcare systems. This promotes seamless sharing and collaboration of medical images among healthcare providers.
• Ergonomic features: Medical displays are designed with features like backlight stabilization, ambient light sensors, and anti-glare coatings to optimize viewing conditions and reduce eye fatigue. This improves user comfort and productivity during long hours of image interpretation.
• Versatility: The medical display market offers a wide range of display sizes and configurations to suit different clinical settings. From large format displays for operating rooms to compact and portable displays for point-of-care applications, healthcare professionals have access to tailored display solutions.
• Integration of advanced technologies: Medical displays are incorporating advanced technologies such as artificial intelligence and machine learning algorithms. These technologies assist in automated image analysis, abnormality detection, and generating quantitative data, leading to faster and more precise diagnoses.
• Workflow efficiency: With optimized image quality, standardized display, and ergonomic features, medical displays contribute to improved workflow efficiency in healthcare settings. This leads to streamlined processes, reduced errors, and enhanced patient care.
• Telemedicine and remote healthcare: The growing trend of telemedicine and remote healthcare services demands portable and wireless medical displays that can securely transmit patient data. Medical displays cater to these requirements, facilitating remote consultations and diagnosis.
• Ongoing technological advancements: The medical display market is continuously evolving, with ongoing research and development. Advancements in display technology, such as higher resolutions, 3D imaging, and augmented reality, are expected to further enhance the capabilities of medical displays.
• Overall, the medical display market offers advantages like enhanced image quality, DICOM compliance, ergonomic features, versatility, integration of advanced technologies, improved workflow efficiency, support for telemedicine, and ongoing technological advancements. These factors contribute to the critical role of medical displays in enabling accurate diagnoses, efficient healthcare processes, and better patient outcomes.

Medical Display market - Report Highlights:

Refinements in the segments of the medical display market

The current edition of the report consists of an updated market overview. Additional points in the market overview have been added, keeping in mind the impact of Recession impact on the overall medical display market. The new additions in this chapter include supply chain analysis, ecosystem analysis, regulatory analysis, value chain analysis, Porter's five forces analysis, Company evaluation quadrants for start-ups/ SMEs and product portfolio analysis.

Coverage of new market players in the medical display market

Updated financial information/product portfolio of players

The new edition of the report provides updated financial information until 2022 for each listed company in a graphical representation as a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and R&D investments.    

Updated market developments of profiled players recent developments are important to understand market trends and the growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2019 to August 2022, indicating a continuation from the previous version. Product/services launches, approvals, and upgrades, expansions, acquisitions, agreements, partnerships, and collaborations were the principal growth strategies adopted by market players in this period.

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