Increase in number of medical establishments and surge in healthcare expenditure coupled with increased demand for various diagnostic procedures are expected to propel the growth of the global medical display market
PORTLAND, Oregon, Oct. 9, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Medical Display Market by Device (Mobile, Desktop, and All-in-one products), Panel Size (Under-22.9-inch Panels, 23.0–26.9-inch Panels, 27.0–41.9-inch Panels, and Above-42-inch Panels), Resolution (Up to 2 MP, 2.1-4 MP, 4.1-8 MP, and Above 8 MP), and Application (Digital Pathology, Multi-modality, Surgical, Radiology, Mammography, and Other Applications): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global medical display industry was pegged $1.96 billion in 2018 and is projected to $2.85 billion by 2026, registering a CAGR of 4.8% during the forecast period.
Chief reasons for market fluctuations
Rise in number of medical establishments and increase in healthcare expenditure have boosted the growth of the global medical display market. Moreover, rise in geriatric population increases the demand for medical-aid and medical display devices. However, higher costs associated with devices hampers the market growth. On the contrary, growth in demand for multimodality displays for radiology and surge in demand for various medical applications to get a detailed view of ultrasound outputs and PET coupled with increased demand for various diagnostic procedures such as ultrasound, medical resonance imaging, and X-ray are expected to create lucrative opportunities in the near future.
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Desktop segment dominated the market
The desktop segment held the largest share in 2018, contributing around 89% of the global medical display market and is estimated to maintain its dominance throughout the forecast period. Moreover, the market is projected to manifest the fastest CAGR of 5.0% during the forecast period, as it is a preferred display type for major applications such as surgical procedures due to its ease of usage and better compatibility.
Above 8MP segment to portray fastest CAGR
The above 8MP resolution segment is expected to register the fastest CAGR of 6.0% through 2026, owing to its better visualization. However, the 2.1–4MP resolution segment dominated the global medical display market in 2018, contributing more than one-fourth of the market, as it offers adequate resolution for majority of diagnostic applications.
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Surgical segment to manifest the fastest CAGR through 2026
The surgical segment is anticipated to register the fastest CAGR of 5.7% during the study period, owing to higher adoption of medical displays in surgical procedures. Moreover, the critical nature of procedure demands medical-grade displays instead of consumer displays. The segment held the lion's share in 2018, accounting for more than one-fourth of the market. The report includes analysis of the other segments such as digital pathology, multi-modality, radiology, mammography, and others.
Asia-Pacific region to develop new opportunities
The market across the Asia-Pacific region held the largest share in 2018, contributing more than one-fourth of the global medical display market, owing to large number of healthcare facilities and increasing need for medical services. Moreover, the region is estimated to register the fastest CAGR of 5.5% during the study period. However, the market across North America is expected to portray gradual growth through 2026.
Major market players
- Alpha Display
- ASUSTeK Computer Inc.
- Axiomtek Co., Ltd.
- Barco NV
- BenQ Medical Technology
- Coje CO., LTD.
- Dell Technologies Inc.
- Double Black Imaging Corporation
- FSN Medical Technologies
- Hisense Medical
- HP INC.
- JVC Kenwood Holdings Inc.
- Nanjing Jusha Commercial & Trading Co, Ltd.
- Shenzhen Beacon Display Technology Co., Ltd.
- Steris PLC
- EIZO Corporation (EIZO)
- Sony Corporation
- LG Display Co., Ltd.
- Novanta Inc. (Novanta)
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