Increase in adoption of hybrid operating rooms, short replacement cycles of medical displays, and rise in preference for minimally invasive treatments drive the growth of the global medical display market
PORTLAND, Ore., Jan. 26, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Display Market by Device (Mobile, Desktop, and All-in-one), Panel Size (Up to 22.9, 23.0 to 26.9, 27.0 to 41.9, and Above 42), Resolution (Up to 2MP, 2.1 to 4MP, 4.1 to 8MP, and Above 8MP), and Application (Digital Pathology, Multi-modality, Surgical, Radiology, Mammography, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global medical display industry garnered $2.05 billion in 2019, and is expected to generate $3.19 billion by 2027, witnessing a CAGR of 4.9% from 2020 to 2027.
Prime determinants of growth
Increase in adoption of hybrid operating rooms, short replacement cycles of medical displays, and rise in preference for minimally invasive treatments drive the growth of the global medical display market. However, market saturation in developed countries and surge in adoption of refurbished medical displays hinder the market growth. On the other hand, technological advancements in imaging techniques present new opportunities in the coming years.
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- The demand for medical displays increased during the Covid-19 pandemic to cater the needs of increase in number of coronavirus infected patients and surge in hospitalization.
- However, the lockdown imposed by governments of many countries halted manufacturing activities of these displays. In addition, the supply chain disrupted, and consequently, the shortage of raw materials occurred.
- Many surgical procedures were postponed and only emergency surgeries were conducted during the pandemic. So, hospitals and healthcare organizations shifted resources including medical displays from other departments to fulfill increasing requirements in Covid wards.
The desktop segment to maintain its lead position during the forecast period
Based on device, the desktop segment held the highest market share in terms of revenue, accounting for nearly 90% of the global medical display market in 2019, and will maintain its lead position during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 5.1% from 2020 to 2027. This is attributed to widespread usage during major medical procedures for its high image quality and ease in image analysis. The report also analyzes segments including mobile and all in one.
The surgical segment to maintain its highest contribution by 2027
Based on application, the surgical segment contributed to the highest share in 2019, holding more than one-fourth of the global medical display market, and is expected to maintain its highest contribution by 2027. Moreover, this segment is projected to manifest the highest CAGR of 5.8% during the forecast period. This is due to surge in adoption of medical displays for its significant impact on the quality of surgical procedures. The report also discusses segments such as digital pathology, multi-modality, radiology, mammography, and others.
Asia-Pacific to offer lucrative opportunities, North America to grow steadily
Based on region, Asia-Pacific accounted for the highest market share in 2019, contributing to more than one-fourth of the global medical display market, and will maintain its leadership status throughout the forecast period. Moreover, this region is expected to grow at the highest CAGR of 5.7% from 2020 to 2027. This is attributed to rise in demand for advanced surgical display devices in the emerging countries such as China and India, increase in awareness regarding medical technologies, boom in medical tourism, and surge in healthcare expenditure in the region. However, North America is projected to portray a CAGR of 5.2% during the forecast period.
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Leading Market Players
- ASUSTeK Computer Inc.
- Axiomtek Co., Ltd.
- BenQ Medical Technology
- COJE Co.,Ltd.
- Dell Inc.
- Double Black Imaging
- FSN Medical Technologies
- Sony Corporation
- DIVA Laboratories. Ltd.
- EIZO Corporation
- Novanta Inc. (NDS Surgical Imaging)
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SOURCE Allied Market Research