PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485741
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1485741
Medical Display Monitors Market size was valued at USD 2,878.43 Million in 2023, expanding at a CAGR of 5.2% from 2024 to 2032.
Medical display monitors are specialized monitors used in healthcare settings for viewing medical images such as X-rays, CT scans, MRI scans, ultrasound images, and other types of medical imaging studies. These monitors are designed to meet stringent quality standards to ensure accurate and precise visualization of medical images, which is crucial for diagnosis, treatment planning, and surgical procedures. The frequency of chronic illnesses such as neurological disorders, cancer, cardiovascular diseases, gastrointestinal ailments, has increased due to the ageing population's increased susceptibility. Throughout the projection period, it is also anticipated that the medical display sector will grow due to the introduction of artificial intelligence, machine learning, and data analytics in the realm of medical imaging technologies.
Medical Display Monitors Market- Market Dynamics
The increasing prevalence of chronic diseases and growing minimally invasive treatments driving the medical display monitors market
Chronic diseases such as cardiovascular diseases, cancer, diabetes, and respiratory diseases are on the rise globally. This trend is largely due to ageing populations, sedentary lifestyles, and changes in dietary habits. According to the National Library of Medicine (NIH), In India, it is estimated that 21% of the elderly suffer from at least one chronic illness. Chronic disease affects 29% of older people in urban settings and 17% of senior people in rural areas. Of all chronic disorders, hypertension and diabetes account for over 68%. In addition, the National Centre for Chronic Diseases Prevention and Health Promotion (NCCDPHP) that one or more chronic illnesses, such as diabetes, cancer, heart disease, or stroke, affect six out of ten Americans. In addition to being the main causes of death and disability in America, these and other chronic diseases are also a major contributor to the expense of health care. These rising cases of chronic diseases increase the need for the medical display monitor market.
Medical Display Monitors Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 5.2% over the forecast period (2024-2032)
Based on panel size segmentation, 23.9- 26.9 inches was predicted to show maximum market share in the year 2023
Based on technology segmentation, LED-Backlit LCD was the leading type in 2023
Based on resolution segmentation, 2.1-4 mp was the leading type in 2023
Based on display colour segmentation, the colour display was the leading type in 2023
Based on application segmentation, diagnostics applications were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Medical Display Monitors Market is segmented based on Panel Size, Application, Resolution, Technology, Display Colour, and Region.
The market is divided into two categories based on display colour: The market is divided into Monochrome Displays and Colour Displays based on Display Colour. With the most market share was the colour display category. In the world of medical grade displays, colour displays can present divisive issues. The use of colour can be beneficial or, conversely, it might lead to an environment in which colour appearance varies greatly.
The market is divided into three categories based on technology: OLED, CCFL-Backlit LCD, and LED-Backlit LCD. The largest market share went to LED-Backlit LCD. A monitor with an LED backlight is one in which the white light generated by UV LEDs is first diffused before being filtered into tiny bursts of red, blue, and green light. Some contemporary LED backlight displays use zone backlighting to increase the LED-backlit LCD's energy efficiency due to greater technological breakthroughs.
Medical Display Monitors Market- Geographical Insights
In the worldwide medical display market, North America is anticipated to hold the largest share. It is expected that the healthcare industry will benefit from the revolution in the display industry in developing nations like the United States and Canada. It is predicted that these advancements will support US dominance in both North America and abroad. Because food and lifestyle habits are always changing, there will likely be a sharp increase in the risks of various illnesses across all age groups, especially among the elderly. hence driving the development of a state-of-the-art and fully-equipped healthcare infrastructure by the government and healthcare authorities. The Medical Display Market is probably going to have new opportunities as a result of this infrastructure necessity.
The medical display industry is extremely competitive, with major players concentrating on growth strategies to fortify their position in the cutthroat market. These strategies include product launches, partnerships, M&As, product developments, and distributor agreements. The leading companies in the medical display industry worldwide are Novanta Inc., ASUSTeK Computer Inc., Barco, BenQ Medical Technology, Dell Inc., Double Black Imaging, FSN Medical Technologies, Sony Corporation, DIVA Laboratories. Ltd., EIZO Corporation, and Double Black Imaging. For instance, in May 2024, a long-term strategic agreement was signed between Radboud University Medical Centre and Royal Philips, a leading global provider of health technology, to provide the newest patient monitoring apps throughout the hospital. In addition, in May 2023, LG Electronics launched a new diagnostic monitor with an IPS Black panel.
In June 2023, Display supplier and calibration software developer Double Black Imaging and LG Business Solutions USA planned to collaborate on developing medical imaging display systems.
In June 2023, AI-powered care facility automation platform care.ai announced that it is partnering with multinational electronics company Samsung to integrate its Smart Care Facility Platform into the tech giant's displays for use by health systems.
GLOBAL MEDICAL DISPLAY MONITORS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
SONY CORPORATION
DIVA LABORATORIES. LTD
FSN MEDICAL TECHNOLOGIES
BENQ MEDICAL TECHNOLOGY
NOVANTA INC.
DELL TECHNOLOGIES INC.
ASUSTEK COMPUTER INC
BARCO NV
AXIOMTEK CO., LTD
EIZO CORPORATION
Others