Medical Display Market Size, Share, and COVID-19 Impact Analysis, By Technology (LED, and OLED), By Panel Size (Up to 22.9, 23.0 to 26.9, 27.0 to 41.9, and Above 42), By Display Color (Colored, and Monochrome), By Resolution (Up to 2MP, 2.1 to 4MP, 4.1 to 8MP, and Above 8MP), By Application (Digital Pathology, Multi-modality, Surgical, Radiology, Mammography, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS                                 

The Global Medical Display Market is projected to grow from USD 2.2 billion in 2021 to USD 3.2 billion by 2030 at a CAGR of 4.90% during the forecast period. Medical displays are popular because they produce clearer, crisper, and sharper images with less noise and last longer than commercial displays. In several applications, such as chest imaging, mammography, and bone imaging, it is regarded the gold standard. Uniformity correction, which gives a much more consistent brightness and color over the entire display, is one of the technologies used in medical displays to address picture accuracy.   

The adoption of hybrid operating rooms, increase in desire for minimally invasive procedures, and short replacement cycles for medical displays are some of the factors drives market growth during the forecast period. Endovascular and vascular surgeries, orthopedic trauma procedures, spinal and neurological surgeries, and heart surgeries are all performed in hybrid operating rooms. This capability allows hospitals to perform advanced surgical operations, increasing demand for medical displays.    

COVID-19 ANALYSIS         

COVID-19 is an infectious disease that first appeared in late December in China's Hubei province, in the city of Wuhan. The virus that causes severe acute respiratory syndrome is highly contagious and transmits from person to person. The novel coronavirus spread rapidly over the world. Although the COVID-19 pandemic is still transforming the evolution of numerous industries, the outbreak's immediate impact is diverse. The increase in the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) generated respiratory failure leading to COVID-19 disease, for example, has increased hospitalization and thereby supported the market growth. Also, the imposition of new government laws and a global lockdown, has affected the supply chain for medical devices, particularly medical displays. As a result, medical display manufacture and operations have decreased. Furthermore, after mid-2020, a few market participants created and promoted various COVID-19 awareness activities to assist COVID-19 patients, which enhanced the usage of medical displays in hospitals.

LATEST TREND

Growing Adoption of Hybrid Operating Rooms  

The increasing prevalence of new diseases is leading to higher rates of mortality and morbidity. This is increasing the demand for sophisticated diagnostic modalities, which is one of the market's main drivers. Furthermore, the growing elderly population, which is more susceptible to chronic ailments, is positively impacting the market globally. Furthermore, when combined with antimicrobial touch glass, the responsive touch feature in medical displays reduces the risk of cross-contamination between healthcare personnel and patients. This, together with the rising number of incidences of infectious disorders, is fueling market expansion. Furthermore, the market is expected to benefit from the increased adoption of tailored treatment choices and point-of-care (POC) diagnostics. Aside from that, a number of companies are releasing 4K ultra high definition (HD) monitors with a variety of picture formats and interfaces for surgical and general clinical purposes. They're also working to increase their monitor portfolio, which will provide improved patient and staff safety as well as thorough visualization to enable better outcomes. In the following years, such advancements are expected to propel the market forward.

DRIVING FACTORS

Increasing R&D Activity in Medical Display Boost Market Growth  

Companies like American Portwell Technology, Inc., Barco, and others are continually producing newer products to facilitate uncomplicated operations and ensure the market's supply of genuine medical-grade monitors. Portwell created a medical-grade touch monitor that works with its all-in-one computers to provide a human-machine interface for dental x-rays, imaging controls, and ultrasound, as well as EHR and lab clinic equipment. This enhances digital interactivity, eliminates the need for a lot of storage space, and reduces the risk of patient data being mishandled. Due to the onset of the COVID-19 pandemic, Barco launched a new generation of display controllers for its diagnostic displays in response to reduced radiologist workforce and increased workflow.

RESTRAINTS

Increasing Adoption of Refurbished Medical Displays Hamper Market Growth

Market growth is hampered by rising acceptance of remanufactured medical displays and market saturation in developed countries. One of the most significant commercial challenges is the high cost of medical displays compared to ordinary screens. Medical diagnostic OEMs must price their equipment before launching it on the market. Despite making steady progress in the worldwide market, medical displays face downward pricing pressure due to their commodity character, which might slow their overall growth rate.

SEGMENTATION      

The Global Medical Display Market is segmented by Technology, Panel Size, Display Color, Resolution, Application, and Region. Based on the Technology, the market is categorized into LED, and OLED. Based on Panel Size, the market is categorized into Up to 22.9, 23.0 to 26.9, 27.0 to 41.9, and Above 42. Based on Display Color, the market is categorized into Colored, and Monochrome. Based on the Resolution, the market is categorized into Up to 2MP, 2.1 to 4MP, 4.1 to 8MP, and above 8MP. Based on the Application, the market is categorized into Digital Pathology, Multi-modality, Surgical, Radiology, Mammography, and Others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.          

REGIONAL INSIGHTS   

The Global Medical Display Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.         

North America is the fastest-growing region in the sector. Increased healthcare spending in both the private and public sectors will also help the medical display market grow in North America. Europe will be a crucial market in the next years due to its well-established healthcare infrastructure.

Asia Pacific is expected to have the highest CAGR in the worldwide medical display market during the projected period due to an increase in the number of private and public health healthcare settings in countries like China and India. The region's rise is being driven by strong economic growth in emerging economies such as China, Indonesia, Malaysia, and India. In China, the National Medical Products Administration (NMPA) regulates medical display equipment. Furthermore, health spending as a proportion of GDP is predicted to rise to 6.5 to 7% by 2020, according to export.gov. China had roughly 32,000 hospitals as of November 2018, with 12,072 of them being public. Large public hospitals continue dominate healthcare product procurement, despite the fact that the number of private hospitals is often limited. An increase in healthcare spending and a growing senior population are predicted to drive up demand for diagnosis of various diseases and medical disorders, resulting in a higher need for medical services. 

KEY INDUSTRY PLAYERS     

Major competitors in the medical display market are focused on growth tactics such as new launches, mergers and acquisitions (M&As), product development, collaborations, and distributor agreements to improve their presence in the competitive market. ASUSTeK Computer Inc., Axiomtek Co., Ltd., Barco., BenQ Medical Technology., COJE CO.,LTD, Dell Inc., Double Black Imaging, FSN Medical Technologies., Sony Group Corporation, DIVA Laboratories. Ltd., EIZO INC., and Novanta Inc. are among the major participants in the worldwide medical display industry.   

KEY INDUSTRY DEVELOPMENTS:   

In June 2019, The GOT810-845, a 10.4-Inch IP66/IP69K-Rated Stainless Steel Fanless Touch Panel Computer with M12-Type Connectors, was introduced by Axiomtek.

In November 2020, Barco and Delasco, a prominent manufacturer and distributor of dermatology supplies and equipment, announced a partnership to bring the award-winning dermatology technology Demetra to the United States. Delasco is the appropriate partner to bring Demetra to America and deliver best-in-class diagnostic capabilities to the dermatological community as a trusted supplier to more than 7,000 dermatology care professionals.

In June 2019, Double Black Imaging released an enlarged display line and ergonomic workstation solutions for use in clinical review rooms.

LIST OF KEY COMPANIES PROFILED:    

· ASUSTeK Computer Inc.

· Axiomtek Co., Ltd.

· Barco.

· BenQ Medical Technology.

· COJE CO.,LTD 

· Dell Inc.

· Double Black Imaging

· FSN Medical Technologies.

· Sony Group Corporation

· DIVA Laboratories. Ltd.

· EIZO INC.

· Novanta Inc.

SEGMENTATION

By Technology

· LED

· OLED

By Panel Size

· Up to 22.9

· 23.0 to 26.9

· 27.0 to 41.9

· Above 42

By Display Color

· Colored

· Monochrome

By Resolution

· Up to 2MP

· 2.1 to 4MP

· 4.1 to 8MP

· Above 8MP

By Application

· Digital Pathology

· Multi-modality

· Surgical

· Radiology

· Mammography

· Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa