While the market penetration for medical imaging systems and the number of diagnostic care units are dramatically increasing, the global market for medical displays is expanding at a rapid rate. Furthermore, the number of diseases and disorders requiring radiological evaluation and diagnosis is significantly rising, and the use of hardcopy-based imaging films is actively being decreased. The additional quick expansion of this market is anticipated to be accelerated by an increase in healthcare and wellness awareness, evolving medical practises, government assistance, and an increase in the number of radiology departments and other healthcare facilities implementing medical displays.
The recession will have a significant effect on the market for medical display. The effects of a recession on the market for medical displays would vary depending on a number of variables, such as the depth and length of the economic slump as well as the overall level of demand for medical displays. Budget cuts for healthcare during a recession may result in less money being spent on medical technology, particularly medical displays. The market for medical displays may be impacted if hospitals and healthcare facilities postpone or abandon investments in new machinery and technology.
Increasing Preference for Less Invasive Medicine to Support Market Growth
The demand for minimally invasive treatments (MIT) is increasing due to numerous benefits including decreased post-operative pain, fewer major post-operative complications, shorter hospital stays, quicker recovery times, less scarring, less immune system stress, smaller incisions, and for some procedures it decreased operating time and costs as well. For detecting and treating a variety of thoracic problems that traditionally required sternotomy or open thoracotomy, minimally invasive surgery is a great option. Globally, the frequency of chronic conditions requiring surgery has increased. Many patients favour less invasive treatment because of its many benefits. Medical displays are in greater demand as a result of this feature's ability to enable hospitals to undertake sophisticated surgical procedures. The demand for medical monitors is also influenced by rising healthcare costs as well as an increase in the number of radiology and pathology labs. With the help of cutting-edge technology and surgical techniques, physicians may perform less hazardous operations on people's bodies thanks to minimally invasive surgery. As a result, more people are anticipated to seek out minimally invasive procedures.
High Cost of Medical Display to Limit Market Growth
The main obstacle impeding market expansion, particularly in nations where the reimbursement environment is unfavourable, is the high cost of display devices and the high installation costs. Due to the high installation and maintenance costs of modern medical equipments and the limited financial resources available, the majority of healthcare facilities in poor nations, including hospitals and diagnostic centres, are unable to invest in new technologically advanced systems. These elements may hinder the adoption of cutting-edge technologies for diagnosis and analysis as well as the digitisation of healthcare facilities. The price of the devices has increased as a result of technical development that has produced cutting-edge and creative display technologies. Thus, it is anticipated that the high price of display devices will limit the market's expansion.
Based on device, the medical display market is segmented into desktop, mobile and all in one. The desktop category dominated the market in 2022. For displaying medical pictures such as X-rays, MRIs, CT scans, and other imaging modalities, these are frequently used in hospitals and clinics. They frequently have very big, high-resolution displays with excellent accuracy and visual clarity.
By Panel Size
Based on panel size, the medical display market is segmented into up to 22.9, 23.0 to 26.9, 27.0 to 41.9 and above 42. The up to 22.9 category dominated the market in 2022. The popularity of panels smaller than 22.9 inches is rising as technology develops. These displays are less expensive and more useful for a variety of purposes when compared to the other sizes available for medical displays.
Based on resolution, the medical display market is segmented into up to 2Mp, 2.1 to 4Mp, 4.1 to 8Mp and above 8Mp. The 4.1 to 8Mp category dominated the market in 2022. These displays are suitable for a variety of medical imaging applications since they have a resolution ranging from 4.1 to 8 million pixels. The majority of medical displays in this market are employed in high-precision imaging applications like mammography, radiology, and others where precise details are essential for diagnosis and treatment.
Based on application, the medical display market is segmented into multi-modality, digital pathology, radiology, surgical and mammography. The radiology category dominated the market in 2022. Any interventions are built on the results of radiology scans. So, using the high-definition medical display is crucial if you want to cut down on medical errors by over 70%. The general radiology industry is seeing market growth due to reasons such as increased diagnostic accuracy, decreased error rates, and a continuing requirement for high-quality imaging displays.
Asia Pacific is projected to hold the largest share of the medical display market over the forecast period due to an increase in the variety of private and public healthcare facilities. This is a result of rising medical technology awareness, a boom in medical tourism, growing demand for sophisticated surgical display equipment in developing nations like China and India, and an increase in healthcare spending in the area. On the other hand, North America medical display market is anticipated to grow significantly because more hybrid operating rooms are being used, there is a greater demand for multimodality displays, and more complex technologies are being used in medical display equipment. The expanding preference for minimally invasive surgeries, the development of the healthcare system, and the rise in chronic illness incidence are the key drivers of market expansion in the area.
LIST OF KEY COMPANIES PROFILED:
- LG Display
- FSN Medical
- Double Black Imaging
- Jusha Medical
- Quest International
- In April 2021, the 31-inch, 12-megapixel 31HN713D, the newest addition to LG's comprehensive line of professional, medical-grade diagnostic monitors that can be utilised for a number of diagnostic investigations, including 3-D mammography, has been released by LG Business Solutions USA.
|Market Size in 2022||USD 2.7 Billion|
|Market Forecast in 2030||USD 4.2 Billion|
|Compound Annual Growth Rate||6.50 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Device, By Panel Size, By Resolution, By Application, and By Geography|
|By Panel Size||