Medical Display Monitor Market and its Growth Prospect in the Near Future
SummaryThis is why, in 2017, colored display monitors held a 68.5% revenue share in the medical display monitor market. On the basis of panel size, the market is divided into displays under 22.9 inch, 23.0–26.9 inch, 27.0–41.9 inch, and above 42.0 inch. Out of these, during the 2013–2017 period, the 23.0–26.9 inch division exhibited a CAGR of 3.9%, which is anticipated to surge to 5.4% during 2018–2023.
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The growth of the global medical display monitor market is mainly driven by the rising incidents of chronic diseases, increasing usage of hybrid operating room (OR) technologies, surging demand for minimally invasive treatments, and availability of advanced monitors. In 2017, the market attained a size of $2.1 billion, and it is predicted to witness a CAGR of 4.9% during the forecast period (2018–2023). These monitors are used to display the patient’s anatomy for correct diagnosis and treatment. Surgeons, radiologists, and physicians heavily depend on these monitors for providing quality healthcare.
Based on technology, the medical display monitor market is categorized into light emitting diode (LED)-backlit liquid crystal display (LCD), cold cathode fluorescent lamp (CCFL)-backlit LCD, and organic light-emitting diode (OLED). Out of these, in 2017, the LED-backlit LCD category dominated the market with a revenue contribution of 75.7%. Monitors integrated with this technology offer more brightness, are more compact, and have a better contrast ratio compared to other types of monitors. Besides, strong consumer preference and more availability of these monitors are expected to fuel their demand during the forecast period.
On the basis of resolution, the medical display monitor market is classified into up to 2 MP, 3 MP–4 MP, 5 MP–8 MP, and above 8 MP. Among these, during the historical period (2013–2017), the 5 MP–8 MP classification dominated the market in terms of revenue, and it is expected to register a CAGR of 5.2% during the forecast period. Monitors with this resolution range offer better-quality images, when compared to others, for several diagnostic and surgical purposes. Further, colored medical display monitors are used more than the monochrome ones, as they provide improved visualization effects.
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As per the report, one-third of the population was suffering from at least one chronic condition, such as coronary heart disease (CHD), type 2 diabetes, asthma, and cerebrovascular disease (primarily stroke). The report further anticipated that the incidents of chronic diseases would rise with age. Hence, as the geriatric population increases across the world, so will the hospitalization rate. This would, in turn, lead to an increase in the number of healthcare settings, thereby driving the medical display monitor market.
Thus, the surging incidents of chronic diseases is fueling the demand for enhanced medical display technologies, thereby augmenting the sales of such devices.