The global medical display market was valued at $2.3 billion in 2023 and is projected to reach $2.9 billion by 2028, growing at a CAGR of 5.2% during this period. The market’s growth is driven by advancements in technology, increased demand for diagnostic imaging, a rise in minimally invasive procedures, and the expansion of telemedicine and remote diagnostics. The industry’s expansion is also fueled by the growing demand for high-resolution 4K and 8K surgical displays and advancements in endoscopic video cameras.
Key Market Trends
- Hybrid Operating Rooms: The adoption of hybrid operating rooms (ORs) is on the rise, driven by the need for sophisticated and minimally invasive surgeries. These rooms often replace old display systems with high-resolution medical displays, essential for image-guided interventions. Medical displays in hybrid ORs improve precision, safety, and procedural outcomes by integrating various imaging modalities such as angiography, MRI, and ultrasound.
- Refurbished Medical Displays: The growing market for refurbished medical displays presents challenges, especially for small manufacturers. Despite the lower costs and extended lifespans of refurbished displays, market players need to either lower their prices or offer advanced technologies to remain competitive.
- Investments in Emerging Economies: Significant investments by governments and private players in the healthcare sectors of emerging economies are driving market growth. These investments are aimed at modernizing healthcare infrastructure to meet the increasing demand for healthcare services due to population growth, urbanization, and aging populations.
- Consumer-Grade Displays: The adoption of consumer-grade displays in medical settings poses challenges due to concerns about image quality, calibration, regulatory compliance, and reliability. Despite their lower costs, consumer-grade displays must meet stringent standards to ensure accurate medical imaging.
Medical Display Market Ecosystem
The medical display market ecosystem includes manufacturers involved in research, development, and optimization of products, distributors who facilitate sales, and various applications where these displays are used. Key players in this ecosystem include Barco NV, Eizo, Sony Electronics, LG Electronics, Novanta, FSN Medical Technologies, Advantech, Quest International, Steris, Jusha Medical, Siemens Healthineers, Double Black Imaging, HP Development, Stryker, and Coje Display.
Segment Analysis
- Technology: The OLED display segment is expected to witness the fastest growth due to its ability to display subtle color differences and hemodynamics in medical imaging.
- Applications: Diagnostic applications accounted for the largest market share in 2022, driven by the increasing prevalence of diseases and the rising number of patients screened using imaging systems.
- Resolution: Displays with a resolution of 2.1–4MP held the second largest market share in 2022, favored for their higher brightness, widescreen format, and ability to produce both color and monochrome images.
Regional Insights
- North America: North America held the largest market share in 2022, driven by a robust healthcare infrastructure, significant R&D investments, and increasing demand for diagnostic imaging.
Medical Display Recent Developments
- LG Electronics: In April 2023, LG launched the 32HQ713D-B, a high-resolution 8MP diagnostic medical monitor with 1000 nits brightness and an enhanced 2,000:1 contrast ratio.
- Eizo: In February 2023, Eizo introduced a 21.3-inch, 2-megapixel color monitor for displaying patient charts and reviewing diagnostic imaging.
- Barco: In November 2022, Barco released two new displays: Io Gray 5.8 MP for breast imaging and MDSC-8532 and MDSC-8527 4K UHD for surgical display.
- Eizo: In July 2022, Eizo launched four new monitors, ranging from 32 to 55 inches with 4K UHD resolution, for use in endoscopy and microsurgery.
Medical Display Market Scope
| Report Metric | Details |
|---|---|
| Market Revenue in 2023 | $2.3 billion |
| Projected Revenue in 2028 | $2.9 billion |
| Revenue Rate | Poised to grow at a CAGR of 5.2% |
| Market Driver | Growing adoption of hybrid operating rooms |
| Market Opportunity | Investments in healthcare in emerging economies |
Medical Display Market – Submarket Forecasts
- By Technology: LED-backlit LCD, CCFL-backlit LCD, OLED
- By Panel Size: Under 22.9 inch, 23.9-26.9 inch, 27-41.9 inch, Above 42 inch
- By Resolution: Up to 2MP, 2.1-4MP, 4.1-8MP, Above 8MP, 4K, 8K
- By Display Color: Color, Monochrome
- By Application: Diagnostic, General Radiology, Mammography, Digital Pathology, Multi-Modality, Surgical/Interventional, Dentistry, Other Applications
- By Region: North America (US, Canada), Europe (Germany, UK, France, Spain, Italy, Rest of Europe), Asia Pacific (China, Japan, India, Rest of APAC), Latin America (Brazil, Mexico, Rest of LATAM), Middle East & Africa
The global medical display market is poised for steady growth, driven by technological advancements and increasing healthcare demands, particularly in emerging economies.