Medical Display Monitor Market Analysis, Demand, Growth Opportunities and Recent Trends by Leading Manufacturers and Regions
Global medical display monitor market is expected to attain revenue of $2.8 billion by 2023, according to P&S Market Research.The market is mainly driven by increasing prevalence of chronic diseases, increasing demand for minimally invasive treatments, rising adoption of hybrid operating room (OR) technologies, and short replacement cycle of medical display technologies.
Among all technologies, the demand for organic light-emitting diode (OLED) technology is expected to exhibit the fastest growth in the medical display monitor market, with a CAGR of 5.4%, during the forecast period. The technology is also predicted to generate revenue of more than $70.0 million by 2023.
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Monitors of 23.0–26.9-inch panel sizes held the largest share in the medical display monitor market in 2017, accounting for 38.7% share. Diagnostics forms the largest application area of medical display monitors and is also anticipated to project the fastest growth, at a CAGR of 5.3%, in the market, during the forecast period. This can be attributed to the increasing adoption of these monitors in various imaging techniques, such as X-ray, magnetic resonance imaging, and computed tomography.
During the forecast period, the medical display monitor market is expected to witness the fastest growth in LATAM. Advanced diagnostic imaging technologies are leading to a high demand for medical imaging devices, which, in turn, is boosting the market growth in LATAM.
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According to a report published by the United Nations Department of Economic and Social Affairs (UNDESA) in 2017, the number of people aged 65 years and above in Brazil is expected to reach approximately 58 million by 2050. Therefore, increasing requirement for medical imaging devices and rising geriatric population in LATAM are expected to drive the medical display monitor market growth in the region in the coming years.
Some of the other key players operating in the global medical display monitor market are Siemens AG, Sony Corporation, Novanta Inc., Barco NV, LG Display Co. Ltd., Advantech Co. Ltd., Jusha Medical, JVCKENWOOD Corporation, and Steris plc.
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