Medical Monitor Market To Reach $2.33 Billion With Increasing Demand In Imaging Industry
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- Financial Impact and Market Growth Analysis of Medical Monitor Market.
According to a new market research report "Medical Display Market by Technology (LED, OLED) Panel Size (≤22.9", 27.0-41.9", ≥42") Resolution (≤2MP, 4.1-8MP, ≥8MP), Application (Radiology, Mammography, Digital Pathology, Multi-modality, Surgical), & Display color - Global Forecast to 2023", published by MarketsandMarkets™, the medical monitor market is expected to reach USD 2.33 Billion by 2023 from an estimated USD 1.86 Billion in 2018, at a CAGR of 4.6%.
Browse 140 market data Tables and 38 Figures spread through 199 Pages and in-depth TOC on "Medical Display Market"
The growing adoption of hybrid ORs, short replacement cycle of medical displays, increasing preference for minimally invasive treatments, and the rising number of diagnostic imaging centers are the major factors driving the growth of the market.
LED-backlit LCD displays held the largest share of the medical display market, by technology in 2017.
On the basis of technology, the medical monitor market is subsegmented into CCFL-backlit LCD display, LED-backlit display, and OLED display. In 2017, the LED-backlit LCD displays segment accounted for the largest share of the global medical display. High-quality medical images and the high power efficiency offered by LED-backlit LCDs are the major factors driving its adoption in the market.
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The under 22.9-inch panels segment accounted for the largest share of the medical display market in 2017.
By panel size, the medical monitor market is segmented into under 22.9-inch panels, 23.0-26.9-inch panels, 27.0-41.9-inch panels, and above 42-inch panels. In 2017, the under 22.9-inch panels segment accounted for the largest share of the global medical display market. Advancements in miniature circuits, microcontroller functions, front-end amplification, and wireless data transmission are the major factors driving the growth of this segment in the market.
The diagnostic application segment held the largest market share of medical display market in 2017.
Based on application, the medical monitor market is segmented into diagnostic, surgical/ interventional, dentistry and other applications. The diagnostic application segment accounted for the largest share of medical display industry in 2017. Factors such as the rapidly increasing prevalence of diseases such as cancer and the increasing number of patients being screened using imaging systems.
North America dominated the market in 2017.
North America accounted for the largest share of the medical display market in 2017, followed by Europe. North America's large share in the global market is primarily driven by the high penetration of advanced technologies such as hybrid operating room technologies, increasing volume of medical screening due to rising incidence/prevalence of various diseases, and replacement of older technologies with advanced display technologies such as OLED.
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Prominent players in the healthcare medical monitor market include Barco (Belgium), EIZO (Japan), Sony (Japan), LG Display (South Korea), Novanta (US), FSN Medical (South Korea), Advantech (Taiwan), Quest International (US), STERIS (UK), Jusha Medical (CHINA), Double Black Imaging (US), Dell (US), HP (US), Shenzhen Beacon Display (CHINA), COJE Display (South Korea), and Axiomtek (Taiwan).
Barco dominated the global medical display industry in 2017. The company offers various products such as displays, monitors, and workstations comprising large format displays; medical displays; and point-of-care devices to developed as well as developing countries. The company focuses on strategies such as product launches and enhancements, agreements, and partnerships to maintain its market presence. For example, the company entered into an agreement with NeoLogica (OTCPK:ITALY) in 2017 to gain access to NeoLogica¡¯s RemotEye Suite helped the company maintain its leading position in medical monitor market. Barco has a significant footprint in the US, Canada, the UK, Germany, France, Belgium, India, China, and Japan owing to its strong sales and distribution network.
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