Global Medical Display Market to Reach Valuation of US$ 3,777.78 Million by 2031: Astute Analytica

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Global medical display market was valued at US$ 2,039.04 million in 2022 and is estimated is projected to generate a revenue of US$ 3,777.78 million by 2031 at a CAGR of 5.68% from 2023-2031.

New Delhi , Jan. 31, 2023 (GLOBE NEWSWIRE) -- The medical display market is poised for growth, driven by two key factors: an aging population and a shift towards 3D/4K imaging modalities. The growing aging population is driving demand for early detection and intervention of chronic diseases, as well as for more sophisticated methods of image-guided surgery (IGS). This demand, combined with the benefits of higher resolution images for both diagnosis and treatment planning, is driving the shift towards 3D/4K imaging modalities.

Despite the growing demand for 4K displays, Europe lags behind the US in terms of adoption, with only 15% penetration compared to 30% in the US. This disparity can be attributed to cost considerations, as 4K displays are still significantly more expensive than 1080p displays. However, it is expected that 4K penetration will rapidly increase over the next five years, reaching 50% by 2025.

In terms of product segments, the global medical display market offers tremendous growth potential for manufacturers who can meet the demands of healthcare providers and patients alike. With the increasing emphasis on early detection and intervention, as well as the benefits of high-resolution images, the market for medical displays is expected to continue its upward trajectory.

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Portable Ultrasound Machine to Offer Lucrative Growth Opportunity for Manufacturers in the Europe Medical Display Market

Astute Analytica’s study found that there is a large opportunity for medical display manufacturers to enter the market for portable ultrasound devices. Currently, only 30% of ultrasound machines are portable, but this is expected to grow to 65% by 2031. This presents a significant opportunity for display manufacturers, as portable ultrasound machines require smaller displays that are easier to read in cramped operating conditions.

The medical display market in Europe is set to experience growth with the increasing demand for portable ultrasound devices. The use of portable ultrasound devices is on the rise as they offer numerous benefits such as portability, cost-effectiveness, and improved image quality. This is expected to increase the demand for high-quality displays in the medical industry, providing a lucrative growth opportunity for manufacturers of medical displays.

Medical displays have a crucial role in portable ultrasound devices as they are responsible for displaying images generated by the ultrasound system. The display is an essential component of the device, and its quality and accuracy determine the accuracy of the diagnosis. With the increasing demand for portable ultrasound devices, the demand for high-quality medical displays is also expected to increase in the medical display market.

Medical display manufacturers in Europe are investing in research and development to enhance the quality of their displays. The development of high-resolution displays, larger screen sizes, and improved image quality is expected to increase the demand for medical displays in Europe. In addition, the increasing demand for minimally invasive procedures has resulted in the development of new and advanced portable ultrasound devices, further increasing the demand for medical displays.

Top Trends in Global Medical Display Market

The Global medical display industry is rapidly advancing, driven by several significant trends. Here are some of the top trends in the industry:

  • Improved Display Quality: The quality of medical displays has significantly improved, featuring higher resolutions, wider color gamuts, better contrast ratios, and more accurate calibration for better viewing experiences. This allows healthcare providers to make quicker, more informed decisions about patient care.

  • Emphasis on 3D Imaging Technology: Advances in 3D imaging technology, such as CT scans and MRI machines, allow doctors to view details of the body that were not previously visible through conventional imaging techniques. This increased demand for medical monitors that can handle large data sets and complex graphics for three-dimensional images with accuracy and clarity.

  • Rising Demand for Portable Medical Displays: The trend towards home and outpatient care environments is driving the demand for portable medical displays in the global medical display market that can be used on-site or taken to visit patients outside of traditional hospitals and clinics. This demand has been driven by both cost concerns and patient comfort requirements.

  • Advanced Connectivity Solutions: The advancements in connectivity solutions have allowed for comprehensive integrations between various systems, including diagnostic devices, laboratory instruments, and ultrasound scans, providing physicians with real-time updates on vital signs during diagnoses or surgeries. This has also enabled remote monitoring of patient progress.

  • Integration of AI and Automation: The integration of AI technology into digital health records has enabled automated storage, retrieval, updating, analysis, and visualization techniques. This has reduced the risk of human error and improved decision quality through evidence-based analytics offered by machine learning algorithms embedded in electronic health record (EHR) systems.

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LCD to Continue Dominating Global Medical Display Market

The medical display market has seen a surge in popularity for LCD technology, driven by a combination of cost-effectiveness, durability, and versatility. LCD displays are widely used to display patient information and images, such as MRI scans or X-rays, in healthcare settings. They are more affordable than other display options and offer a range of benefits, including anti-glare features to reduce eye strain, high brightness levels for clear visibility, LED backlighting for reduced energy consumption, and rugged construction to withstand common hazards in clinical environments. LCD displays also offer advanced customization options, allowing healthcare providers to tailor the user interface to meet their specific needs.

Given the attractive price point and numerous advantages of LCD displays, it is no surprise that they have become widely adopted among E healthcare providers. The demand for these solutions has led to a strong market presence for LCD technology in the medical display market, capturing a significant share of the overall market landscape for medical displays and services.

Top 5 Players Holds over 38% Revenue Share of Global Medical Display Market

Sony, Siemens, Philips Healthcare, Fujifilm, and Double Black Imaging are top 5 players in the market. These players hold over 38% of the total revenue share due to their consistent investments in research and development, strong marketing strategies, expanding product portfolio, large customer base, and high brand visibility. These companies have invested heavily into developing technologically advanced products that meet the needs of healthcare professionals. Furthermore, they have created a wide range of products catering to different segments such as medical imaging equipment manufacturers and healthcare providers.

Additionally, these top five players in the medical display market offer services such as software installation and maintenance support which is helpful for healthcare practitioners while acquiring new technology. They also provide technical assistance with specialized training programs to ensure the smooth operation of their products. Moreover, they are developing creative solutions that make use of virtual reality technology to enhance patient experience during diagnosis or surgery procedures.

Furthermore, these leading companies have successfully implemented their business models across multiple geographies enabling them access to larger markets thus boosting their revenue share significantly. Strategic partnerships established with other industry giants has enabled them leverage on each other's strengths resulting in better quality end-products at competitive prices thereby improving profitability levels over time. These further increases revenue share within the global medical display market as customers prefer buying from well-established brands who can guarantee reliable after sales service support for long term usage of their devices across different facilities or organizations worldwide.

Some of the Top Market Players Are:

  • Advantech Co. Ltd

  • ASUSTeK Computer Inc

  • Axiomtek Co., Ltd.

  • B. Braun

  • Barco

  • BenQ Medical Technology

  • COJE Co., Ltd.

  • Dell Inc.

  • DIVA Laboratories. Ltd

  • Double Black Imaging

  • EIZO Corporation

  • FSN Medical Technologies

  • General Electric Company (GE Healthcare)

  • HP Inc.

  • LG Corporation

  • ManageEngine

  • New Vision Display (Shenzhen) Co, Ltd.

  • Novanta Inc

  • Siemens AG

  • Sony Electronics Inc.

  • SOT Medical Systems

  • WIDE Corporation

  • Other Prominent Players

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About Astute Analytica

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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