The global medical display market is experiencing substantial growth, with revenue projected to increase from $2.3 billion in 2023 to $2.9 billion by 2028, reflecting a compound annual growth rate (CAGR) of 5.2%. This expansion is driven by several key factors, including technological advancements, rising demand for diagnostic imaging, increased adoption of minimally invasive procedures, and the surge in telemedicine and remote diagnostics.
One of the primary drivers fueling market growth is the growing adoption of hybrid operating rooms. These advanced facilities are designed to perform sophisticated and minimally invasive surgeries, integrating imaging and surgical tools for improved precision, safety, and procedural outcomes. Consequently, hospitals are replacing outdated display systems with newer, high-resolution medical displays to enhance visualization and facilitate collaboration between surgical and imaging teams.
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However, the market faces a restraint in the form of increasing adoption of refurbished medical displays. Healthcare facilities, particularly smaller ones and those in emerging economies, are turning to refurbished devices as a cost-effective alternative. This trend poses a challenge for market players, who must either lower prices or introduce more advanced technologies to address unmet needs.
Emerging economies present a significant opportunity for the medical display industry. Governments and private players in regions like Asia are making significant investments to modernize healthcare infrastructure and cater to the growing demand for better healthcare services. This investment is expected to drive revenue growth opportunities for market players.
Nevertheless, the adoption of consumer-grade displays in medical settings poses challenges related to image quality, calibration, regulatory compliance, longevity, reliability, and vendor support. Healthcare providers, particularly in developing countries like India and China, are increasingly turning to lower-priced consumer-grade displays, which could impact the growth of the professional medical display market.
The market ecosystem consists of manufacturers engaged in research, product development, optimization, and introduction of medical displays, as well as distributors, including third-party and e-commerce platforms affiliated with these organizations.
Within the market segments, the OLED displays category is expected to witness the fastest growth during the forecast period, as these displays enable healthcare professionals to notice subtle details and color differences that many LED displays lack. Additionally, the diagnostic applications segment accounted for the largest share in 2022, driven by the increasing prevalence of diseases like cancer and the growing number of patients being screened using imaging systems.
Geographically, North America held the largest market share in 2022, owing to factors such as good healthcare infrastructure, increasing demand for diagnostic imaging, technological advancements, and rising adoption of picture archiving and communication systems (PACS).
Key players in the medical display market include Barco NV, Eizo, Sony Electronics Inc., LG Electronics, Novanta, FSN Medical Technologies, Advantech, Quest International, Steris, Jusha Medical, Siemens Healthineers AG, Double Black Imaging, HP Development Co. Ltd, Stryker, and Coje Display.
With the rising demand for advanced healthcare services and the continuous technological advancements in medical imaging, the medical display market is poised for significant growth in the coming years.
