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.
Displays with 5MP–8MP resolution held the largest share in the medical display monitor market in 2017, accounting for 30.5% share. This can be attributed to the fact that these monitors offer better-quality images in various surgical and diagnostic applications, as compared to other monitors. During the forecast period, the market for colored medical display monitors is expected to witness faster growth, at a CAGR of 5.2%. This is because of the high preference for these monitors for surgical and diagnostic purposes.
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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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In June 2016, EIZO Corporation acquired the endoscopy monitor business of Panasonic Healthcare Co. Ltd. The acquisition was part of the company’s mid-term business plan, announced in 2015, to expand in the healthcare market, with a particular focus on OR. With this acquisition, EIZO Corporation aimed at providing a complete line-up of endoscopy monitors, including 3D and 4K ones, and gaining a significant competitive advantage in product development.
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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