Portland, OR, Dec. 01, 2020 (GLOBE NEWSWIRE) -- According to the report, the global medical display market was pegged $1.96 billion in 2018 and is projected to $2.85 billion by 2026, registering a CAGR of 4.8% during the forecast period.
Rise in number of medical establishments and increase in the healthcare expenditure are the major factors that drive the growth of the market. Furthermore, surge in demands for multimodality displays for radiology and several other medical applications to get detailed view of ultrasound outputs and PET fuel the market growth. However, the higher costs associated with the medical display devices restraint the market growth up to a certain extent. On the other hand, the surge in the demand for various diagnostic procedures including ultrasound, medical resonance imaging, and X-ray is expected to provide lucrative opportunities for the market growth.
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Covid-19 Scenario:
- The demand for medical display increased as governments and private hospitals begin development of Covid centers to treat coronavirus infected patients and carry out tests.
- However, there has been the supply-demand gap as the production activities of new displays carried on with a usual pace and the demand rose drastically in a short period of time. Moreover, the shortage of raw materials occurred.
- Some of the hospital reallocated resources of medical displays from other departments such as surgery to Covid centers to fill the gap. As supply chain is restored, the production activities would begin in full-fledged manner and the distribution would take place.
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The global medical display market is divided on the basis of device, panel size, application, and geography.
Based on product, the market is segmented into mobile, desktop, and all in one. The desktop segment held the largest share in 2018, contributing to 89.8% of the market. Furthermore, this segment is expected to register the fastest CAGR of 5.0% during the forecast period.
Based on panel size, the market is bifurcated into under-22.9-inch panels, 23.0–26.9-inch panels, 27.0–41.9-inch panel, and above-42-inch panels. The 27.0–41.9 inch segment held the lion’s share in 2018, accounting for nearly two-fifths of the market share. Moreover, the segment is projected to manifest the fastest CAGR of 5.3% during the forecast period.
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Based on application, the market is bifurcated into digital pathology, multi-modality, surgical, radiology, mammography, and others. The surgical segment held the highest share in 2018, accounting for more than one-fourth of the total market share. Furthermore, the segment is expected to manifest the fastest CAGR of 5.7% during the forecast period.
The global medical display market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the market, contributing to more than one-fourth of the market in 2018. Moreover, the region is estimated to register the fastest CAGR of 5.5% during the study period.
Leading market players analyzed in the research Alpha Display, ASUSTeK Computer Inc., Axiomtek Co., Ltd., Barco NV, BenQ Medical Technology, Coje CO., LTD., Dell Technologies Inc., Double Black Imaging Corporation, FSN Medical Technologies, Hisense Medical, HP INC., JVC Kenwood Holdings Inc., Nanjing Jusha Commercial & Trading Co, Ltd., Shenzhen Beacon Display Technology Co., Ltd., Steris PLC, EIZO Corporation (EIZO), Sony Corporation, LG Display Co., Ltd., Novanta Inc. (Novanta), and Advantech Co., Ltd. (Advantech).
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