Moreover, the surging awareness regarding display monitors and burgeoning investments in medical imaging device development will drive the medical display monitor market at a 4.9% CAGR during the forecast period (2018–2023).
The growing cases of chronic illnesses, like cancer and cardiovascular diseases (CVD), have boosted the adoption of display monitors in hospitals, clinics, nursing homes, homecare settings, and nursing homes. According to the American Cancer Society, the U.S. will record around 608,570 cancer deaths and 1.9 million new cancer cases in 2021. In recent years, physicians have switched from cathode ray tube (CRT) monitors to flat-panel liquid crystal display (LCD) variants to diagnose chronic disorders, as LCDs are more compact, have a better contrast ratio, and offer more brightness than the former.
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The market generated revenue of $2.1 billion in 2017, and it is expected to attain a $2.8-billion size by 2023. These factors offer lucrative opportunities to key players like Steris plc, JVCKENWOOD Corporation, Advantech Co. Ltd., Siemens AG, Barco NV, Jusha Medical, Novanta Inc., and Sony Corporation to increase their sales.
The resolution segment of the medical display monitor market is classified into up to 2 Megapixels (MP), 3 MP–4 MP, 5 MP–8 MP, and above 8MP. In 2017, the 5 MP–8 MP category accounted for the largest share, as such monitors offer better-quality images in several diagnostic and surgical applications as compared to display monitors with other resolution ranges. Owing to this reason, this category will also exhibit the fastest growth during the forecast period, as per P&S Intelligence.
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The aforementioned screen resolutions are available in monitors of various panel sizes, which include under 22.9 inches, 23.0–26.9 inches, 27.0–41.9 inches, and above 42 inches. In recent years, the adoption of 23.0–26.9-inch panels for surgical, clinical, and diagnostic applications has witnessed a significant rise. Such diagnostic display monitors are used for X-ray, computed tomography (CT), and magnetic resonance imaging (MRI). Owing to the rising incidence of road accidents and chronic diseases, the requirement for these monitors will surge in the future.
The Latin American (LATAM) medical display monitor market is expected to register the fastest growth throughout the forecast period. This can be owed to the widescale adoption of innovative diagnostic imaging technologies and booming population of the elderly. According to a 2017 report of the United Nations Department of Economic and Social Affairs (UNDESA), the population of individuals aged 65 years and above in Brazil is projected to reach around 58 million by 2050. The aged population is more susceptible to chronic diseases, which require medical imaging devices during diagnostic, screening, and surgical processes.
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