The global medical display market is projected to reach USD 2.33 Billion by 2023 from USD 1.86 Billion in 2018, at a CAGR of 4.6%.
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The shift toward hybrid operating rooms, short replacement cycle of medical displays, increasing preference for minimally invasive treatments, and rising number of diagnostic imaging centers are the major factors driving the growth of the medical display market. However, market saturation in developed countries and the increasing adoption of refurbished medical displays in many developing countries are hindering the adoption of these products among healthcare providers to a certain extent.
The global medical display market is highly fragmented in nature with many local, regional, and global players. However, the market is led by few big market players such as Barco (Belgium), EIZO (Japan), Sony (Japan), and LG Display (South Korea).
The companies are mainly focusing on product launches and enhancements, partnerships, joint ventures, and strategic agreements.
Barco dominated the global medical display market in 2017. The company offers various products such as displays, monitors, and workstations comprising large format displays; medical displays; and point-of-care devices to developed as well as developing countries.
The company focuses on strategies such as product launches and enhancements, agreements, and partnerships to maintain its market presence. For example, the company entered into an agreement with NeoLogica (Italy) in 2017 to gain access to NeoLogica¡¯s RemotEye Suite helped the company maintain its leading position in this market.Barco has a significant footprint in the US, Canada, the UK, Germany, France, Belgium, India, China, and Japan owing to its strong sales and distribution network.
EIZO held the second position of the global medical display market in 2017. EIZO is one of the largest providers of diagnostic and surgical displays and offers robust clinical review displays with advanced features to its end users.
The company focuses on improving its research and development capabilities to enhance and launch new medical display products. For instance, the company launched and enhanced about 20 medical display products worldwide.
Few of the product launches of 2017 include the CuratOR LX491W (Operating Room), CuratOR EX3140 (Operating Room), CuratOR EX3220 and EX2620 (Operating Room), and RadiForce MX315W (Surgical).
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Sony is one of the largest players in the market. The company focuses on both organic and inorganic growth strategies such as partnerships, collaborations, and product launches to keep up with its competitors.
For instance, in 2015, Sony and Olympus jointly developed VISERA 4K UHD, a 4K enabled display system for surgical endoscopy. Sony offers a broad portfolio of medical displays and has a wide geographic presence with distribution channels across the Americas, Europe, Asia Pacific, and the Middle East.
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