The global market for medical-grade displays is projected to jump 29 percent between 2012 and 2017, rising from $2.5 billion to $3.2 billion, according to market information firm IHS.
IHS outlined its projections in its “Medical Displays – World – 2013” report.
While the majority of the market’s revenue in the coming years will be generated by patient-monitor displays, the fastest growing segments will be radiology and surgical displays, according to the report. The compound annual growth rate of these segments is projected to be 7 percent from 2012 through 2017, compared to about 5 percent for medical-grade displays overall.
Demand will rise due to improving economic conditions and the expectation that hospitals in the U.S. will loosen budget constraints to upgrade units at the end of their warranty period, according to IHS.
Globally, a number of regions will contribute to market growth with different underlying factors. Latin American healthcare facilities are currently in the process of transitioning to digital technology, while economic recovery in the Eurozone—particularly the southern Eurozone countries most affected by the monetary crisis—will drive demand.
IHS tapped the Middle East as a growth market, noting that Saudi Arabia and neighboring countries are investing heavily in research facilities and hospitals. The report also pointed to investment in the form of government stimulus in the Asia-Pacific region as predictor of continued strong growth. While stimulus programs in the region first contributed to specialty monitor adoption in 2010, the initial spending is still fueling equipment demand and many segments of the Asia-Pacific market remain in transition to high-performance displays.
The estimated growth of the ultrasound market over the next five years is also expected to drive demand for equipment, including displays, according to IHS.