Surgical Display Market: Digitalization In Hospitals is Expected To Boost The Growth
Surgical Display Industry Overview
The global surgical display market size is anticipated to reach USD 702.6 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a lucrative CAGR of 0.9% from 2021 to 2028. The key factors driving the market include the rising number of surgical procedures and growing digitalization in the healthcare sector. Furthermore, technological advancements by market players are also anticipated to positively influence market growth.
According to the Medical Project Manager of ADLINK Technology, Inc., the company’s surgical displays are designed by combining the features of the top 5 monitors in the market. Launched under the ASM surgical monitor series in 2021, the new lineup is optimized for superior image visualization. The monitors are intended to support surgeons and caregivers, especially during the COVID-19 pandemic, to quickly complete diagnoses via high-precision monitors to keep staff and patients safe. Hence, such product launches maintained steady growth during the COVID-19 pandemic.
Europe held a significant revenue share in the market in 2020 owing to factors such as advanced healthcare infrastructure, the presence of key players, and various strategic initiatives implemented by them. Eizo Corporation, for instance, integrated its German subsidiary- EIZO GmbH’s R&D, production, warehousing, and administration-at a single location in June 2019 to further expand the business into the healthcare sector.
Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, among others to maintain a competitive edge in the market. For instance, in January 2021, ADLINK Technology, Inc. launched a series of medical-grade surgical monitors-the ASM (ADLINK Surgical Monitor) series to visualize videos and still images from multiple clinical imaging systems in ORs, ICUs, and emergency & examination rooms. The ASM series is available in sizes from 23.8 inches to 32 inches and can be customized as per the needs of medical device OEMs.
Surgical Display Market Segmentation
Grand View Research has segmented the global surgical display market on the basis of type and region:
Based on the Type, the market is segmented into Low-end, Mid-end, and High-end.
- The mid-end segment dominated the market for surgical display and accounted for the largest revenue share of more than 44.0% in 2020. The market growth is attributed to a rise in demand for better imaging technology and an increase in the implementation of integrated solutions for operational and clinical efficiency in hospital settings. The growing number of choices of image acquisition and recording solutions is another key contributor to market growth.
- The high-end segment is expected to grow at the fastest rate of 1.2% in the market for surgical display over the forecast period. High-end surgical displays offer best-in-class features and quality for efficiency, clinical safety, and improved patient outcomes. Although the price may be a restraining factor, the long-term benefits of high-end displays are vast owing to the long shelf life and latest technologies, such as 4K
Key Companies & Market Share Insights
The market for surgical display is highly competitive and fragmented. Market players implement strategic initiatives, such as product development and launches, expansion of distribution network, and global footprint through subsidiaries and partnerships. In addition, key players are also involved in portfolio diversification and mergers and acquisitions.
For instance, in August 2021, Shenzhen Beacon Display Technology Co., Ltd. established its European subsidiary under the name Beacon Bigtide Europe B.V. The new entity was formed primarily to manage sales trade and after-sales service of the company’s products as well as enhance penetration of its brand in the European market. Some of the prominent players in the surgical display market include:
- Eizo Inc.
- Stryker
- Alcon
- Siemens
- Steris
- Olympus Corporation
- Koninklijke Philips N.V.
- Barco
- Ambu A/S
- NDS Surgical Imaging
Order a free sample PDF of the Surgical Display Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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