The global market for medical displays is set to rise nearly 30% over the next five years, according to a new market research report.
The report by market research firm IHS places the value of the global medical display market at $2.5 billion in 2012; that number is projected to be $3.2 billion in 2017. Most of the revenue will be driven by the patient-monitoring category, with a compound annual growth rate (CAGR) of 5%, but most of the growth will occur in the radiology and surgical segments, with a CAGR of 7%, the firm said.
IHS forecasts growth to come from improving economic conditions, as well as the unleashing of pent-up demand and rising sales in Latin America, Europe, the Middle East, and Africa. For example, Latin America is converting to digital healthcare, which will spur a rise in demand for monitors.
Both the Middle East and Asia-Pacific regions will experience growth, with Saudi Arabia and other neighboring countries investing billions in healthcare. The Asia-Pacific region has a relatively low penetration of specialty displays that will drive adoption, especially as large segments of the region are in the early phases of the conversion to digital healthcare.
In Europe, growth will be staggered as 2017 approaches and as the continent's economies recover. Some European countries will remain in recession for the next few years, but those in the southern eurozone will emerge as a growth opportunity as they boost their adoption of PACS from current low levels.
