What They Say
Sigmaintell of China published an article about the market for medical monitors. The firm said that the global medical device industry’s demand for TFT-LCD displays was about 29 million in 2019, an increase of about 7.2% year-on-year. it is expected that the total will rise to 33 million this year. However, after the rapid increase in the demand for medical display screens driven by the epidemic in 2020, under the background of high terminal inventory levels, the demand for medical displays in 2021 will decline sharply.
Separately, we spotted some data that was released by a firm called Allied Market Research that forecast a value for the market for medical displays by 2027 of $3.19 billion, up from $2.05 billion in 2019, a CAGR of 4.9%. AMR said that based on application, the surgical segment contributed to the highest share in 2019, holding more than one-fourth of the global medical display market, and is expected to maintain its highest contribution by 2027. Moreover, this segment is expected to show the highest CAGR of 5.8% during the forecast period. This is due to surge in adoption of medical displays for its significant impact on the quality of surgical procedures. The report also discusses segments such as digital pathology, multi-modality, radiology, mammography, and others.
Based on region, Asia-Pacific accounted for the highest market share in 2019, contributing to more than one-fourth of the global medical display market, and will maintain its leadership status throughout the forecast period. Moreover, this region is expected to grow at the highest CAGR of 5.7% from 2020 to 2027. This is attributed to rise in demand for advanced surgical display devices in the emerging countries such as China and India, increase in awareness regarding medical technologies, boom in medical tourism, and surge in healthcare expenditure in the region. However, North America is projected to portray a CAGR of 5.2% during the forecast period.
What We Think
I was a bit confused in initially by the Sigmaintell numbers, until I realised that the company meant all medical equipment that monitors patients, not just the displays! Still, there was useful data in the report about the display segment. I hadn’t seen data from AMR before, but the release (put out in January, but we missed it at the time)
The data reported from the two analysts look very different in their definitions. The Sigmaintell data seems to cover not only stand-alone displays, but also displays used in medical equipment, whereas the AMR data does cover dedicated display and diagnostic products. It said that 90% of what it reports are desktop monitors.
Of course, there are a number of clearly defined segments under the heading ‘medical’. The definition can include models of commercial displays that are easy to clean/sterlise and for office or patient entertainment up to fully calibrated and certified diagnostic displays as well as displays for surgical procedures and operating room use. (BR)
This is the Sigmaintell view of the market.
