Englewood, Colorado −The global market for medical-grade displays is projected to grow nearly 30 percent from 2012 to 2017, according to IHS Inc. The key drivers include improving economic conditions, and increasing demand and sales in Latin America, Europe, the Middle East, and Asia.
The forecast includes monitors used for radiology, surgical, and patient monitoring applications. Revenues for patient monitoring equipment exclusively cover monitors used in central stations, magnetic resonance imaging (MRI)-compatible equipment, and mid-range to high-end multi-parameter displays.
"The medical-grade display market is reaping the benefits of multiple sources of demand," said Shane Walker, senior manager for consumer & digital health research at IHS, in a statement. "After years of postponing purchases, U.S. hospitals are seeing their budget constraints loosen up, resulting in rising purchases of equipment, including displays. However, the rise in demand is actually very broad-based, with multiple developed and emerging regions around the world driving expansion of the market."
IHS reports that the majority of market revenue will come from patient monitors due to their high average selling prices (ASPs), compared to all products in the market. Despite the high ASPs, the fastest growth will come from monitors used by radiology and surgical segments, according to the report. Revenue for these product segments will grow at a compound annual growth rate (CAGR) of 7 percent from 2012 through 2017, compared to about 5 percent for the overall medical-grade display market.
Ultrasound equipment is expected to show the strongest growth of the imaging modality markets over the next five years due to "relatively low-cost and increasing diversity of the application," said IHS. In addition, sales of very-high-resolution mammography displays are expected to offset losses from waning demand for low-resolution monochrome displays.
Some of this growth can be attributed to stable ASPs, which are being supported "by increasing demand for larger screen sizes and for liquid-crystal displays with newer light-emitting diode (LED) backlighting technology," said IHS.
This is also good news for component buyers in the medical equipment industry. As demand continues to increase, component suppliers continue to beef up their medical-grade portfolio. Over the past several months, component suppliers including AVX, Fox Electronics, Kemet, KOA Speer, MagnaChip, and Vishay have launched new components for medical device applications.
Mouser Electronics, a global distributor of electronic components, also recently released an enhanced version of its medical applications website to help new product development teams, including purchasers and engineers, to select the right components and suppliers for their applications.