Market Trends of Ultra High Definition (UHD) Surgical Display Industry
Diagnostic Imaging Centers Segment is Expected to Register a Significant Growth in the Forecast Period
Diagnostic imaging centers are expected to witness significant market growth owing to the factors such as an increase in chronic diseases, and the rise in diagnostics centers, especially in developed regions across the world. For instance, according to the American Cancer Society 2023 Cancer report, around 1,958,310 people in the United States are estimated to be diagnosed with new cancer cases. This estimation includes 1,010,310 number of males and 948,000 cases of females. The high burden of cancer is augmenting the demand for diagnostic imaging and thereby boosting the market growth over the forecast period.
Furthermore, an Increase in the number of diagnostic imaging centers and developments in radiology is expected to drive the market growth over the forecast period. For instance, in December 2022, the Minister of State for Road Transport & Highways and Civil Aviation, Government of India, launched Mission Radiology India (MRI) with a customized 'My Stamp' of Mission Radiology India. MRI is a social initiative by Sundeep Sharma Foundation. The Mission Radiology India project aimed to provide state-of-the-art diagnostic imaging services at highly subsidized prices. Similarly, in November 2022, Royal Philips launched its portfolio of smart diagnostic systems and transformative workflow solutions featured at the Radiological Society of North America (RSNA) annual meeting. Powered by AI, the company showcased its latest systems and informatics solutions designed for providers to efficiently deliver patient-centric, high-quality imaging services.
Hence, due to the rise in diagnostic imaging services and the increase in chronic diseases that require surgical imaging, the studied segment is expected to witness significant growth over the forecast period.
North America Anticipated to Hold a Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share in the studied market over the forecast period owing to the factors such as an increase in demand for minimally invasive surgeries, a rise in chronic diseases that require surgical imaging, and the surge in product launches. For instance, as per the 2022 update from the National brain tumor Society, an estimated 700,000 people in the United States are living with a primary brain tumor, and approximately 88,970 more were likely to be diagnosed in 2022. Glioblastoma is the most commonly occurring primary malignant brain tumor, accounting for 14.3% of all tumors and 49.1% of all malignant tumors in 2022. Hence the high prevalence of neurological disease contributes to increasing the demand for neurology-related surgical imaging and is anticipated to drive market growth.
Moreover, the demand for UHD displays is also high due to the high number of ambulatory and diagnostic centers in the region. Furthermore, the government and private agencies support for the development of medical imaging across the region. For instance, in November 2022, FedDev Ontario invests up to USD 2 million in SQI Diagnostics Inc., (SQI), a life sciences and diagnostics company that is working to discover and develop rapid diagnostic testing for North American clinical and patient markets. Diagnostic testing is an important tool in healthcare. It can improve how well treatments work and avoid long-term complications. Similarly, in June 2022, a collaboration between the Harley Street Healthcare Group Canada (HSHG) and Canon Medical Systems Canada aimed to equip five new integrated community diagnostic centers across Ontario, Canada, with cutting-edge technology. These "Centres of Excellence" expanded the number of patients who may receive diagnostic services, work with Ontario's public healthcare systems to relieve pressure on acute hospital sites, and give more patients access to cutting-edge medical technology.
Furthermore, the presence of key players and their product launches across the country is likely to drive market growth. For instance, in July 2022, Olympus launched a new monitor option, the OEV321UH video display monitor, a 32-inch Ultra High Definition 4K monitor that expands upon Olympus 4K monitor offerings. Backward- and forward-compatible with most Olympus processors, the new monitor provides a breadth of customizable uses at an attractive price point.
Therefore, due to the rise in chronic diseases, increase in product launches, and government initiatives to bolster surgical imaging, North America is expected to hold a significant market share over the forecast period.
