Medical grade means;
1. DICOM calibration. The conventional gamma curve on CRTs and LCDs is uneven. There is very little difference between dark shades, meaning it can take 2 or 3 pixel values to produce a visible difference; at the same time between light shades, the difference is exaggerated, meaning that you could theoretically see a difference between 0.5 pixel values. The DICOM calibration was specifically designed with reference to the human eye, so that each pixel value change gives an equivalent amount of visibility all the way across the brightness range.
As a result of this calibration, DICOM monitors have very unsatisfactory performance with images intended for display on general-purpose monitors. Colors are washed-out and images are displayed with low contrast and appear muddy and dark.
2. Meets specific levels of performance for luminance and contrast. Typically, diagnosis grade medical monitors (as opposed to general purpose medical monitors) should be able to achieve 500 cd/m2 brightness when calibrated. 600-1000 cd/m2 for mammogram viewing.
3. There are strict specification for brightness uniformity (often called backlight bleeding in the lay press). Many medical grade monitors have uniformity correction, sometimes on a per-pixel basis. Older ones tended to use complex backlight designs to maintain uniformity (e.g. oversized CCFL tubes that go 1 inch beyond the LCD, so that tube end blackening doesn't degrade the uniformity; or individually temperature stabilised backlight elements with extra thick light diffuser layers)
4. Specific levels of resolution. X-ray medical images are typically 3-6 megapixels. To permit good productivity, the monitor needs to have at least that number of pixels. Mammogram images are typically 5-20 megapixels, and >4k resolution monitors are strongly recommended for mammogram viewing. CT images are typically 512x512, and MRI are rarely higher than 320x256. The demands for viewing the latter types of image are significantly reduced.
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The overall degree of compliance that you need depends on what it is that you wish to do.
If you just need images displayed together with a written opinion from a trained radiologist, then you don't even need a medical grade display at all. However, a basic level of DICOM calibration (+/- 5%) is recommended so that the image the viewer sees is displayed similarly to who the original interpreter viewed the image.
Similarly, certain types of research work don't need medical-grade displays.
For the same reason, you don't strictly need 500 cd/m2 luminance. Certain types of medical image (e.g. CT/MRI/Ultrasound/PET/SPECT) have a limited range of brightnesses due to the process of creating the image, so many users would regard 250 cd/m2 as perfectly acceptable. X-ray or mammogram images need very high brightness due to the huge range of pixel values, and contrasts within the image, and the fact that you are looking for single pixel abnormalities in a very high-res image. Additionally, sometimes displays have to be installed in brightly lit areas, e.g. operating rooms, in this case, a super bright backlight is needed to ensure that the surgeon is able to see the details after staring at a brightly lit operating site.
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Yes. You CAN get performance adequate for most medical use from a stock monitor, providing that it is calibrated to DICOM specifications.
The difficulty is that you need HARDWARE calibration - taking an 8 bit grey scale image and then using an 8-bit LUT in the GPU, is worthless. The image will be too degraded as the DICOM curve and the conventional 2.2 gamma curve are too different.
For example, a 2560x1440 monitor with hardware calibration could meet most of the medical specifications (with the exception of brightness, and without specific control of uniformity - but for a new monitor, it should be adequate). Indeed, there are companies that sell commercial grade monitors plus a calibration tool. The Dell U3014 and Dell U2713H are available with calibration software in an FDA approved package from certain vendors.