16 bit RAW files

To add what JJ said, 16 bit images allow you to edit or stretch the final range more with out showing obvious degradation in the final values, most noticeable as banding. You would be hard pressed to see any different between an actual 8 and 16 bit image.

Raw Files are not color images and camera sensor  normally record  a 10, 12 or or 14 bit value for the light value of pixels.  Pixels are filters by a red, green or blur filter so its a mosaic image.  RAW converters can convert the mosaic image into an  RGB image in any color space  in 8 or 16bit  color depth using your camera raw sensors data.   Displays with the best color are very expensive and and IMO are really not required.  Display images an Printed images will never look exactly the same one emits light the other reflects light and images change color with lighting conditions in different environment.    You need the get your images to look nearly the same on you print and display.  If you do color management  right you should be able to do that a  any good display and good printer.  I put more money into my printer then my displays.   My eyes are also 77 year old and slightly colorblind the the best display would be wasted on me.  I also have multiple displays and edit my image on the best one I have.  It was not expensive  a Dell 24" 4K IPS display 3840x2160px 185DPI $380 on Amazon when I purchased it. My printer was $2000. Printers are 8bit color as far as I know.  Do not fret  over specification  work on getting your workflow right and producing image the are what you want