Market Analysis
The global Augmented Reality in Healthcare Market is anticipated to expand at a whopping 23% CAGR over the assessment period (2017-2023). Augmented reality has gained immense prominence amid medical personnel for different applications including rehabilitation, minimally-invasive surgery and surgical preparation assessment. It has worked wonders in transforming the medical device sector and medicine simultaneously. This is basically a concept where real life elements are enhanced through additional visual information post recognizing the environment for guiding the augmentation which is, positioning and orientating the augmented content. Patients and doctors can use connected gadgets such as a tablet or a smartphone for leveraging this technology and adding valuable data in their treatment and the strides that are made in connected glasses and lenses will make this information access more seamless in the upcoming years. Augmented reality for patients can improve the treatment quality significantly that they get from the healthcare provider. Its key applications in the healthcare domain include fitness management, conducting complex surgeries, pharmacy benefit management, medical training, care management and patient education.
There are myriads of factors that is propelling the augmented reality in healthcare market growth. The different market factors and trends in this market according to an analysis conducted by MRFR (Market Research Future) include advancement in technology, growing need for virtual reality in healthcare, rising workload of healthcare experts, rising regulatory compliance for proper use of augmented reality in the healthcare domain, increasing healthcare expenditure, rising penetration of connected devices, and innovations in medical diagnostics. On the contrary, data security concern and high cost of augmented reality may restrict the demand of the augmented reality in healthcare market during the assessment period.
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Market Segmentation
The MRFR report provides an all-inclusive segmental analysis of the augmented reality in healthcare market on the basis of device type, component and application.
Based on component, it is segmented into software, hardware and others. The hardware is further segmented into cameras, position tracker, projectors, displays, sensors and others.
Based on device type, the augmented reality in healthcare market is segmented into handheld device, head mounted display and others.
Based on application, it is segmented into education, medical training, fitness management and others.
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Regional Analysis
Based on region, the augmented reality in healthcare market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, North America will remain the foremost region in the market due to the rising use of consumer electronic devices that is fueling the growth of the market considerably. This market in Europe is expected to see a rapid growth during the forecast period. On the other hand, the Asia Pacific nations especially India, Japan and China are emerging markets that is expected to expand at a notable CAGR over the assessment period.
Competitive Analysis
Enrichment in services and products is the key factor that is driving the productivity of the market and also controlling the trends which are gaining distinction in the augmented reality in healthcare market. The gaps present in the market are filled owing to the proper execution of supply chain strategies. Here the predilections of the players and the key success factors are growing consistently by the strategies that are used by the market contenders. The augmented reality in healthcare market’s progress rests in the drivers which are changing the market backdrop radically. The growth is modified in tandem as per the preference of the customer to attain utmost growth along with profitability in the future. Moreover, the launch of new services and products will add an extra impetus in the progress of the market. The growth plans have stimulated this market for prospective new entrants.
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Key Players
Key players profiled in the augmented reality in healthcare market include Virtually Better (U.S.), Magic Leap, Inc. (U.S.), VirtaMed (Switzerland), Osterhout Design Group (U.S.), HTC (Taiwan), Siemens Healthineers (Germany), Blippar (U.K), Philips Healthcare (Netherlands & U.S.), CAE Healthcare (U.S.), Google LLC. (U.S.), Oculus VR (U.S.), Augmedix (U.S.), 3D Systems (U.S.), Medical Realities (U.K), Atheer (U.S.), Wikitude GmbH (Austria), Mindmaze (Switzerland), DAQRI (U.S.), and Microsoft Corporation (U.S.).
Sept 2018 – Researchers at Purdue University have adopted a new method which allows qualified physicians and surgeons across the world in assisting doctors that are less experienced in rural areas, war zones and natural disasters to perform complicated procedures.
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