The application of augmented reality in healthcare is still in its nascent stage but has shown signs of potentials to improve clinical outcomes. Market Research Future (MRFR) has thoroughly studied the trends and patterns governing the global augmented reality in the healthcare market over the forecast period of 2017-2023 in an extensive study. MRFR has asserted that the market is likely to achieve a valuation of USD 1.32 Bn at a dynamic CAGR of 23% by 2023.
The application of augmented reality in healthcare has uncovered many new opportunities in the healthcare sector. Augmented reality in healthcare can assist doctors in diagnosing, treating, and performing surgeries with enhanced efficiency. The growth of the market stems from the increasing penetration of smart connected devices in the healthcare sector. Moreover, the rise in surgeries using laparoscopy, endoscopy, catheterized intervention has further paved d the way of the expansion of the market. The medical application of augmented reality is being vigorously studied by researchers which coupled with high investment from various governments is expected to propel the market. Advances in advances in camera and sensor technology and AR-focused software research is likely to expedite the growth of the market in the coming years. Other factors contributing to the market growth include high healthcare expenditure and application of augmented reality in medical training, pharmacy benefit management, and patient education.
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On the other hand, lack of proper infrastructure to incorporate augmented reality in healthcare, especially in developing countries is likely to hinder the growth of the market. Additionally, lack of technical know-how and reluctance among medical practitioners to adopt new technologies might constrain the growth of the market over the forecast period. Moreover, high costs associated with it, limited functionality, and perception problems are other bottlenecks to the growth of the market.
Competitive Landscape
Osterhout Design Group (U.S.), Virtually Better (U.S.), DAQRI (U.S.), Blippar (U.K), VirtaMed (Switzerland), Wikitude GmbH (Austria), Microsoft Corporation (U.S.), CAE Healthcare (U.S.), Google LLC. (U.S.), Augmedix (U.S.), Oculus VR (U.S.), Magic Leap, Inc. (U.S.), HTC (Taiwan), Philips Healthcare (Netherlands & U.S.), 3D Systems (U.S.), Medical Realities (U.K), Mindmaze (Switzerland), Atheer (U.S.), Siemens Healthineers (Germany) are the distinguished players in the augmented reality in healthcare market.
Segmentation
The global augmented reality in healthcare market has been segmented based on device type, component, and application.
By device, the augmented reality in healthcare market has been segmented into handheld device, head-mounted display, and others.
By component, the augmented reality in healthcare market has been segmented into software, hardware, and others.
By application, the augmented reality in healthcare market has been segmented into medical training, fitness management, and education, among others.
Regional Analysis
By region, the augmented reality in healthcare market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America is the largest augmented reality in healthcare market. A robust healthcare infrastructure in the region supports the growth of the market. Moreover, the region is a frontrunner in the adoption of latest technologies due to which augmented reality has gained widespread acceptance among healthcare professionals. High healthcare expenditure and technological advances in the field has further supported the market growth. Moreover, the presence of various market players in the region favors market growth.
Europe is an important revenue pocket for the augmented reality in healthcare market. Increasing healthcare expenditure along with changing healthcare policies is expected to foster the growth of the market.
The APAC augmented reality in healthcare market is likely to be driven by rapid technological adoption in the developing economies of the region. Moreover, fast track economic progress and improvements in healthcare infrastructure have the potential to trigger growth within the market. The APAC market is estimated to register the highest CAGR over the forecast period.
Industry Updates
March 2019 – Koninklijke Philips N.V., a Dutch company dedicated to creating the future of healthcare, and Microsoft Corporation, the global technology giant, have jointly developed an augmented reality concept for image-guided minimally invasive surgeries. The concept is based on Philips’ Azurion image-guided therapy platform and Microsoft’s HoloLens 2 holographic computing platform.
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