The global augmented reality in healthcare market is projected to expand at a CAGR of 23% during the forecast period from 2017 to 2023 to reach a valuation of USD 1.32 billion by 2023. This growth is attributable to the surge in population and increasing demand for effective surgical treatments. Additionally, the rise in the penetration of connected devices along with a rise in investment for the advancement of products is driving growth of the global augmented reality in healthcare market. The demand for handheld and head-mounted display for connecting with several other devices, including gestures, voice commands, and motion tracking, is estimated to provide traction for growth of the market.
Furthermore, the surge in penetration of mobile-based applications, artificial intelligence, and cloud-based AR applications, along with the introduction of 5G networking for hospital use, is likely to offer the most lucrative opportunities for growth in the coming years. The mobile-based applications is increasing the accessibility and popularity of augmented reality. Additionally, faster services provided by these applications are bridging the gap between patients and healthcare providers. Thus, the players are looking to offer newer products through research and development, partnerships, and collaboration. For instance, VITAS publicized collaboration with AT&T for exploring the potential launch of 5G networking, especially in hospital operations. With 5G, augmented reality and other advanced technologies work faster for reducing the pain of patients.
High prevalence of chronic and life-threatening diseases and other diseases such as HIV, diabetic, and dementia patients is further augmenting demand for advanced technologies is fueling growth of the global augmented reality in healthcare market. Additionally, technological innovations enhance the communications helps to improve tracking of patient’s health and communication with healthcare providers. These factors are driving growth of the global augmented reality in healthcare market.
Competitive Analysis:
Some of the key players in the global augmented reality in healthcare market include DAQRI, Microsoft Corporation, Mindmaze, Atheer, Wikitude GmbH, Medical Realities, Augmedix, 3D Systems, Oculus VR, CAE Healthcare, Google LLC., Blippar, Philips Healthcare, Siemens Healthineers, HTC, VirtaMed, Osterhout Design Group, and Magic Leap, Inc. Newer product launches are driving growth of the global augmented reality in healthcare market.
Segmentation:
The augmented reality in the healthcare market is segmented based on component, application, device type, and region.
In terms of components, the augmented reality in healthcare market is categorized into software, hardware, and others. The hardware segment is further bifurcated into sensors, position trackers, displays and projectors, cameras, and others.
Based on the application, the augmented reality in healthcare market is segmented into medical training and education, fitness management, and others.
Based on the device type, the augmented reality in healthcare market is segmented into the handheld device, head-mounted display, and others.
Regional Analysis:
Based on the region, the augmented reality in healthcare market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. Of these, North America is the dominant region and is estimated to be the same in the coming years owing to a huge demand for AR to be used in a range of healthcare devices for enhanced screening and treatments. Europe stood for the second position in terms of revenue due to an increase in investment for the adoption of advanced techniques in the healthcare sector.
However, a surge in investment, as well as the presence of a large patient’s pool in the Asia Pacific, is estimated to expand by exhibiting at the largest CAGR in the coming future. By tracing the presence of robust opportunities, the key players are increasingly launching newer products with several features, which is also benefiting the augmented reality in healthcare market growth in the region.
Industry News:
In 2019, XRHealth, one of the leaders in the extended reality and therapeutic applications, announced its partnership with Allscripts. Through this partnership, enables medical professionals to monitor patient health through AR therapies and boosts its accessibility, penetration, and applications.
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