Market Overview
Global augmented reality in healthcare market size is expected to grow at USD 1.32 billion by 2027 at a CAGR of 23% during the forecast period 2022-2027.
Market Dynamics
The growing need for augmented reality, combined with artificial intelligence, is propelling the augmented reality in healthcare industry forward. The growing use of mobile augmented reality technology is boosting the AR in healthcare industry to new heights. This mobile-based augmented reality technology aids in bridging the gap between patients and healthcare providers. Patients benefit from the mobile application because it educates and informs them, allowing them to make better health decisions. Recent advancements in medical imaging technology, as well as increased demand for virtual reality in the healthcare business, are important driving drivers for AR in the healthcare sector. The augmented reality in healthcare market is predicted to grow due to improved access to real-time data, as well as speedier diagnosis and treatment of diseases. Furthermore, the surgeon has access to 2D and 3D reconstructed images, which can be helpful throughout the procedure.
The augmented reality in healthcare market is expected to grow significantly throughout the forecast period, thanks to rising population and demand for more surgical treatment, as well as rising healthcare expenditure among individuals. The growing use of linked devices in healthcare, combined with increased investment in augmented reality by firms to create a variety of devices such as handhelds, head-mounted displays, and other devices, is driving the AR industry in healthcare. Augmented reality in the healthcare sector uses the above-mentioned gadgets to allow users to interact with information through voice commands, gestures, motion tracking, and other methods. Furthermore, the market expansion of augmented reality in healthcare is accounted for by rising regulatory compliance for effective use of augmented reality in healthcare and increasing demand for augmented reality in the healthcare sector. Furthermore, surgeons may now visualize muscles, internal organs, and bones without undergoing surgery. It can also be used to show life-saving information to paramedics in the event of a medical emergency. Because of technical breakthroughs in this sector, AR & VR in healthcare was positively influenced during the emergence of the COVID-19 pandemic.
High prices, as well as security and privacy concerns related with augmented reality in healthcare, are expected to limit the market's growth. There are various flaws in this technology that hackers can use to gather information from a large number of clients. Furthermore, the high costs of these procedures will limit market expansion.
Competitive Dynamics
Some of the prominent players in the global augmented reality in healthcare market Google LLC. (U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities (U.K), Atheer (U.S.), Augmedix (U.S.), Oculus VR (U.S.), CAE Healthcare (U.S.), Philips Healthcare (Netherlands & U.S.), 3D Systems (U.S.), Blippar (U.K), VirtaMed (Switzerland), HTC (Taiwan), Siemens Healthineers (Germany), Magic Leap, Inc. (U.S.), and Osterhout Design Group (U.S.) and Virtually Better (U.S.), among others.
Market Segmentation
Global augmented reality in healthcare market is segmented into component, device type, application, and region.
The component segment comprises of hardware, software, and others.
The device type segment is segmented into head-mounted display, handheld device, and others.
The application segment is segmented into Fitness Management, Medical Training and Education, and others.
Regional Overview
In terms of market share, North America is one of the most important areas. Due to the increasing adoption of consumer electronic devices, the augmented reality in healthcare market in this region has a high demand, which is fueling market expansion to a considerable extent. The market for augmented reality in healthcare is experiencing rapid expansion as a result of rising demand for medical services through which patients are treated, boosting the market for augmented reality in healthcare in this region.
In the future years, the AR in healthcare market in Europe is predicted to rise rapidly, however Asia Pacific countries such as China, Japan, and India are an emerging industry that is predicted to develop at the fastest CAGR. The existence of a significant number of growing economies, growing infrastructure, particularly in healthcare, and other industrial industries in the region are some of the key driving reasons for the rapid expansion of this market in the region. The growing demand for augmented reality in healthcare will be aided by improved healthcare infrastructure as well as rising disposable income in the region.
Due to the poor economic and health conditions in most African countries, the Rest of the World (RoW) ranks fourth in the worldwide augmented reality in healthcare industry. The rapid expansion of augmented reality in the healthcare business in the RoW area will be fueled by significant improvements in healthcare infrastructure in Brazil and Mexico.
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