Augmented Reality in Healthcare Market Analysis
The augmented reality in healthcare market is likely to touch USD 1.32 billion at a 23% CAGR between 2017- 2023, according to the recent report by Market Research Future (MRFR). Augmented reality or AR, simply put, is the interactive experience of the real-world experience where objects which reside in the real-world are generally augmented via perceptual information that is computer-generated, at times, across various sensory modalities such as olfactory, somatosensory, haptic, auditory, and visual. Owing to its alluring features and various benefits, augmented reality has various applications, including medical training and education, fitness management, and others.
Various factors are adding to the global augmented reality in healthcare market growth. Such factors, according to the new MRFR report, include increasing use and demand for AR in developing industries, need to cut healthcare costs, rising dispersion of connected devices, increasing investment in healthcare AR, and rapid development. Additional factors adding market growth include the significance of health services to train healthcare experts, focus on the delivery of effective health services, increasing healthcare expenditure, digitalization in healthcare, and increasing integration of technology. Besides, AR is benefitting the healthcare sector in multiple ways such as telementoring, surgical planning, managing lifestyle and wellness, improved patient care and treatment, corporate communication, medical education & training, and more, which is again adding market growth.
On the contrary, poor compatibility and interoperability between AR and VR, lack of technical awareness, and data privacy concerns are factors that may limit the global augmented reality in healthcare market growth over the forecast period.
Augmented Reality in Healthcare Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global augmented reality (AR) in healthcare market report based on application, device type, and component.
By component, the global augmented reality in healthcare market is segmented into software, hardware, and others. The hardware component is again segmented into cameras, position tracker, displays and projections, sensors, and others. Of these, the hardware segment will lead the market over the forecast period.
By device type, the global augmented reality in healthcare market is segmented into a handheld device, head-mounted display, and others.
Based on application, the augmented reality in healthcare market has been segmented into medical training and education, fitness management, and others.
Augmented Reality in Healthcare Market Regional Analysis
Based on the region, the augmented reality in healthcare market report covers the recent trends & growth opportunities across Europe, the Americas, the Asia Pacific (APAC), and the Middle East and Africa (MEA). Of these, North America will lead the market over the forecast period for burgeoning demand for medical services through which patients get treated, technological advances in augmented reality, burgeoning demand for augmented reality, and increasing awareness among people.
The augmented reality in healthcare market in Europe is predicted to possess the second-largest share over the forecast period. The increasing use of sensors in healthcare, technological advances in healthcare, and the presence of top companies in the region are adding market growth.
The market of augmented reality in healthcare in the Asia Pacific region is likely to develop at a quick pace for improvement in healthcare infrastructure and rapid economic development.
The market of augmented reality in healthcare in the MEA is predicted to have sound growth over the forecast period.
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Augmented Reality in Healthcare Market Key Players
Leading players profiled in the global augmented reality in healthcare market report include Virtually Better (U.S.), Osterhout Design Group (U.S.), Magic Leap, Inc. (U.S.), Siemens Healthineers (Germany), HTC (Taiwan), VirtaMed (Switzerland), Blippar (U.K), 3D Systems (U.S.), Philips Healthcare (Netherlands & U.S.), CAE Healthcare (U.S.), Oculus VR (U.S.), Augmedix (U.S.), Atheer (U.S.), Medical Realities (U.K), Wikitude GmbH (Austria), Mindmaze (Switzerland), DAQRI (U.S.), Microsoft Corporation (U.S.), and Google LLC. (U.S.). Industry players have incorporated strategies such as new product launch, geographic expansion, collaboration, and mergers to stay ahead in the competition.
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