Augmented Reality (AR) is a technology that redefines the space and adds a virtual covering or layer over objects with complete geographic specificity. It digitalizes your surroundings by creating virtual content in the real world. The disruptive technology has positively impacted various industries and boasts massive potential for other industries as well. One such industry where AR is rapidly spreading and creating ripples of impact is healthcare, a sector that is always willing to implement or adopt new technologies to further enhance its productivity and efficacy level.
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The expanding population pool and rising demand for more surgical treatments coupled with the increasing expenditure in the healthcare sector are all contributing to the market’s growth. The market is also boosted by penetration of connected devices in the healthcare industry and the number of investments in augmented reality by private and government organizations to make numerous devices that are handheld, head-mounted displays, and others
Market Research Future estimates that the global augmented reality in the healthcare market to reach a valuation of 1.32 billion by 2023 at an impressive CAGR of 23%. The growing importance directed towards augmented reality alongside artificial intelligence is expected to be a driving factor behind the growth of the market. The growing adoption of mobile AR technology is further pushing the market expansion. The mobile AR technology helps bridge the gap between patient and the healthcare provider and builds their relationship. The applications help educate the patient and provide them with valuable information to help them make better decisions about their own health.
Competitive Analysis
The global augmented reality in the healthcare market is home to a number of noteworthy players. Players who are adding new strategies and coming up with new innovations to drive the progress of the market. Key players in the market include Osterhout Design Group (U.S.), Mindmaze (Switzerland), DAQRI (U.S.), Medical Realities (U.K), Microsoft Corporation (U.S.), Wikitude GmbH (Austria), 3D Systems (U.S.), CAE Healthcare (U.S.), Google LLC. (U.S.), Augmedix (U.S.), Philips Healthcare (Netherlands & U.S.), Siemens Healthineers (Germany), VirtaMed (Switzerland), Oculus VR (U.S.), Magic Leap, Inc. (U.S.), Blippar (U.K), HTC (Taiwan), Atheer (U.S.), and Virtually Better (U.S.) among others.
On 14th Feb 2019, Medivis, a medical imaging and visualization organization, announced the introduction of SurgicalAR, a one-of-a-kind AR technology platform for surgical applications. The platform promises to allow physicians to overlay images directly on the patient, thereby allowing for unmatched precision and real-time decision-making capability.
On 26th Feb 2019, Royal Philips, a globally renowned health tech company, revealed at the MWC Barcelona a unique augmented reality concept that they have developed in collaboration with Microsoft for image-guided minimally invasive surgeries.
Market Segmentation
The global augmented reality in the healthcare market has been segmented on the basis of device type, application, and component.
By component, the market includes software, hardware, and others. The hardware segment is narrowed down into displays and projectors, cameras, sensors, position tracker, sensors, and others.
By device type, the market includes handheld device, head-mounted display, and others.
By application, the market comprises medical training and education, fitness management, and others.
Regional Analysis
The regional segmentation of the augmented reality in the healthcare market covers regions like Europe, Asia-Pacific, North America, and the Rest of the World.
North America tops the regional standings in terms of market share. Increasing adoption and usage of consumer electronic devices is expanding the demand for AR in this region. The influence of augmented reality in the healthcare sector will drive the market towards further growth and expansion in the forthcoming years. The regional market in Europe is projected to experience rapid-paced growth during the assessment period between 2017-2023. In the Asia-Pacific region, economically strong powerhouses like India, China, and Japan, will contribute significantly to the overall growth of the market. Herein, the region is expected to grow with the highest CAGR over the review period.
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