Category : Healthcare and Pharmaceuticals | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for augmented reality in healthcare is expected to grow at a CAGR of around 33.4% from 2020 to 2027 and expected to reach the market value of around US$ 7,311.7 Bn by 2027.
Augmented reality (AR) is a technology that provides an interactive experience of a real-world environment, where the objects of the real-world are enhanced with the help of computer-generated perceptual information. Basically, it uses the existing environment and adds information to it to make a new artificial environment. AR in healthcare is commonly used in education, where healthcare workers learn a huge amount of information about anatomy and body functioning. Additionally, AR applications give learners the ability to visualize and interact with 3D representations of the body.
Market Dynamics
The wide range of applications right from the assessment of surgical preparation to minimally invasive surgery and rehabilitation, medical training, and pharmacy benefits management are supporting the market growth. The increasing population, growing demand for surgical treatment, and boosting healthcare expenditure among people are expanding the application of augmented reality in the real world. The rapid technological advancement in augmented reality (AR) and artificial intelligence (AI) technologies along with the increasing workload of healthcare professionals, and stringent regulatory compliances in laboratory testing are further proliferating the market growth. The higher adoption of mobile augmented reality technology in order to help patients to make better decisions about their health by educating and proving information to them is further bolstering the market value. The use of augmented reality in the healthcare sector is also increasing for teaching complex subjects to medical students, training doctors, and caring for and supporting patients after they leave the hospital.
On the other side, financial constraint and privacy issues are the factors projected to restrict the market growth in the near future.
Segment Instance
North America accounted for the maximum revenue share in the augmented reality in healthcare market
In 2019, North America is leading the market with a major revenue share, and the region is also projected to maintain its dominance over the forecast period. The early adoption and development of new technologies in the major developed economies of the region are bolstering the regional market growth. The presence of major players in the region is further bolstering the market value. The continuous investment in the healthcare sector for the development of the following evolution is accelerating the regional market value.
Asia Pacific is estimated to experience a significant boom over the forecast period.
The rapidly developing economies of the region including China and India are supporting the regional market growth. The ongoing booming market of the region is accelerating market growth. The growing healthcare expenditure and favorable government initiatives to attract foreign investment in the healthcare sector of the major economies of the region are further boosting the growth. The growing expenditure on healthcare solutions by the maturing population, especially on surgical treatments is additionally bolstering the regional market value.
Key Market Players
The players profiled in the report include AccuVein Inc., Alphabet Inc. (Google), Atheer, Inc, Augmedix, Blippar, CAE Healthcare, DAQRI, EchoPixel, Koninklijke Philips N.V., Magic Leap, Inc., Microsoft Corporation, Orca Health, Inc., Osterhout Design Group (ODG), Siemens Healthineers, Sony Corporation, Virtually Better Inc., and others.
Market Segmentation
Market By Product
Hardware
- Sensors
- Displays and projectors
- Position trackers
- Others
Software
Market By Device Type
Head-mounted displays
Handheld devices
Others
Market By End-User
Hospitals and Clinics
Research Laboratories
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for augmented reality in healthcare is expected to reach a market value of around US$ 7,311.7 Bn by 2027.
The augmented reality in healthcare market is expected to grow at a CAGR of around 33.4% from 2020 to 2027.
The wide range of applications right from the assessment of surgical preparation to minimally invasive surgery and rehabilitation, medical training, pharmacy benefits management, increasing population, growing demand for surgical treatment and boosting healthcare expenditure among people are some of the factors driving the market growth.
Hospitals and Clinics are the largest end-user in the augmented reality in healthcare market
AccuVein Inc., Alphabet Inc. (Google), Atheer, Inc, Augmedix, Blippar, CAE Healthcare, DAQRI, EchoPixel, Koninklijke Philips N.V., Magic Leap, Inc., Microsoft Corporation, Orca Health, Inc., Osterhout Design Group (ODG), Siemens Healthineers, Sony Corporation, Virtually Better Inc. and others are the prominent players in the augmented reality in healthcare market.
North America held the highest market share in the augmented reality in healthcare market
Asia Pacific is expected to be the fastest growing market over the forecast period
