Augmented Reality in Healthcare Market– Overview

The innovations in medical diagnostics and other tools have paved the way for the development of other path-breaking technology such as the implementation of augmented reality in healthcare. Market reports connected with the healthcare industry have been made accessible by Market Research Future who publishes reports on other sectors that have been currently published along with a report on this industry. The market is forecasted to expand at a CAGR of 23% approximately while earning revenues worth USD 1.32 billion by 2023.

The ability of augmented reality in addressing concerns related to imaging data are expected to contribute extensively to the market’s development. AR’s potential capacity to synchronously show other patient information can increase the ability of surgeons to save lives and also drastically reduce medical errors. The rising penetration of connected devices in the healthcare sector is expected to bolster overall market growth in the forecast period.

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Segmental Analysis

The market for augmented reality is segmented into device type, component, application, and region. The component segment comprises of software, hardware, and others. The hardware segment is sub-segmented into sensors, cameras, position tracker, displays and projectors, and others. The device type segment of the market is segmented into handheld device, head-mounted display, and others. On the basis of application, the market is segmented into medical training, fitness management, and education, among others. The regions included in the market are Europe, Asia Pacific, North America and the rest of the world.

Detailed Regional Analysis

The regional analysis of the market covers such as Asia Pacific, North America, Europe and Rest of the World. The North American region is among the foremost regions in terms of the market portion. The augmented reality in the healthcare market, especially in the North American region, has an enormous demand owing to the growing adoption of consumer electronic devices which is boosting the market growth to a great extent. The adoption of augmented reality in the healthcare market in the European region is anticipated to undergo rapid growth in the forthcoming period. The Asia Pacific nations such as China, Japan, and India are an emerging market, which is anticipated to grow at the maximum CAGR in the approaching years.

Competitive Analysis

The enrichment in the products and services is the chief factor escalating the market's productivity and controlling the trends that are acquiring distinction in the market. The gaps in the market are filled due to the execution of proper supply chain strategies. The chief success factors and players’ predilections are consistently growing by the strategies being used by market contenders. The progress of the market is based on the drivers that are radically altering the market backdrop. The growth patterns are modified in tandem to the customer preferences to achieve maximum growth, and in the long run, profitability. Besides, the introduction of new products and services will add additional impetus to the market progress. The situation for growth plans has stimulated the market for potential new entrants.

The noteworthy contenders in the market comprises of Microsoft Corporation (U.S.), DAQRI (U.S.), Mindmaze (Switzerland), Wikitude GmbH (Austria), Atheer (U.S.), Medical Realities (U.K), 3D Systems (U.S.), Augmedix (U.S.), Oculus VR (U.S.), Google LLC. (U.S.), CAE Healthcare (U.S.), Philips Healthcare (Netherlands & U.S.), Blippar (U.K), Siemens Healthineers (Germany), HTC (Taiwan), Osterhout Design Group (U.S.), VirtaMed (Switzerland), Magic Leap, Inc. (U.S.) and Virtually Better (U.S.) among others.

Industry Updates:

Sep 2018 Purdue University researchers have adopted a unique method that permits qualified surgeons and physicians around the world to assist less-experienced doctors in natural disasters, war zones, and in rural areas to carry out complicated procedures.

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