The augmented reality in healthcare market is evaluated at US$779.994 million for the year 2019 growing at a CAGR of 31.59% to reach the market size of US$5,327.842 million by the year 2026.
Augmented reality and virtual reality technologies are gaining significant importance among healthcare professionals owing to their applicability in varied operations ranging from assessment of surgical preparation to minimally invasive surgical procedures and rehabilitation. Other applications of augmented in the healthcare industry include medical training and pharmacy benefits management. Furthermore, augmented reality aids in vein, surgical visualization, and education. It employes the use of displays, cameras, and sensors to extend digital information in the real world.
Healthcare professionals have been quick to adopt augmented reality techniques, especially in the education field by facilitating healthcare workers with information about human anatomy.
The rising geriatric population, shifting market trends in surgical treatment, and increasing healthcare expenditure is driving demand in the Augmented reality in the Global healthcare market. Furthermore, the increasing adoption of technological advancements in augmented reality couple increasing workload among healthcare professionals is anticipated to further boost demand in the market. Moreover, stringent regulatory compliances in laboratory testing are expected to further drive demand in the market over the forecasted period. Moreover, higher adoption of mobile augmented reality is aiding in bridging the gap in the patient-provider relationship and also helping by facilitating improved decision making. Furthermore, the growing application of augmented reality in teaching complex subjects to healthcare professionals & medical students and increasing use in post-operative care is further driving the growth in the augmented reality market in the global healthcare industry.
However, lack of digital expertise within companies coupled with risks associated with conflicting capabilities across hardware and operating platforms are anticipated to hinder growth in the augmented reality market in the global healthcare industry. Moreover, increased costs and technical barriers associated with the adoption of augmented reality solutions are expected to further hinder growth in the market.
The outbreak of the novel coronavirus disease positively impacted the augmented reality in the Global Healthcare market owing to increasing technological advancements in the market. The primary reason for the growth is the surging demand for services including patient monitoring, telemonitoring, and patient management during the pandemic. Moreover, increasing investment in AR technologies coupled with novel product developments is estimated to drive demand in the market in the post-COVID market.
Software product segment to witness lucrative growth opportunities.
The growth in the software segment can be attributed to a wide range of benefits offered to physicians through augmented reality in the software segment including imaging, diagnosis, management of medical records, in-patient medicine, and precision medicine among others. Moreover, increasing assistance offered by software solutions in decision-making processes is projected to further fuel demand in the segment. Furthermore, the growing presence of prominent market players in the segment such as Siemens Healthineers, Philips Healthcare, Microsoft is anticipated to fuel demand in the market over the forecasted period. Additionally, the growing adoption of AR technology on mobile devices for improving efficiency and results is anticipated to fuel growth in the market over the forecasted period.
Head-Mounted displays hold a notable market share.
The head-mounted displays hold a notable market share in the augmented reality in the global healthcare industry market. The widespread benefits offered by head-mounted displays are estimated to drive demand in the market. Moreover, increasing the application of the head-mounted display segment across various industry sectors such as pharmacy, medical training and education, and patient care management is estimated to fuel demand in the market over the forecasted period.
Medical training and education application segments are estimated to grow over the forecasted period.
Medical Treatment and Education holds a prominent market size and is estimated to grow over the forecasted period. Augmented reality is extensively used in the field of medical treatment and education. The growth can be attributed to the increasing adoption of novel approaches towards treatments and education in medicine. Moreover, increasing collective benefits offered through augmented reality in surgery planning and patient treatment is expected to further propel demand in the market.
Regional Market Trends.
Geographically the North American region holds a dominant market share owing to the early adoption of technology and the presence of prominent market players in the region delivering augmented reality solutions. Moreover, increasing technological advancements in the information & technology sector coupled with extensive research and development in the countries like the USA is expected to further propel growth opportunities in the region. Furthermore, supportive government policies and initiatives are further driving demand in the market. For instance, the National Institute of Health USA has issued a US$ 2.2million grant for augmented reality cardiac hologram research.
Whereas, the Asia Pacific is projected to witness exponential growth over the forecasted period. The growth in the region can be associated with increasing healthcare expenditure in the region coupled with favorable government policies and initiatives to attract foreign investment in the healthcare sector. Moreover, emerging economies such as China and India are prominent destinations for outsourcing services through the development and distribution of AR and VR technologies in the healthcare industry. Whereas, the North American region is expected to witness a noteworthy growth-related during the forecasted period owing to large scale adoption of these services coupled with increasing demand for full body massage and beauty treatments in countries like the US and Canada.
The market is characterized by both prominent conglomerates and other emerging startups offering augmented reality solutions. Moreover, companies are increasingly focusing on adopting modern digitalized solutions such as the Google Eye lens to collect better information about their patients and their health situation. Furthermore, the market growth is also driven by novel product solutions offered by emerging startup companies. For instance, Medivis is an American startup established by surgeons, radiologists, and engineers to harness the power of computing and revolutionizing surgical visualization. The company announced the launch of its new augmented reality platform for improved surgical planning and surgical precision.
The prominent market players in the augmented reality in the global healthcare market are implementing various growth strategies including collaborations concerning product developments and allied market dynamics to gain lucrative growth opportunities in the market.
|Market size value in 2019||US$779.994 million|
|Market size value in 2026||US$5,327.842 million|
|Growth Rate||CAGR of 31.59% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Component, Device Type, Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Microsoft Corporation, Oculus VR, Philips Healthcare, Medsights Tech Corp., VirtaMed, Siemens Healthineers, Fundamental VR, Medical Realities, Surgical Theatre, LLC|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the augmented reality in healthcare market size by 2026?
A1. The augmented reality (AR) in healthcare market is projected to reach a total market size of US$5,327.842 million by 2026.
Q2. What is the size of augmented reality (AR) in the global healthcare market?
A2. Augmented Reality (AR) In Healthcare Market was valued at US$779.994 million in 2019.
Q3. What are the growth prospects for augmented reality in healthcare market?
A3. The augmented reality in the global healthcare market is projected to grow at a CAGR of 31.63% during the forecast period.
Q4. Which region holds the largest market share in the augmented reality in healthcare market?
A4. Geographically, the North American region holds a significant share in the AR in healthcare market due to the early adoption of technology and prominent market players in the region delivering augmented reality solutions.
Q5. What factors are anticipated to drive the AR in healthcare market growth?
A5. The rising geriatric population, shifting market trends in surgical treatment, and increasing healthcare expenditure is driving demand in the augmented reality in the global healthcare market.