The global AR in Healthcare market size was valued at $609.60 million in 2018 and is projected to reach $4,237.60 million by 2026, registering a CAGR of 27.4% from 2019 to 2026. Augmented reality is the use of cameras, displays, and sensors to superimpose digital information onto the real world, thereby allowing users to bring the most useful data into perception of the environment. Advances in display and sensor technology along with various software’s has made the AR revolution possible in healthcare. AR in healthcare has helped surgeons as well as nurses and doctors to interact with patients using AR applications. These applications gives the healthcare professionals the ability to visualize and interact with 3D representations of the bodies.
AR not only helps the medical professionals, but it is benefitting the patients with medical education by allowing them to understand several surgical procedures. The most common practical application of AR used currently is vein visualization. AR has helped eliminating the uncomforting caused by being injected or difficulty finding the nerve. Augmented reality market finds its application in surgical visualization along with medical training.
The major factors driving the AR in healthcare market growth consist of increasing usage of augmented reality in diagnostic imaging, surgical simulation, rehabilitation, and patient care management. Furthermore, increasing number if AR based startups and growing investment in these technologies are expected to further boost the growth of AR in healthcare market across the globe. On the contrary, concerns regarding data privacy and lack of proper healthcare infrastructure are some of the foremost barriers hampering the market growth. Conversely, increasing private investments and growing government support for integration of these technologies into the healthcare system are likely to provide newer opportunities for the growth of the AR in Healthcare market in coming future.
The AR in healthcare market is segmented on the basis of product type, technology, end-user, and region. By product type, it is classified into AR Displays, AR sensors, AR input devices, AR semiconductor components, and others. By technology, it is divided into head mounted devices and handheld devices. On the basis of end-user, it is segmented into hospitals & clinics, research laboratories, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on product type, the AR input devices segment was the major contributor in 2018 and is anticipated to continue this trend during the forecast period due to increasing usage of AR devices in healthcare procedures and practices. Based on end user, the hospitals and clinics segment is the highest revenue contributor owing to growing adoption of AR in medical training and education. Augmented reality allows the surgeons to study the patient’s anatomy precisely in hospitals before actually opting for the surgery.
Region Segment Review
North America held a dominant share in the global AR market for healthcare in 2018, in terms of revenue and is anticipated to maintain its dominant position over the forecasting period. Increasing private and government funding towards developing these technologies in healthcare sector and availability of advanced healthcare infrastructure in the region is responsible for the growth of AR in healthcare market. For instance, the U.S. government is making considerable investments in order to integrate AR across various industry verticals thereby providing start-ups, vendors and manufacturers with business opportunities. Furthermore, use of AR in medical training by several universities and institutions are factors driving the market growth.
The report provides a comprehensive analysis of the key players operating in the global AR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), Sony Corporation, Siemens (Siemens Healthcare), Koninklijke Philips N.V. (Philips), AccuVein Inc., EchoPixel, DAQRI, Atheer, Inc, and Orca Health, Inc. Some of the other players operating in the market are Augmedix, VirtaMed, Blippar, CAE Healthcare, Magic Leap, Inc., Virtually Better and Osterhout Design Group, among others.