The healthcare industry is currently disrupted by various novel technologies, and augmented reality can be counted in among the most path-breaking technologies in the current era. Even though the technology has been existing for a long time, it is only recently that the technology is on its path to achieving commercialization. Augmented reality in healthcare can bring about various changes for the industry, which includes improved healthcare outcomes. Market Research Future (MRFR) has added a new report on the global augmented reality in healthcare market size to its portfolio. In the report, MRFR has asserted that the market is anticipated to expand at a CAGR of 23%, reaching USD 1.32 Bn by the end of the forecast period of 2017-2023.
Augmented reality offers the promise of accelerating the learning curve for new medical technologies. The technology can augment and overlay the real clinical environment, which assists
critical surgeries. The intensifying need to reduce the burden of the surging incidence rate of chronic diseases on the healthcare industry is primarily driving the growth of the market. The growing penetration of connected devices is a crucial factor motivating the growth of the market.
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On the other hand, even though augmented reality is contributing to the healthcare industry, it is accompanied by certain challenges. Unwillingness on the part of clinicians to adopt the technology, as well as the failure to learn the nuances of the technology can hamper the growth of the market.
Competitive Landscape
Wikitude GmbH (Austria), Magic Leap, Inc. (U.S.), Augmedix (U.S.), Virtually Better (U.S.), Atheer (U.S.), Blippar (U.K), CAE Healthcare (U.S.), Mindmaze (Switzerland), DAQRI (U.S.), Siemens Healthineers (Germany), Oculus VR (U.S.), Osterhout Design Group (U.S.), Medical Realities (U.K), 3D Systems (U.S.), VirtaMed (Switzerland), Microsoft Corporation (U.S.), HTC (Taiwan), Philips Healthcare (Netherlands & U.S.), and Google LLC. (U.S.) are the notable players in the global augmented reality in healthcare market.
Segmentation
The augmented reality in healthcare market has been segmented based on component, device type, and application.
- By Components discussed in the market report include hardware, software, and others. The hardware segment has been further segmented into sensors, displays and projectors, position tracker, cameras, and others.
- By Device Type, the augmented reality in healthcare market has been segmented into head-mounted display, handheld device, and others.
- By Application-wise, the augmented reality in healthcare market has been segmented into fitness management, medical training and education, and others.
Regional Analysis
Region-wise, the augmented reality in healthcare market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America is the leading market for augmented reality in healthcare. The region is technologically rich and boasts of a robust healthcare sector. State-of-the-art healthcare infrastructure allows the integration of advanced technologies easily, which is a key growth determinant. Besides, the region is an early adopter of latest technologies which has provided the augmented reality in healthcare market ample scope to expand. The high adoption rate of consumer electronics devices has boosted the growth of the market to a large extent. Moreover, a number of key market players are based in the region, which provides unprecedented leverage to the market.
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Europe augmented reality in healthcare market is expected to exhibit considerable growth in the coming years. Government support towards the healthcare sector and increasing adoption of technology in the region is favoring the growth of the market.
The APAC market is slated to register the highest CAGR over the forecast period. The region is in the midst of economic growth and development, which is aiding the growth of the market. The rapid adoption of advanced technologically and the modernization of the healthcare supported by the governments in the region is augmenting the growth of the market.
