by The Augmented Reality In Healthcare Market is estimated to be valued at US$ 5,049.7 Mn or in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Augmented reality in healthcare uses technology to overlay digital information on real-world environments. This allows doctors to interact with 3D medical images and data to gain a better understanding of patient anatomy during diagnosis and treatment planning. AR also enables remote assistance by letting specialists aid doctors in remote locations via virtual overlays.
Market Dynamics:
Increasing investments from venture capital firms and large technology companies are driving the growth of the augmented reality in healthcare market. For example, in 2021, Microsoft invested $100 million through its Adaptive Heath Ventures Fund to support AR/VR technology for healthcare. Additionally, growing demand for minimally invasive surgeries is also fueling market growth. AR technology helps surgeons perform complex surgeries accurately with real-time augmented views of internal organs and anatomical structures, reducing surgical risks and recovery time for patients.
Segment Analysis
The global Augmented Reality In Healthcare market is segmented by component, technology, application and geography. Based on component, the market is segmented into hardware and software. The hardware segment is dominating the market currently owing to high usage and demand for AR hardware devices like glasses, displays and sensors among healthcare professionals for surgeries, medical trainings etc.
PEST Analysis
Political: Governments globally are investing heavily in digital healthcare to enhance patient care and medical outcomes. Favorable regulations are boosting AR adoption.
Economic: Rising healthcare costs are prompting facilities to adopt cost-efficient AR tools that can reduce medico-legal risks and optimize resources.
Social: Growing awareness about AR benefits is increasing acceptance from patients and care teams. It is enhancing accessibility of quality care.
Technological: Advancements like 5G, edge computing, miniaturization etc. are improving AR capabilities for real-time remote diagnostics, collaborative training and therapies.
Key Takeaways
The global Augmented Reality In Healthcare Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing need for minimally invasive surgeries and therapies. The market size for 2023 is US$ 5,049.7 Mn.
Regional analysis: North America dominated the market in 2023 owing to presence of leading players and advanced healthcare infrastructure in the region. Asia Pacific is expected to be the fastest growing market during the forecast period supported rising medical tourism and government initiatives to boost digital healthcare adoption.
Key players operating in the augmented reality in healthcare market are Key Developments, Microsoft, Google, Magic Leap, Apple, Meta, Osterhout Design Group etc. Key Developments recently partnered with leading hospitals in Europe and Asia to develop customized AR training modules for nurses and paramedics using their platform.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
