by Market Overview:
Augmented reality technology in the healthcare domain offers multiple advantages. It allows doctors to interact with 3D anatomy models and medical images during surgery, thus enhancing precision. AR tools help in medical training by simulating real-life scenarios. Diagnosis and treatment planning can also be improved using AR that superimposes patient data on real-world views. With AR, complex surgeries can be planned pre-operatively. Devices like AR smart glasses are being utilized to access information during operations or guide surgeries hands-free.
Market Dynamics:
The growing awareness about AR applications in healthcare and improvements in technologies is a major driver for this market. AR helps deliver better patient outcomes by enabling minimally invasive surgeries with more accuracy and improving surgical training. This reduces medical errors and healthcare costs. Another driver is the increasing investments by companies to develop innovative AR healthcare solutions. For instance, Microsoft partnered with an medical equipment company to bring HoloLens for assisting in surgeries. The growing geriatric population prone to various diseases also contributes to market growth as AR aids in their care. However, concerns around data privacy and the high costs of AR devices currently limit the market potential.
Segment Analysis
The augmented reality in healthcare market is dominated by the diagnostic imaging segment. This segment accounted for over 40% share of the global market in 2022. Diagnostic imaging with AR/VR technologies allows doctors to view 3D images of internal body parts during surgeries with more clarity and accuracy. This has significantly improved surgical outcomes. AR based diagnostic imaging is increasingly being adopted for orthopedic, dental and neurosurgeries which require precise visualization of anatomical structures.
The global Augmented Reality in Healthcare Market Growth is estimated to be valued at US$ 2.5 Billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Pest Analysis
Political: Governments across the globe are actively supporting investments and initiatives towards the development and adoption of emerging technologies like AR/VR in the healthcare sector. This is done with an aim to improve healthcare infrastructure and outcomes.
Economic: The augmented reality in healthcare market is fueled by growing healthcare spending worldwide as more funding is allocated towards innovation. AR solutions lower costs associated with errors, subsequent treatments and improve efficiency of healthcare delivery.
Social: AR enhances patient care, safety and experience. It facilitates remote diagnosis and care which has become increasingly important amid pandemic. AR increases engagement between doctors and patients which leads to better compliance to treatment.
Technolment of surgical and therapeutic AR applications. 5G connectivity further supports real-time collaborative AR solutions. Data security and privacy remain key challenges.
Key Takeaways
The global augmented reality in healthcare market is expected to witness high growth, exhibiting CAGR of 26% over the forecast period of 2023 to 2030, due to increasing demand for precision and minimally invasive surgeries.
Regionally, North America dominated with over 30% market share in 2022 led by significant technology adoption in the US. Asia Pacific is expected to be the fastest growing market owing to rising medical tourism and government initiatives in countries like India and China.
Key players operating in the augmented reality in healthcare market are Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation, Augmented Pixels Inc, and Surgical Theater. These players are focused on expanding their product portfolios and enabling AR solutions across a wider scope of healthcare applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
