Augmented reality (AR) has emerged as a promising technology in the healthcare sector owing to its ability to enhance the quality of images. The technology overlays the present environment with images to provide clinicians and doctors with information to reach diagnosis decisions rapidly. This is exemplified by the use of HoloLens, an AR supporting headset by Microsoft Corporation, to view images of organs at the surface or sub-surface levels in three dimensions.
Augmented Reality in Healthcare Market Overview
The augmented reality in healthcare marketis predicted to reach a valuation nearing USD 1.23 billion by 2023, as per the latest market report by Market Research Future (MRFR). It can touch this mark at a CAGR of nearly 23% CAGR from 2017 to 2023 (forecast period) owing to a plethora of opportunities ranging from surgical preparation to surgery and rehabilitation. Applications in medical training, patient education, and pharmacy benefit management can entice companies to invest in the market during the forecast period.
The capability of AR in simultaneously displaying information related to patients during surgeries which can include medical history, as well as recent images taken of the patient, can bode well for the market. Development of healthcare IT infrastructure as well as supportive policies can induce demand for AI across hospital chains. This is facilitated by the penetration of portable and handheld devices which support AR.
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Augmented Reality in Healthcare Market Segmentation
The augmented reality in healthcare market is segmented on the basis of application, component, and device type. Applications include education, fitness management, medical training, and others.
By component, the market is segmented into software, hardware, and others. By device type, it is segmented into head-mounted display, handheld device, and others.
Augmented Reality in Healthcare Market Regional Analysis
Geographically, the augmented reality in healthcare market covers trends and opportunities in Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW).
The North America region is touted to dominate the market thanks to the rapid adoption of consumer electronic devices that support AR. Increased healthcare expenditure of nations such as the U.S. and Canada coupled with adoption of the latest techniques to improve the surgical outcome of patients can expedite the implementation of AR-based devices.
The European region can experience a robust CAGR owing to changing healthcare policies. Increased healthcare budget of countries coupled with the presence of established players can expedite the regional growth over the forecast period. While the APAC augmented reality in healthcare market can expand thanks to adoption of the technology by developing nations such as China and India. It has high potential for growth thanks to rapid economic development and improvements in healthcare infrastructure.
Augmented Reality in Healthcare Industry Trends
In October 2018, Cleveland Clinic and Case Western Reserve University have partnered to encourage learning among dental, nursing, and medical students through AR. The cadavers reserved for studying anatomy would be virtual and taught using AR headsets.
Accuvein uses projection-based AR to offer surgeons with high-resolution images of the subcutaneous vasculature. It facilitates surgeons in finding veins in drawing blood or injecting drugs or anesthesia into the system without fear of needlestick injuries.
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Augmented Reality in Healthcare Market Competition
Siemens Healthineers (Germany), Magic Leap, Inc. (U.S.), Philips Healthcare (Netherlands & U.S.), Virtually Better (U.S.), Medical Realities (U.K.), Osterhout Design Group (U.S.), CAE Healthcare (U.S.), 3D Systems (U.S.), Google LLC. (U.S.), Wikitude GmbH (Austria), DAQRI (U.S.), Microsoft Corporation (U.S.), Blippar (U.K), Mindmaze (Switzerland), HTC (Taiwan), VirtaMed (Switzerland), Oculus VR (U.S.), Atheer (U.S.), Augmedix (U.S.) are some of the players competing for a large share in the augmented reality in healthcare market.