Healthcare Augmented Reality Market Set for Significant Growth Ahead
Augmented reality is an emerging technology that is used in several sectors including healthcare for surgical preparation assessment, minimally-invasive surgery, rehabilitation, and other applications. Several players in the healthcare IT-enabled companies are focused on developing augmented reality-based products to enhance their market share. The million dollar market is witnessing technology disruption and is expected to witness a robust double digit CAGR during 2016–2024. The technology is used in various applications ranging from medical training to pharmacy benefit management. The technology aids in effective treatment of several diseases and optimizing existing processes in the healthcare sector.
Augmented reality in healthcare market outlook is set to run on similar business model as that of IT industry in 1980s. The market has growth opportunities for several players. Key players in the market are expected to adopt merger and acquisition activities to enhance their market share. As a result, the market is set to be competitive in the near future, with sharp decline in overall prices during the forecast period.
Increasing development in the healthcare IT sector is expected to contribute to growth of the augmented reality in healthcare market
Increasing demand to minimize healthcare complexity and technological advancements is expected to boost growth of the augmented reality in healthcare market. The market growth is majorly driven by increasing workload of healthcare professionals and stringent regulatory compliances in clinical trials and laboratory testing. Increasing healthcare expenditure is a macroeconomic factor that also aids in the market growth. Robust healthcare infrastructure in developed regions such as North America and Europe is expected to contribute to the market growth.
However, use of augmented reality in healthcare is associated with high cost and data security concerns, which may hinder the market growth during the forecast period.
Augmented Reality In Healthcare Market Taxonomy:
Coherent market insights has segmented the market on the basis of:
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Product Type
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Augmented reality
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AR Displays
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AR Sensors
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AR Input Devices
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AR Semiconductor Components
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Virtual Reality (VR)
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VR Semiconductor Components
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VR Devices
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VR Sensors
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Technology
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Augmented Reality (AR)
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Wearable AR System
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Vision-based AR System
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Mobile Device-based AR System
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Spatial AR System
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Virtual Reality (VR)
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Semi-immersive VR System
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Fully-immersive VR System
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Non-immersive VR System
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End User
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Advertising Agencies
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Hospitals and Clinics
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Research laboratories
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Community Pharmacy
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Pharmaceutical and Biotechnology Companies
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Academic Institutes Unit
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Government Agencies
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Other End User
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Technological Advancements to Drive Adoption of Augmented Reality Solutions in North America
North America is expected to hold dominant position in the market. This is owing to increasing awareness of and demand for augmented reality among the populace in the region. The market growth is also driven by technological advancements in augmented reality. The market in Europe is expected to follow North America in terms of growth. On an average, Europe spends over 8% of its GDP on healthcare. Moreover, presence of major market players is also expected to contribute to the market growth.
The market in Asia Pacific is expected to witness stead growth over the forecast period. The market is largely untapped, owing to lack of proper healthcare facilities in some countries. However, India, China, Australia, Japan, and Malaysia are expected to offer lucrative growth opportunities for the market players over the forecast period, owing to rapid economic development and improvement in the healthcare sector in these countries.
The market in Latin America and MEA is at nascent stage, with very few companies operating in these regions. However, the markets are expected to witness significant growth in the latter half of the forecast period.
Key Developments
Key players in the market are involved in various strategies such as collaboration and partnership to gain competitive edge in the market.
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In September 2018, Vuzix Corporation, a supplier of smart glasses and augmented reality technology products, entered into partnership with 1Minuut Innovation and Deloitte Netherlands to bring augmented reality innovation through smart glasses across the healthcare industry.
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In April 2019, Vuzix entered into partnership with VSee, a telemedicine technology supplier to create smart glasses, which will be offered for telemedicine.
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In October 2018, Vuzix’s Blade Smart Glasses App received Health Award at Cancer Corporation Code App Challenge at 2018 Cerner Health Conference held in Kansas, U.S.
Top Key Players Include In Augmented Reality in Healthcare Market Market: Zugara Inc., Vuzix Corporation, Qualcomm Incorporated, Artoolworks Inc, Augmented Pixels Co., Kooaba Ag, and Layar B. V.
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