June 25, 2024
Augmented Reality In Healthcare Market

Augmented Reality In Healthcare Is Driven By Increasing Adoption Of AR And VR Technologies For Training Of Medical Professionals And Surgeries

Augmented reality (AR) refers to an interactive experience of a real-world environment where the objects that reside in the real world are enhanced by computer-generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory and olfactory. The technology superimposes a computer-generated image on a user’s view of the real world, thus providing a composite view. In the healthcare industry, AR enhances the experience of healthcare providers and patients through virtual overlays of patient data during diagnosis and treatment. It enables healthcare professionals to view 3D anatomical models and internal structures of the human body during surgeries or examination without the need for physically cutting open a body. This makes procedures less complex and risky.

The global Augmented Reality in Healthcare Market is estimated to be valued at US$ 2.88 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Some of the major trends in the augmented reality in healthcare market include rising adoption of AR and VR technologies for training of medical professionals and students. AR and VR offer immense learning capabilities for students and doctors to grasp complex medical procedures without endangering real life patients. They can learn by visualizing internal organs, muscles, bones and other body parts during virtual surgeries. This improves their skills and readiness to handle real life medical cases. Another key trend is increasing usage of AR for remotely guided surgeries and procedures. It enables surgeons to provide instructions and oversight to medical practitioners located at distant locations during surgeries in real-time. This enhances the reach of quality healthcare.

Porter’s Analysis

Threat of new entrants: The augmented reality in healthcare market has moderate threat from new entrants due to moderate capital requirements and established customers preferences for existing brands.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of augmented reality application developers and solution providers.

Bargaining power of suppliers: Suppliers have moderate to low bargaining due to fragmented supply base of components and software used in augmented reality devices and solutions.

Threat of new substitutes: Low threat of substitution as augmented reality provides unique capabilities that enhance safety and efficiency in healthcare delivery.

Competitive rivalry: The global augmented reality in healthcare market is moderately competitive with presence of established technology giants and startup competing on capabilities.

Key Takeaways

The Global Augmented Reality In Healthcare Market Size is expected to witness high growth. The global Augmented Reality in Healthcare Market is estimated to be valued at US$ 2.88 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

North America is expected to dominate the augmented reality in healthcare market during the forecast period. Factors such as rising healthcare expenditure, presence of advanced healthcare infrastructure, and growing adoption of AR/VR technologies are driving the growth of augmented reality in healthcare market in the region.

Key players operating in the augmented reality in healthcare market are Unilever Ltd., Florentino Ice Cream, Nye’s Cream Sandwiches, Van Leeuwan, Nestle S.A., Bi-Rite Family of Businesses, Carmela Ice Cream, Sucres Des Terres, and Artinci Artisanal. Unilever Ltd. is one of the leading player in augmented reality in healthcare market and is focusing on developing innovative AR solutions for training and education of healthcare professionals.

The augmented reality in healthcare market is expected to grow significantly during the forecast period owing to factors such as rising adoption of AR/VR technologies, increasing investments by technology companies, growing demand for virtual healthcare assistance, and increasing application of AR in medical surgeries, diagnostic, and visualizations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it