by The global Augmented Reality in Healthcare Market is estimated to be valued at US$ 5,049.7 Mn 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 technology in healthcare enhances the experience of doctors, surgeons and patients during procedures. It adds digital elements and information to a live view of the real world. This allows medical professionals to visualize body parts, internal organs or surgical plans virtually during procedures. Doctors can see 3D models of anatomy and get real-time data and surgical guidance. AR tools also help in medical training and education by providing simulations.
Market key trends:
One of the major trends in the augmented reality in healthcare market is the increasing adoption of AR devices and tools for surgical planning and assistance. AR devices allow visualization of detailed scans of patient anatomy and pre-operative plans overlaid onto real-time patient imaging during surgery. This helps surgeons perform complex surgeries accurately with better guidance and collaboration. Many companies are now developing AR systems specifically designed for operating rooms to assist with procedures. The use of AR for training future generations of medical practitioners is also gaining popularity.
Porter’s Analysis
Threat of new entrants: New entrants in the augmented reality in healthcare market face high entry barriers as the market requires significant investments in technology development and certification.
Bargaining power of buyers: The bargaining power of buyers is moderate due to the availability of several augmented reality solutions in the healthcare market.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of various technology solution providers in the market.
Threat of new substitutes: There is a low threat of substitute products and technologies as augmented reality provides immersive and experiential learning that cannot be replicated through other traditional mediums of learning.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of several major players operating in the market.
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 focus on learner-centric education and growing need for virtual training.
Regional analysis:
North America dominated the augmented reality in healthcare market in 2021 and is estimated to continue its dominance over the forecast period. The growth of the market in the region can be attributed to advancements in AR/VR technologies and growing investments by market players in the region. Asia Pacific is projected to witness the highest growth during the forecast period, with CAGR of around 8%, owing to increasing healthcare investments and adoption of new technologies across healthcare setups in the region.
Key players:
Key players operating in the augmented reality in healthcare market are Key Developments, Microsoft, Google, Mindmaze, Atheer, and Augmedix. Key Developments aims to strengthen its product portfolio through partnerships and new product launches.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
