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Augmented Reality in Healthcare Market Overview
As conferred in the latest report, MRFR has concluded that the global augmented reality in healthcare market trends is estimated to exhibit a stellar CAGR of 23% during the forecast period. The report also mentions that the global augmented reality in healthcare market is expected to reach a revenue valuation of USD 1.32 billion by the end of 2023.
Burgeoning demand for augmented reality (AR) coupled with artificial intelligence is one of the most primary factors driving the global AR in healthcare market. In October 2018, Atheer entered into a partnership agreement with exemplifying AiR Suite’s ability. This has enhanced the productivity and safety of deskless professionals, along with Wikitude’s capabilities. These capabilities include image recognition and tracking, among others. Further, this mobile-based augmented reality solution aids in bridging the gap in the healthcare provider and patient relationship.
Many innovations made in the medical diagnostics department have paved the way for the development of advanced implementations of augmented reality and artificial intelligence in the healthcare sector. Further, the ability of augmented reality to address concerns related to imaging data is projected to contribute on a great level to the ascension of the global augmented reality in healthcare market. Also, the potential capacity of AR to synchronously show other patient information can elevate the ability of surgeons to save lives and improve response time, reducing medical errors drastically. Additionally, the magnified penetration of connected devices and the internet of things in the healthcare sector is anticipated to boost growth in the global augmented reality in healthcare market.
Augmented Reality in Healthcare Market Segmentation
The global augmented reality in healthcare market, in the latest MRFR analysis, has been studied for various segments carried out on the basis of device type, component, application, and region. Based on component, the global AR in healthcare market is segmented into hardware and software. The hardware segment is further segmented into the sub-segments of cameras, sensors, displays & projectors, and position trackers. The global augmented reality in healthcare market is segmented into head-mounted display and handheld device. Based on application, the global augmented reality in healthcare market is segmented into fitness management, medical training, and education.
Augmented Reality in Healthcare Market Detailed Regional Analysis
The global augmented reality in healthcare market is segmented into Europe, Asia Pacific, Europe, and the Rest of the World. Among these regional segments, North America is estimated to stand at the forefront of the augmented reality in healthcare market during the review period. The augmented reality in healthcare market, specifically in North America has a huge demand owed to the growing acceptance of consumer electronic devices which is estimated to ascend the augmented reality in healthcare market to a great extent. Europe’s market for augmented reality in healthcare is expected to garner fast-paced growth in the foreseeable period owing to a rapid increase in the adoption of AR in healthcare. Asia Pacific, on the other hand, is expected to grow at the fastest CAGR during the assessment period. India, China, and Japan are projected to lead the country-specific market for augmented reality in healthcare.
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Augmented Reality in Healthcare Market Key Players
Some of the prominent contenders in the global augmented reality in healthcare market include DAQRI (U.S.), Microsoft Corporation (U.S.), Mindmaze (Switzerland), Osterhout Design Group (U.S.), Augmedix (U.S.), VirtaMed (Switzerland), Atheer (U.S.), Medical Realities (U.K), Wikitude GmbH (Austria), 3D Systems (U.S.), Philips Healthcare (Netherlands & U.S.), Siemens Healthineers (Germany), HTC (Taiwan), Oculus VR (U.S.), Google LLC. (U.S.), CAE Healthcare (U.S.), Blippar (U.K), Magic Leap, Inc. (U.S.) and Virtually Better (U.S.).
Augmented Reality in Healthcare Industry Update
June 2019: Ocutrx Vision Technologies, LLC recently announced that the company’s core AR medical application technology has been issued with its first patent by the United States Patent and Trademark Office (USPTO). Ocutrx is a California-based Augmented Reality Glasses developer.