May 24, 2024
Augmented Reality In Healthcare Market

Augmented Reality in Healthcare is expected to be Flourished by Increasing Adoption of AR Applications in Surgical Procedures

Augmented reality in healthcare uses digital technology to enhance real-world environment or situation with computer-generated sensory input such as sound, video, graphics or GPS data. AR in healthcare enables doctors to view live surgery through table lenses during surgical procedures. It is being used for medical training and treatment planning. AR-assisted training allows doctors to practice complex surgeries virtually before operating on real patients. AR applications are also being used for emergency medical response, enabling off-site doctors and specialists to virtually assist physicians at accident sites.

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 Dynamics:

One of the major drivers for the growth of the augmented reality in healthcare market is the increasing adoption of AR applications in surgical procedures. AR-assisted surgery allows doctors to view vital anatomical structures, 3D medical images of patients and other related medical data during operations. This enhance surgeon’s field of view and provide critical information without obscuring their view of the patient. AR-enabled surgical navigation and planning helps surgeons perform complex surgeries accurately and minimize risks of invasive procedures. The other driver is the ability of AR to provide medical training to students in safe, convenient and cost-effective ways without the risks associated with experiential learning on live patients.

The use of AR improves clinical decisions and outcomes by helping physicians visualize diseases and anatomical structures during diagnosis. AR promises to revolutionize medical education, enhancing engagement and retention of learners through interactive three-dimensional visualization of the human body and disease conditions.

Segment Analysis

The global Augmented Reality in Healthcare market is dominated by the hardware segment, which held around 60% share in 2020. Being the core component of any AR solution, hardware including devices such as smart glasses, head-mounted displays are witnessing high demand from both healthcare providers as well as patients. The growing applications of AR in medical training, education and surgical visualization are propelling the demand for advanced AR hardware.

PEST Analysis

Political: Regulations related to data privacy and security are supporting the growth of AR technology in healthcare sector. Favorable government policies towards digitization are also positively impacting the market.

Economic: Rising healthcare costs are prompting providers to adopt cost-effective solutions like AR. It is helping reduce costs associated with medical errors, training and enhancing productivity.

Social: Growing dependency over smartphones and technology among consumers has increased acceptance of AR solutions. Younger patient population is driving demand for AR applications aimed at education and remote consultation.

Technological: Advancements in technologies like 5G, edge computing, artificial intelligence and cloud computing are allowing development of more innovative AR healthcare applications with high computing capability and low latency.

Key Takeaways

The Global Augmented Reality In Healthcare Market Growth 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 remain the dominant as well as the fastest growing regional market due to advanced healthcare infrastructure and early adoption of AR technology among providers and patients.

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. dominates the market with its portfolio of AR enabled applications for medical marketing, training and education. Other major players are focusing on strategic partnerships to develop innovative solutions and expand their regional presence.

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