Market Overview:
Augmented reality in healthcare helps physicians during surgeries and therapies by providing digital overlays and virtual images along with real-world environments. AR solutions enable visualization of medical images like CT scans and MRI scans over real-world views of patients during surgeries or therapy sessions. This improves accuracy and outcomes of medical procedures. AR also allows remote monitoring of patients and simulation of medical procedures which enhances training of medical professionals.
Market key trends:
One of the major trends in the augmented reality in healthcare market is growing investment in remote patient monitoring solutions. During the COVID-19 pandemic, there was increased focus on remote monitoring of patients to reduce strain on healthcare facilities and allow physical distancing. This accelerated development of AR based remote monitoring devices and applications. AR headset makers are introducing solutions that can be used by patients at home to transmit vital readings to clinics or medical professionals. This saves costs and time compared to hospital visits and helps manage chronic conditions effectively. Remote AR monitoring is expected to witness significant growth over the coming years.
Porter’s Analysis
Threat of new entrants: Low setup costs and lack of regulations make it easy for new players to enter the market. However, existing players have strong brand recognition and customer loyalty which acts as a barrier.
Bargaining power of buyers: Individual buyers have low bargaining power due to the fragmented nature of the market. However, large healthcare organizations and hospitals have significant bargaining power.
Bargaining power of suppliers: A small number of technology providers supply specialized hardware and software solutions. This gives them strong bargaining power over buyers.
Threat of new substitutes: Other emerging technologies like virtual reality and mixed reality pose a potential threat. However, augmented reality solutions offer improved operability and are attracting more users.
Competitive rivalry: The market comprises several global players leading to high competition. Players compete based on technology, product features, services and price.
The global Augmented Reality in Healthcare Market Growth is estimated to be valued at US$ 2.5 Billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global Augmented Reality In Healthcare Market is expected to witness high growth, exhibiting a CAGR of 26.% over the forecast period, due to increasing need for improved surgical accuracy and efficiency.
The North America region dominates the market currently due to rapid technological adoption and significant investments in healthcare AR/VR technologies by key players. However, Asia Pacific is expected to gain major traction in the coming years backed by rising medical tourism and government support.
Key players operating in the Augmented Reality In Healthcare market are Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation, Augmented Pixels Inc, and Surgical Theater. These players are focusing on new product launches and partnerships to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
