May 18, 2024
Augmented Reality in Healthcare Market

Augmented Reality in Healthcare Market Growth is Estimated to Witness High Growth Owing to Growing Applications in Medical Training and Surgeries

Augmented reality in healthcare uses virtual elements overlaid on the real world to enhance visualizations and medical procedures. AR solutions help surgeons perform complex surgeries with greater accuracy through real-time guidance from digital overlays. They also enable students and doctors to practice difficult medical procedures through simulated training experiences. AR tools are being widely adopted for medical imaging, patient therapy, fitness and rehabilitation applications.

The Global Augmented Reality in Healthcare Market is estimated to be valued at US$ 2.88 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Augmented Reality in Healthcare 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. The use of AR for training medical professionals is a major opportunity as it allows simulated practice without risks to patients. AR also enables remote healthcare delivery and collaborative diagnosis between specialists separated geographically. With growing investments, startups are expanding AR healthcare services globally including regions like Asia Pacific and Latin America creating new avenues for market growth.

Market drivers

Widespread application of AR solutions in medical imaging and visualization is a key driver. AR tools help view detailed overlays of scanning information directly superimposed onto the patient’s body during surgeries or examinations. This improves anatomical understanding for doctors and therapeutic guidance. AR is also finding increased usage in medical simulation and training. It allows practicing complex procedures virtually in an immersive environment which help gain mastery without risks to real patients. This widespread adoption in medical education and skills training is fueling revenues in the augmented reality healthcare market.

PEST Analysis

Political: Government policies and regulations define the scope of AR usage in healthcare industry. Regulations around data privacy and security impact adoption.

Economic: Investments in AR-based medtech and healthcare IT drive industry growth. Cost savings from AR applications attract hospitals and insurers.

Social: Acceptance of immersive technologies in medical practice impacts usage. Social influencers promote awareness of AR benefits in areas like training and remote diagnosis.

Technological: Advancements in areas like AR hardware, AI, miniaturization, and 5G networks enable new medical applications. Interoperability of devices and systems with existing healthcare IT infrastructure also affects adoption.

Geographical concentration

North America accounts for the largest share in terms of value currently due to presence of major players and advanced healthcare infrastructure of Augmented Reality In Healthcare Market Growth. Early technology adoption also drives the regional market.

Fastest growing region

Asia Pacific region is expected to witness the fastest CAGR during the forecast period supported by increasing healthcare expenditures, improving economic conditions, and expanding medical infrastructure in major countries like China and India. Growing consumer electronics industry also contributes to growth.

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