Augmented Reality In Healthcare Is Estimated To Witness High Growth Owing To Increasing Applications Across Healthcare Facilities
The 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 superimposes digital elements like images, video and 3D models onto a live direct or indirect real-world environment. In healthcare, AR is used for medical training and education, point-of-care support, surgical planning and rehabilitation. AR devices allow doctors to see inside the patient's body during a medical procedure with minimal invasiveness.
Market Dynamics:
Rising penetration of smartphones and tablets integrated with AR applications in healthcare facilities is driving the market growth. AR apps help physicians and medical practitioners visualize complex anatomical structures, which aids in better diagnosis and pre-operative planning. AR also helps in medical student training programs by simulating real-life scenarios. Further, AR offers cost-effective and simplified visualization of medical images compared to other technologies such as cadaver dissection. These benefits are increasing adoption of AR solutions across various healthcare application areas.
SWOT Analysis for Augmented Reality In Healthcare Market
Strength:
- Improves patient experience and clinician performance through better visualization of medical procedures.
- Enhances access to care by connecting specialists to remotely located patients for consultation and remote monitoring.
- Allows healthcare workers to access information during procedures, exams and consultations through head-mounted displays.
Weakness:
- High upfront costs for AR system hardware may limit adoption.
- Requires strong technical capabilities which many healthcare providers lack.
Opportunity:
- Growing digitization of healthcare sector provides scope for integration of AR technologies.
- Increasing funding and investments in AR and VR for medical applications will drive market growth.
Threats:
- Data privacy and security concerns may limit large scale adoption of AR in healthcare.
- Limited medical applications and use cases so far restrain wider commercialization.
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 need for improving clinical workflows and patient experiences.
Regional analysis:
North America dominated the global augmented reality in healthcare market in 2023 and is expected to continue its dominance over the forecast period. This is attributed to growing investments by major players, availability of advanced healthcare infrastructure, and increasing adoption of AR technologies by healthcare providers in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period due to rising medical tourism, growing healthcare expenditure and increasing government initiatives to support healthcare digitization in the region.
Key players:
Key players operating in the augmented reality in healthcare market are Microsoft, Siemens Healthineers, Philips Healthcare, 3D Systems, Inc., VirtaMed, Orca Health, Inc., Brain Power LLC, EchoPixel, Inc., CAE Healthcare, Layar. In 2022, Microsoft launched Mesh for Teams which enables virtual collaboration using mixed reality technologies. 3D Systems launched medical VR/AR capabilities on its Geomagic Freeform platform to enable anatomical modeling.
Read More :https://marketinsightsminds.blogspot.com/2023/11/augmented-reality-in-healthcare-market.html
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