Augmented Reality in Healthcare market Growth is driven by...

Augmented Reality in Healthcare market Growth is driven by Personalization in Healthcare Delivery

Posted 2024-02-13 11:57:06

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.

The current geopolitical instability across various regions is impacting the growth of the Augmented Reality in Healthcare Market. The ongoing Russia-Ukraine war and economic sanctions have disrupted supply chains and increased input costs. This is adversely impacting the adoption of new technologies in the healthcare sector of affected countries. Firms operating in the AR healthcare market need to carefully evaluate geographical risks and diversify their supply networks to mitigate vulnerabilities. Establishing local manufacturing facilities or partnerships could help minimize exposure to trade restrictions and ensure business continuity even during times of conflict.

While North America currently holds the largest share of the Global Augmented Reality In Healthcare Market Size in terms of value, the Asia Pacific region is witnessing rapid technology adoption and rising healthcare expenditures. Countries like China, Japan and South Korea are major revenue generators for players. This is owing to improving internet penetration, increasing focus on chronic care management and growing telemedicine sector in the region. Furthermore, with rising patient volumes, healthcare infrastructure gaps and physician shortages, the use of virtual care and AR tools allow delivering cost-effective medical services to remote locations. The APAC market is projected to expand at an accelerated pace when compared to mature Western markets in the coming years.

Geographically, the U.S. accounts for a significant portion of the total AR healthcare market value. This can be attributed to the presence of major technology companies, advanced telehealth regulations, robust research & development activities and high healthcare expenditure levels in the country. Additionally, favorable federal initiatives promoting digital health solutions adoption for clinical workflows, medical education and training are boosting market revenues. For instance, programs supporting virtual consults, chronic disease management, staff training simulations are propelling AR adoption across various U.S. healthcare organizations.

The AR healthcare market in Europe is mainly concentrated in countries like Germany, France, U.K. and Italy. This is owing to universal healthcare coverage, rising investments to modernize national health systems and increase in surgical procedures. Furthermore, with the presence of world-class medical device firms, major research institutes and growing emphasis on effective training for healthcare practitioners, the demand for augmented reality tools is witnessing an uptick.

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