Market DynamicsThe growing need for augmented
reality, combined with artificial intelligence, is propelling the
augmented reality in healthcare industry forward. The growing use of
mobile augmented reality technology is boosting the AR in healthcare
industry to new heights. This mobile-based augmented reality technology
aids in bridging the gap between patients and healthcare providers.
Patients benefit from the mobile application because it educates and
informs them, allowing them to make better health decisions. Recent
advancements in medical imaging technology, as well as increased demand
for virtual reality in the healthcare business, are important driving
drivers for AR in the healthcare sector. The augmented reality in
healthcare market is predicted to grow due to improved access to
real-time data, as well as speedier diagnosis and treatment of diseases.
Furthermore, the surgeon has access to 2D and 3D reconstructed images,
which can be helpful throughout the procedure.
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The Augmented Reality in Healthcare Market by Surgery
is expected to grow significantly throughout the forecast period,
thanks to rising population and demand for more surgical treatment, as
well as rising healthcare expenditure among individuals. The growing use
of linked devices in healthcare, combined with increased investment in
augmented reality by firms to create a variety of devices such as
handhelds, head-mounted displays, and other devices, is driving the AR
industry in healthcare. Augmented reality in the healthcare sector uses
the above-mentioned gadgets to allow users to interact with information
through voice commands, gestures, motion tracking, and other methods.
Furthermore, the market expansion of augmented reality in healthcare is
accounted for by rising regulatory compliance for effective use of
augmented reality in healthcare and increasing demand for augmented
reality in the healthcare sector. Furthermore, surgeons may now
visualize muscles, internal organs, and bones without undergoing
surgery. It can also be used to show life-saving information to
paramedics in the event of a medical emergency. Because of technical
breakthroughs in this sector, AR & VR in healthcare was positively
influenced during the emergence of the COVID-19 pandemic.
High
prices, as well as security and privacy concerns related with augmented
reality in healthcare, are expected to limit the market's growth. There
are various flaws in this technology that hackers can use to gather
information from a large number of clients. Furthermore, the high costs
of these procedures will limit market expansion.
Market Segmentation
Global augmented reality in healthcare market is segmented into component, device type, application, and region.
The component segment comprises of hardware, software, and others.
The device type segment is segmented into head-mounted display, handheld device, and others.
The application segment is segmented into Fitness Management, Medical Training and Education, and others.
Regional Overview
In
terms of market share, North America is one of the most important
areas. Due to the increasing adoption of consumer electronic devices,
the augmented reality in healthcare market in this region has a high
demand, which is fueling market expansion to a considerable extent. The
market for augmented reality in healthcare is experiencing rapid
expansion as a result of rising demand for medical services through
which patients are treated, boosting the market for augmented reality in
healthcare in this region.
In the future years, the AR in
healthcare market in Europe is predicted to rise rapidly, however Asia
Pacific countries such as China, Japan, and India are an emerging
industry that is predicted to develop at the fastest CAGR. The existence
of a significant number of growing economies, growing infrastructure,
particularly in healthcare, and other industrial industries in the
region are some of the key driving reasons for the rapid expansion of
this market in the region. The growing demand for augmented reality in
healthcare will be aided by improved healthcare infrastructure as well
as rising disposable income in the region.
Due to the poor
economic and health conditions in most African countries, the Rest of
the World (RoW) ranks fourth in the worldwide augmented reality in
healthcare industry. The rapid expansion of augmented reality in the
healthcare business in the RoW area will be fueled by significant
improvements in healthcare infrastructure in Brazil and Mexico.
Competitive Dynamics
Some
of the prominent players in the global augmented reality in healthcare
market Google LLC. (U.S.), Microsoft Corporation (U.S.), DAQRI (U.S.),
Mindmaze (Switzerland), Wikitude GmbH (Austria), Medical Realities
(U.K), Atheer (U.S.), Augmedix (U.S.), Oculus VR (U.S.), CAE Healthcare
(U.S.), Philips Healthcare (Netherlands & U.S.), 3D Systems (U.S.),
Blippar (U.K), VirtaMed (Switzerland), HTC (Taiwan), Siemens
Healthineers (Germany), Magic Leap, Inc. (U.S.), and Osterhout Design
Group (U.S.) and Virtually Better (U.S.), among others.
TABLE OF CONTENTS
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
4 Market Landscape
4.1 Porter’s Five Forces Analysis
4.1.1 Threat of New Entrants
4.1.2 Bargaining power of buyers
4.1.3 Threat of substitutes
4.1.4 Segment rivalry
4.2 Value Chain/Supply Chain of Global Augmented Reality in Healthcare Market
5 Industry Overview of Global Augmented Reality in Healthcare Market
5.1 Introduction
5.2 Growth Drivers
5.3 Impact analysis
5.4 Market Challenges
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