Augmented Reality in Healthcare Market SWOT Analysis Of Top Key Player Forecasts To 2023

The market for augmented reality in healthcare is evolving pervasively mainly due to the proliferation of smart connected devices with the integration of AR. Moreover, factors such as the increasing investments in the AR technology by companies to make various medical devices and advent surgical procedures escalate the market on the global platform.

Acknowledging the pace at which the market is climbing up pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global augmented reality in healthcare market will garner a valuation of approximately USD 1.32 BN by 2023, registering a striking CAGR around 23 % throughout the forecasting period (2017 – 2023).

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The extensive uptake of AR technology, increasing demand for more surgical treatments along with the increasing penetration of connected devices in the healthcare sector boosting the growth in the market to an extent. Also, the increasing investments in the augmented reality by companies to make various kind of devices such as handheld, head-mounted display, and others are fostering the growth of the market.

Additional factors propelling the market growth include rapidly increasing population and the improving economic conditions, worldwide that are increasing healthcare expenditure and the number of healthcare centers.

Furthermore, market penetration of smartphones, increasing numbers of mobile app stores, and growing investments in smart devices fuel the growth of the market. On the other hand, lack of technical awareness and technology restrictions are some of the key factors that are acting as a headwind to the growth of the augmented reality in the healthcare market.

Key Players

Some of the major players in global augmented reality in healthcare market include Microsoft Corporation (U.S.), Google LLC. (U.S.), DAQRI (U.S.), Wikitude GmbH (Austria), Mindmaze (Switzerland), Medical Realities (U.K), Augmedix (U.S.), Atheer (U.S.), Oculus VR (U.S.), Philips Healthcare (the Netherlands & U.S.), CAE Healthcare (U.S.), 3D Systems (U.S.), VirtaMed (Switzerland), Blippar (U.K), HTC (Taiwan), Magic Leap, Inc. (U.S.), Siemens Healthineers (Germany), Osterhout Design Group (U.S.) and Virtually Better (U.S.) among others.

Augmented Reality in Healthcare Markets – Segments

The MRFR analysis is segmented into four key dynamics for enhanced understanding.

By Component : Hardware, Software and others.

By Device Type : Head-Mounted Display, Handheld Device, and others.

By Application : Fitness Management, Medical Training & Education, and others.

By Regions : Asia Pacific, North America, Europe, and Rest-of-the-World.

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Augmented Reality in Healthcare Markets – Regional Analysis

The North American region, heading with the vast technological advancements and high per capita healthcare expenditures will continue its dominance over the global augmented reality in the healthcare market.

Factors encouraging the growth of the regional market include the huge demand led by the increasing adoption of consumer electronic devices. Moreover, factors such as the presence of the best medical facilities alongside the vast technological advancements and high per capita healthcare expenditures lead the regional market.

The presence of several well-established players that are well-capable of delivering a range technological solution and the substantial investments made by them are undoubtedly impacting the market growth positively.

The augmented reality in healthcare market in the European region is expected to account for the second-largest market, following the North American market closely. Factors escalating the growth of the regional market include technological advancement and the augmented adoption of smart connected devices among healthcare providers mainly in the UK, Germany, and France.

The resurging economy in Europe is playing an important role in the growth of the market, increasing consumers’ purchasing power and per capita healthcare expenditures.

The Asia Pacific region, heading with the high uptake of technology, is rapidly emerging as a profitable market for the augmented reality in healthcare. The ongoing trend of digitalization of patient records among healthcare organizations is one of the key driving forces behind the growth of the market in this region.

The market in India, China, and Japan heading with the augmenting demand for augmented reality in healthcare, increasing healthcare expenditures, and the increasing number of healthcare software solution providers predominantly contributes to the growth of the regional market.

Ashu Kalbande Senior Web Marketing Executive at WiseGuy Research Future