Augmented reality in healthcare has been transforming the medicine and medical device sector simultaneously. Augmented reality is a concept where elements from real life are augmented by additional visual information after recognizing the environment in order to guide the augmentation (i.e. to position and orientate augmented content). Right from medical training to pharmacy benefit management augmented reality in healthcare is making a significant impact on the healthcare industry. Moreover, apart from saving patients’ lives, existing processes in healthcare organizations can be made more efficient and precise with augmented reality. The adoption of augmented reality technology among researchers and health care professional is increasing significantly to conduct research and surgeries more effectively. The major applications of augmented reality in healthcare include patient education & care management, medical training, pharmacy benefit management (PBM), conducting complex surgeries and for fitness management. Moreover, minimally invasive surgery, dentistry and assisting the visually impaired are the few other applications of augmented reality in healthcare technology. The global market for augmented reality in healthcare can be segmented as by technology, by applications and by geography.
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The major driving factor for augmented reality in healthcare industry includes technological advancement, increased demand of virtual reality in healthcare and due to wide application areas of augmented reality technology in healthcare industry. Moreover, increasing workload of healthcare professional would also accentuate the global market demand of augmented reality in the healthcare industry. Furthermore, increasing regulatory compliance for effective utilization of augmented reality in healthcare and increasing demand of augmented reality in healthcare sector is also accounted for the market growth of augmented reality in healthcare. While, high cost and data security concern associated with augmented reality in healthcare technology would restrict the market demand to some extent during the study period.
North America dominates the global market for augmented reality in healthcare industry due to rising awareness among people and growing demand of augmented reality among people in this region. Moreover, technological advancement in augmented reality is also accentuating the market growth in North American region. Europe represents the second position in the global augmented reality in healthcare market due to presence of large geriatric population base in European region. Asia-Pacific is considered as an untapped market due to lack of proper healthcare facilities in some Asian countries. Asia-Pacific (India, China, Australia, Japan and Malaysia among others) is expected to be the most lucrative market for augmented reality in healthcare in future due to range of driving factors. Some of the key driving factors for the rapid growth of this market in the region include presence of a large number of developing economies, improving infrastructure especially healthcare and other manufacturing industries in the region.
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Improving healthcare infrastructure along with rising disposable income of the people in the region would contribute towards the growing demand for augmented reality in healthcare. Rest of the world (RoW) holds fourth position in the global augmented reality in healthcare market due to poor economic and health condition in most of the African countries. Augmented reality in healthcare market growth in RoW region will be fuelled by extensive increase in healthcare infrastructure in Brazil and Mexico.
Major market players involved in manufacturing the augmented reality in healthcare and contributing the global market share includes,
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