The Global AR in Healthcare Market is witnessing technology disruption and is expected to grow at a robust xx% CAGR during the forecast period. AR has wide application starting from medical training to pharmacy benefit management. AR technologies for consumer market is mature for many real-time applications. There is a great demand for improvement of current clinical practice and indulge AR in surgery, rehabilitation and medicine. Healthcare IT-enabled firms are venturing into AR in healthcare market to capitalize on growing opportunities. Moreover, besides saving patient’s lives, existing processes can be made more precise and efficient with incorporation of AR.
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Increased demand for technological advancements and reduction in healthcare complexity is expected to bolster the adoption of AR. Augmented reality in healthcare market revenue is anticipated to be further driven by stringent regulatory compliances in laboratory testing and clinical trials. Growth in healthcare expenditure is a macroeconomic factor that would drive the market
Augmented Reality (AR) supplements virtual elements or objects to the real world so that virtual elements appear to coexist in the same space as that of the real world. AR has the potential to provide contextual, powerful and situated learning experiences, as well as it helps exploring complex interconnections seen in the real world.
Benefits of AR in Healthcare Industry
Visual stimulation is valued across every industry vertical and healthcare is one of them. AR allows pharmaceutical companies to educate audience by visualizing complex products. Applications include consumer scanning the packaging and demonstration at physician’s place. AR bridges the educational gap that displays the process of taking a medicine along with the benefits in a visual way. For instance, Pfizer takes help of AR powered by Blippar. Consumers comprehend how ThermaCare works and use a relief finder tool to recognize which products suits best to relieve the pain and stiffness. AR is used for minimizing pain in patients who suffers from acute burn injuries. Phantom limb pain is also treated with help of and superimposition of missing limb.
Education is one of the most important applications of AR in the healthcare field. Healthcare workers have quickly realized significance of AR technologies as they have to learn about anatomy and the way body functions. AR applications give medical professionals the ability to visualize and interact with 3D representations of body parts. Hence, improving accuracy and outcomes for patients.
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Promising AR Technologies to Increase AR Healthcare Market Size
Some of the most promising AR technologies for healthcare organizations to consider includes: Vivid Vision helps in examining data, including eye movement, to diagnose eye conditions, such as strabismus, amblyopia, and vergence disorders; Medical Realities uses VR to train students and educate patients in surgery; Inner Optic’s AIM 3D software uses spatial technology to direct needles to target locations, reducing injuries, enhancing the accuracy of needle-based interventions and shortening procedure times; EchoPixel, an advanced medical image visualization system that involves AR to create 3D rendered visualizations of volumetric medical data and images.
Regional Overview of Market
Regions like Europe and North America are expected to have robust healthcare infrastructure. North America is anticipated to dominate the global augmented reality in healthcare market size, backed by growing demand for AR among common audience and rising awareness about health. In addition to that, technological advancements is also upscaling global augmented reality market share in North American. Europe ranks second in the market of augmented reality in healthcare market. Moreover, the region is characterized by the presence of leading companies in field of healthcare. However, data security concern and high cost associated with augmented reality in healthcare technology would limit demand to a certain extent.
Asia Pacific, augmented reality in healthcare market size is projected to rise steadily over the next decade. Due to the lack of proper healthcare facilities in Asian countries, the global market remains untapped. However, India, Japan, Malaysia, China and Australia is expected to be the lucrative market for global augmented reality in healthcare in the near future due to range of driving factors. MEA and Latin America is at nascent stage in adoption of the AR technology in the healthcare sector, with lesser companies operating in these regions. The markets in these regions are anticipated to follow upward trajectory.
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