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Augmented Reality In Health Care Global Market Report 2021: COVID-19 Implications And Growth

Augmented Reality In Health Care Global Market Report 2021: COVID-19 Implications And Growth

  • October 2021
  • 175 pages
  • ID: 6177526
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the augmented reality in health care market are Microsoft Corporation, Sony Corporation, Siemens Healthineers, Koninklijke Philips N.V., CAE Healthcare, 3D Systems, Augmedix, AccuVein Inc., Osterhout Design Group Inc., Magic Leap Inc., Atheer Inc, VirtaMed, and ARToolworks Inc.

The global augmented reality in health care market is expected to grow from $1,065.14 million in 2020 to $1,415.23 million in 2021 at a compound annual growth rate (CAGR) of 32.9%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $4,145.48 million in 2025 at a CAGR of 30.8%.

The augmented reality in health care market consists of sales of augmented reality hardware and software in health care by entities (organizations, sole traders, and partnerships) which allows physicians to integrate data visualization into treatment and diagnostic procedures.The use of AR in healthcare allows the generation of interactive and rich experiences that show how clinical instruments and new drugs interact with the patient’s body.

AR devices in health care make use of augmented technology to better perform surgeries and diagnosis with the help of visualization and real time data.

The main types of products in augmented reality in healthcare are hardware and software.Hardware helps to perform medical tasks such as surgeries and diagnosis more efficiently and accurately using AR technology including smart glasses.

The different types of devices include head-mounted displays, handheld devices, others and uses different technologies such as wearables, vision-based, spatial, mobile-device based. It is implemented in various verticals such as hospitals and clinics, research laboratories and others.

North America was the largest region in the augmented reality in health care market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

New product launches are shaping the AR in healthcare market.Major companies operating in the AR in healthcare sector are focused on product innovations for AR in healthcare to improve the accuracy in treatment.

For instance, in December 2019, Augmedics, a US-based company that provides augmented reality in healthcare launched Xvision Spine augmented reality surgical guidance device.The device is intended to allow doctors to see a patient’s 3D spinal anatomy during surgery as if they were using X-ray vision.

The vision enables the doctor to move instruments and implants precisely while looking directly at the patient rather than at a remote screen.

In February 2020, Medtronic plc, a US-based medical technology company acquired Digital Surgery for $300 million.The acquisition of Digital Surgery will boost Medtronic’s robotic guided surgery platform and will be helpful throughout the company’s entire portfolio.

Digital Surgery is a UK-based digital health compnay that develops virtual reality and artificial intelligence technology for doctors.

The increasing geriatric population is expects to propel the growth of the AR in healthcare market over coming years.The elderly population is increasing rapidly across the world and it is expected to continue over the forecast period.

The older population is prone to a number of diseases and ailments that require surgeries.The use of AR in surgeries allows surgeons to visualize a patient’s anatomy side by side with their MRI and CT scan data.

For instance, according to the Physical Review B (PRB) Journal, by 2060, the number of Americans aged 65 and above is expected to nearly quadruple to 95 million, accounting for 23% of the total population. Therefore, the rising geriatric population drivers the growth of the AR in healthcare market.

The countries covered in the augmented reality in health care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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