Market Overview:
Augmented reality in healthcare provides enhanced visualization and precision during surgical procedures. It enables surgeons to view virtual objects overlaid on the real world during operations. This improves diagnosis and treatment. AR solutions allow integration of CT/MRI scan data, patient records, vital stats amongst others for advanced medical imaging and visualization.
Market key trends:
One of the key trends driving growth in the augmented reality in healthcare market is advances in medical imaging and visualization. AR tools provide interactive 3D visualization of the human anatomy using holograms. This enables better pre-operative planning, simulation of procedures and minimally invasive surgeries. AR enhances imaging by overlaying virtual information such as vital stats, scans, x-rays etc. on live patient anatomy. Such interactive overlays help physicians obtain a more comprehensive understanding of patient conditions and facilitate more accurate diagnoses and customized treatments.
Porter’s Analysis
Threat of new entrants: The high capital requirement for infrastructure, technology and R&D acts as a barrier for new players to enter the augmented reality in healthcare market.
Bargaining power of buyers: There exist a large number of buyers in the form of hospitals, diagnostic centers, ambulatory surgery centers etc. This increases their bargaining power.
Bargaining power of suppliers: The presence of many technology providers of augmented reality solutions gives buyers choice and reduces suppliers bargaining power.
Threat of new substitutes: While virtual reality is a substitute, augmented reality is better suited for healthcare due to its ability to overlay digital elements seamlessly on the real world.
Competitive rivalry: Intense as major players focus on product innovation and partnerships.
The global Augmented Reality in Healthcare Market Growth is estimated to be valued at US$ 2.5 Billion in 2023 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Augmented reality can enhance medical trainings, improve surgical outcomes, assist in remote healthcare.
Weakness: High costs, need for specialized hardware, privacy and data security concerns.
Opportunity: Growth in medical tourism, aging population driving demand, increasing investments from technology providers.
Threats: Unclear regulations, resistance from traditional healthcare providers, technology constraints in rural areas.
Key Takeaways
The global augmented reality in healthcare market is expected to witness high growth, exhibiting CAGR of 26.% over the forecast period, due to increasing need for improved surgical accuracy and outcomes.
Regional analysis: North America dominates the market currently due to supportive regulatory environment and presence of key market players. Asia Pacific is fastest growing market due to focus on medical tourism by countries like India and Thailand.
Key players operating in the augmented reality in healthcare market are Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation, Augmented Pixels Inc, and Surgical Theater. These companies focus on product innovation as well as partnerships with hospitals and medical universities.
