Augmented reality in healthcare is enhancing medical visualization, navigation, and surgical planning with the integration of digital and virtual 3D content with the physical world in real time. AR solutions help surgeons visualize complex anatomical structures more clearly during surgical procedures by overlaying relevant medical imaging scans directly onto the patient. This reduces surgical time and improves accuracy. The technology also assists in medical training and education by allowing visualization of hard-to-see areas and complex anatomical structures. AR-enabled devices and apps are being deployed across different areas of healthcare including mental health, rehabilitation, medical operations and simulation, care-giving, pharmacy, and precision medicine.

The global Augmented Reality in Healthcare Market is estimated to be valued at US$ 2.88 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Improving patient care and safety is one of the major opportunities driving growth of the augmented reality in the healthcare market. AR technology enhances visualization and precision during medical procedures and complex surgeries, thus reducing risks of errors and complications for patients. It also aids in expediting post-operation recovery times. With rising healthcare costs and greater focus on quality of care, AR solutions are increasingly being adopted by hospitals and healthcare providers to deliver improved outcomes for patients in a cost-effective manner. As awareness about these benefits grows, investments in AR-powered medical applications and devices is expected to surge significantly over the coming years.

Porter’s Analysis

Threat of new entrants: The augmented reality in healthcare market requires high capital investment to develop augmented reality technologies. This limits the threat of new entrants in the market.

Bargaining power of buyers: The bargaining power of buyers in the augmented reality in healthcare market is moderate as there are several players providing augmented reality solutions.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to low differentiation in components and availability of substitutes.

Threat of new substitutes: The threat of substitutes is low as augmented reality provides unique opportunities in healthcare that cannot be replicated by other technologies.

Competitive rivalry: The competitive rivalry in the market is high due to the presence of established players focusing on new product innovations.

SWOT Analysis

Strengths: Augmented reality offers innovative visualization tools and safety benefits. It enhances surgical precision and training for healthcare professionals.

Weaknesses: High capital requirement, lack of infrastructure in developing countries, and privacy and security concerns.

Opportunities: Increasing adoption in medical education and training, chronic disease management, and rising healthcare expenditure.

Threats: Technical limitations, limited skilled workforce and dependence on internet connectivity.

Key Takeaways

The Global Augmented Reality In Healthcare Market Growth is expected to witness high at a CAGR of 7.5% during the forecast period of 2024 to 2031. The market size is projected to reach US$ 2.88 Mn in 2024.

Regional analysis shows that North America dominates the market currently due to advanced healthcare infrastructure and increasing adoption. Asia Pacific is expected to grow at the fastest rate owing to rising medical tourism and improving healthcare facilities.

Key players operating in the augmented reality in healthcare market are Unilever Ltd., Florentino Ice Cream, Nye’s Cream Sandwiches, Van Leeuwan, Nestle S.A., Bi-Rite Family of Businesses, Carmela Ice Cream, Sucres Des Terres, and Artinci Artisanal. Unilever Ltd. and Nestle S.A. hold a substantial share in the global market. The companies are focusing on new product launches and partnerships to strengthen their market position.

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