LONDON, Oct. 07, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the augmented reality in healthcare market, the global augmented reality in health care market is expected to grow from $1.06 billion in 2020 to $1.42 billion in 2023 at a compound annual growth rate (CAGR) of 32.9%. The change in growth trend of the AR in healthcare market 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 augmented reality in healthcare market is expected to reach $4.15 billion in 2025 at a CAGR of 30.8%.
The increasing geriatric population is expected 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 drives the growth of the AR in healthcare market.
The Business Research Company’s report titled Augmented Reality In Health Care Global Market Report 2023 – By Product (Hardware, Software), By Technology (Wearable, Vision-Based, Spatial, Mobile Device-Based), By Device Type (Head-Mounted Displays, Handheld Devices), By End-User (Hospitals And Clinics, Research Laboratories), COVID-19 Implications And Growth covers major augmented reality in healthcare companies, augmented reality in healthcare market share by company, augmented reality in healthcare manufacturers, augmented reality in healthcare market size, and augmented reality in healthcare market forecasts. The report also covers the global augmented reality in healthcare market and its segments.
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The augmented reality in health care market consists of sales of augmented reality hardware and software in healthcare 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 diagnoses 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 diagnoses more efficiently and accurately using AR technology such as smart glasses. The different types of devices include head-mounted displays, handheld devices, others, and use different technologies such as wearables, vision-based, spatial, mobile-device based. These are implemented in various verticals such as hospitals and clinics, research laboratories and others.
Major players in the augmented reality in health care industry include 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.
North America accounts for the largest share in the AR healthcare market. The regions covered in the augmented reality in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Augmented Reality In Health Care Global Market Report 2023 – COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide augmented reality in health care market overviews, augmented reality in health care market analyze and forecast market size and growth for the whole market, augmented reality in health care market segments and geographies, augmented reality in health care market trends, augmented reality in health care market drivers, augmented reality in health care market restraints, augmented reality in health care market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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