The augmented reality in healthcare market is witnessing steady growth with the integration of augmented reality technologies in medical applications. Augmented reality solutions offer real-time interactive experiences and information by overlaying digital images and information onto a user’s view of the physical world. This supplements the natural sensing of the environment and overcomes the limitations of a single viewpoint. Augmented reality solutions have applications in medical training, surgical visualizations, computer-assisted surgery, and remote diagnostics and collaboration. For instance, augmented reality surgical visualization provides real-time overlay of critical anatomical structures onto a patient, improving precision and minimizing risks of surgery.
The Global Augmented Reality in Healthcare Market is estimated to be valued at US$ 2.88 Mn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Augmented Reality in Healthcare 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. The growing geriatric population and rising demand for advanced medical technologies are propelling the augmented reality in healthcare market. Several players are focusing on geographical expansion plans to strengthen their presence across global markets.
Growing demand: The increasing prevalence of chronic diseases worldwide is driving the adoption of augmented reality solutions in healthcare for improved diagnostic, therapeutic and rehabilitation applications. AR is helping overcome healthcare providers challenges by enabling real-time interactive sessions between practitioners and patients separated by distance.
Global expansion: Major players are focusing on strategic collaborations and mergers & acquisitions to strengthen their product portfolio and geographical footprint. For instance, in 2023, Unilever partnered with Van Leeuwan to expand their premium ice cream brands across European markets.
Market key trends
Integration of AI and ML capabilities is a key trend witnessed in the Augmented Reality In Healthcare Market Size. Vendors are focusing on augmenting AR solutions with AI and ML to offer advanced cognitive capabilities like automating clinical workflows, processing live medical images to provide diagnostic assistance. This is improving clinical outcomes. Another trend is the increasing focus on AR for medical education and training. AR solutions are offering immersive training experiences for healthcare professionals and students to learn complex medical procedures through interactive virtual models. This is positively impacting the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: low capital requirements for technology companies and rising investors’ interest lowering the barriers.
Bargaining power of buyers: increasing number of applications providing options to buyers.
Bargaining power of suppliers: specialized technology and software development expertise required limiting the supplier power.
Threat of new substitutes: potential for virtual reality and mixed reality reducing the demand.
Competitive rivalry: intense competition between startups and technology giants to dominate the market.
Geographically, North America region dominates the augmented reality in healthcare market currently holding around 45% of total market share in 2024, due to heavy investments in R&D and presence of major players in the region. Asia Pacific is expected to be the fastest growing region during the forecast period, growing at an estimated CAGR of over 10%, due to improving healthcare infrastructure and rising medical tourism in the countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it