Augmented Reality in Healthcare Market to Witness Attractive Growth Opportunities in (Asia Pacific/ US)

Augmented reality (AR) enhances the objects around you which gives you an interactive experience with the real environment.

The best example of Augmented reality is Pokemon Go wherein you could find and capture the imaginary animal on busy streets using your smartphone.Augmented reality isn’t a new concept.

Few examples of apps that use AR are IKEA, Google Sky Map, L’Oreal make-up, and SpotCrime.

AR can help in patient education where doctors can explain surgical procedures easily.

The problem can be shared in real-time and the issues can be resolved at the earliest.Life-saving informationAugmented reality helps to store crucial life-saving information on apps.

During an emergency, one can have access to such an extremely life-saving piece of information.Benefits for nurses & surgeonsIt is tough to find a vein to draw blood from the hand or to inject intravenous shots.

Latest technologies such as Augmented Reality & Virtual Reality have bubbling under the surface of the pharmaceutical industry in the last few years.

We are slowly beginning to see the focus of this emerging industry, and this is worth it.

Both of these technologies have shown exciting signs of potential, ranging from their ability to help doctors & patients with anxiety along the way to allow trained physicians to practice critical procedures.

Image: North America augmented reality & virtual reality in the healthcare market, by technology, 2014 – 2025 (USD Million)

Much emphasis is placed on visual stimulation in various industries, and health care is no different.

This may be a demonstration in the office of a doctor or the consumer scans the packaging at the store or at home.

Augmented Reality in Healthcare Market OverviewGlobal augmented reality in healthcare market is projected to expand at a CAGR of 23% during the forecast period from 2017 to 2023 to reach a valuation of USD 1.32 billion by 2023.

This growth is attributable to the surge in population and increasing demand for effective surgical treatments.

The demand for handheld and head-mounted display for connecting with several other devices, including gestures, voice commands, and motion tracking, is estimated to provide traction for Augmented Reality in Healthcare Market Trends.Furthermore, the surge in penetration of mobile-based applications, artificial intelligence, and cloud-based AR applications, along with the introduction of 5G networking for hospital use, is likely to offer the most lucrative opportunities for growth in the coming years.

Thus, the players are looking to offer newer products through research and development, partnerships, and collaboration.

For instance, VITAS publicized collaboration with AT for exploring the potential launch of 5G networking, especially in hospital operations.

These factors are driving growth of the global augmented reality in healthcare market.Augmented Reality in Healthcare Market Competitive Analysis:Some of the key players in the global augmented reality in healthcare market include DAQRI, Microsoft Corporation, Mindmaze, Atheer, Wikitude GmbH, Medical Realities, Augmedix, 3D Systems, Oculus VR, CAE Healthcare, Google LLC., Blippar, Philips Healthcare, Siemens Healthineers, HTC, VirtaMed, Osterhout Design Group, and Magic Leap, Inc.

It is the immersive experience which is building up AR as a futuristic innovation in the healthcare sector.

Whenever time is of essence, AR technology allows sharing of information and access to information in the most immersive manner.

The AR and VR healthcare market is predicted to be worth about $5.1 billion in a few years, with 3.4 million users worldwide according to a report by Goldman-Sachs.

The concept of telemedicine is providing access to information in a reliable manner over phone, internet and smart devices.

From aiding diagnosis process to assisting with training, AR is an extremely helpful tool in aiding medical professionals complete day-to-day tasks more accurately and efficiently.

Several AR apps enable professionals to find veins for cannulation, as well as incorporate electronic restorative records (EMR) being naturally shown on a gadget as a specialist looks at or counsels with a patient, again featuring the immersive nature of AR for the healthcare industry.

Market reports connected with the healthcare industry have been made accessible by Market Research Future who publishes reports on other sectors that have been currently published along with a report on this industry.

AR’s potential capacity to synchronously show other patient information can increase the ability of surgeons to save lives and also drastically reduce medical errors.

The regions included in the market are Europe, Asia Pacific, North America and the rest of the world.

The adoption of augmented reality in the healthcare market in the European region is anticipated to undergo rapid growth in the forthcoming period.

The Asia Pacific nations such as China, Japan, and India are an emerging market, which is anticipated to grow at the maximum CAGR in the approaching years.

Competitive Analysis: Some of the key players in the global augmented reality in healthcare market include DAQRI, Microsoft Corporation, Mindmaze, Atheer, Wikitude GmbH, Medical Realities, Augmedix, 3D Systems, Oculus VR, CAE Healthcare, Google LLC., Blippar, Philips Healthcare, Siemens Healthineers, HTC, VirtaMed, Osterhout Design Group, and Magic Leap, Inc.