According to a new market research report published by Inkwood Research, the Global AR in Healthcare Market is estimated to register at a CAGR of 15.64% during the forecasting years of 2019-2028.
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Augmented reality in
the early stage of its application has found extensive application in various
sectors such as gaming, retail, education, and others. In addition, healthcare
is emerging as one of the major sectors incorporating the use of AR in its
existing system. This is completely changing and enhancing the overall
experience of both healthcare professionals and patients.
Modernization
of Technology in Healthcare Augments the Market Growth
Information
technology is getting upgraded every year with new technologies, new versions,
improved structure, and a growing consumer base. In this age of the internet,
it is very easy to be connected with everyone across the globe using social
networks. In the coming years, efforts are being made to connect everyone with
the help of the internet and expand the infiltration of the internet all over
the world. The Internet of Things captures data and transmits it in the form of
information, including usage patterns, environmental conditions, and consumer
behaviors using hardware devices such as sensors, implants, lights,
automobiles, buildings, and other devices. The IoT is predicted to be a huge
business opportunity in the future. In 2017, it was calculated that about 20
billion devices were connected with the internet, and is expected to reach 80
billion by 2023. The development of the connected devices will be stimulated by
innovations and surging adoption of wireless technology, decreased silicon
costs, and compact technology and devices.
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Head-Mounted
Technology Projects the Highest CAGR
A head-mounted
display device or HMD is worn as a part of the helmet, and is the primary
component of augmented reality headsets. The head-mounted displays gained recognition
in present times, owing to the growing use of AR in various fields such as
healthcare, e-commerce, gaming, interior designing, retail, entertainment,
education, and real estate. AR head-mounted devices are transparent, and the
captured information is laminated onto real-life objects. Escalating use of
head-mounted devices in the field of medicine and research is anticipated to
drive the expansion of the head-mounted display devices market. The data
produced from MRI scans and X-ray computed tomography scans, together with
anesthesia, help the surgeons to diagnose and operate patients better,
henceforth, accelerating the demand for head-mounted displays in the future.
North America Region
Captures the Largest Revenue Share
North America contributed
the largest share in the year 2019 in terms of revenue. Rising government and
private expenditure towards the development of AR technologies for the
healthcare sector and the availability of improved healthcare infrastructure
are accountable for the growth of the market. For example, the US government is
shelling out sufficient capital to merge AR across different industries, thereby
providing vendors, start-ups, and manufacturers with business opportunities.
Moreover, the use of AR in medical training by different institutions and
universities fuels market growth.
The competitive rivalry
is intense in the market due to low product differentiation and minimal
switching costs. The vendors are trying to break the price-based competition by
offering value-added services, which not only offer them a competitive
advantage, but also better profits. The eminent companies participating in the
market challenge to maximize their market share are Daqri, Auriga SPA,
Microsoft Corporation, Siemens, Sony Corporation, among others.
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Inkwood Research
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& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises of North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
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