Augmented Reality (AR) in Healthcare Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.19 Billion |
| Market Size (2029) | USD 3.94 Billion |
| CAGR (2024 - 2029) | 26.99 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Augmented Reality (AR) in Healthcare Market Analysis
The Global Augmented Reality in Healthcare Market size is estimated at USD 1.19 billion in 2024, and is expected to reach USD 3.94 billion by 2029, growing at a CAGR of 26.99% during the forecast period (2024-2029).
Covid-19 has significantly impacted augmented reality in the healthcare market due to the rise in the adoption of AR in healthcare. According to the study published in Informatics in Medicine Unlocked, titled 'Applications of virtual and augmented reality in infectious disease epidemics with a focus on the COVID-19 outbreak' in April 2021, major infectious disease pandemics frequently cause public health, economic, and societal difficulties. As two unique technologies, virtual reality (VR) and augmented reality (AR) has been employed in numerous domains for disaster emergency management. Such a rise in the adoption of augmented reality during the pandemic is expected to drive market growth.
The major factors driving the growth of this market include the rise in the adoption of augmented reality in healthcare, an increase in investments in augmented reality, a rise in the number of AR startup companies, and a rise in advancements in technology, among others.
According to the news published in April 2022, augmented reality is a growing trend in telemedicine, and the incorporation of augmented reality (AR) into telemedicine has the potential to revolutionize the way doctors and healthcare professionals diagnose and prescribe appropriate therapy. Many countries, however, have yet to fully exploit the potential of augmented reality, either due to a lack of knowledge or acceptance concerns. Such rising applications of AR in healthcare will lead to a rise in the adoption of AR in healthcare, driving the market growth.
The rise in investments to develop augmented reality products is further expected to drive the growth of the market studied due to the rise in the entry of novel AR products in the market, thereby driving the sale driving the market growth. For instance, in January 2022, A group of healthcare companies was given early access to Magic Leap's second-generation augmented reality headset. SentiAR, for example, makes software that allows doctors to examine a 3D representation of a patient's heart while operating on it. Brainlab, for example, wants to make its Mixed Reality Viewer software compatible with Magic Leap.
In addition, the rising launch of augmented reality healthcare products in the market is expected to drive the market further. For instance, in August 2020, FusionVR released augmented reality (AR) solutions for the pharmaceutical and healthcare industries to revolutionize healthcare manufacturing. Such launches will lead to a rise in the adoption of AR products in pharmaceutical manufacturing to deliver on quality, efficiency and productivity, driving market growth.
However, the high cost of augmented reality products and data security concerns related to AR products are the factors expected to hinder market growth.
Augmented Reality (AR) in Healthcare Market Trends
This section covers the major market trends shaping the Augmented Reality (AR) in Healthcare Market according to our research experts:
Head-Mounted Devices Segment is Expected to Hold a Significant Share in the Market Over the Forecast Period
The head-mounted devices segment is expected to hold a significant share in augmented reality in the healthcare market. The factors driving the growth of this segment include the rise in the application of head-mounted devices and the rise in technological advancements in head-mounted devices, among others.
According to the study published in the Journal of Medical Internet Research, titled 'Augmented, Mixed, and Virtual Reality-Based Head-Mounted Devices for Medical Education: Systematic Review' in July 2021, AR, in the form of head-mounted displays (HMDs), may offer up new avenues for teaching medical information in low-resource settings. HMDs have benefits such as they allow repeated practice in various medical disciplines without causing harm to the patient, they may introduce new ways to learn complex medical content, and they may alleviate financial, ethical, and supervisory constraints on the use of traditional medical learning materials such as cadavers and other skills lab equipment. Such huge applications of HDMs over the traditional methods will lead to a rise in the adoption of this segment over the forecast period.
Furthermore, in January 2022, Project Iris, Google's secret augmented reality head-mounted display (HMD) project, is expected to launch in 2024. Such projects will lead to the entry of novel HMD products by key players driving the market growth due to the rise in adoption.
Therefore, owing to the above-mentioned factors, this segment is expected to show significant growth in the market studied.
North America Holds a Major Share and Expected to do Same in the Forecast Period
North America holds a significant share in the augmented reality healthcare market, and it is expected to follow the same trend over the forecast period.
The factors responsible for the growth of this market in North America include the developed healthcare system, the rise in adoption of augmented reality in healthcare due to its applications, the rise in the launch of AR products in this region, and the strong foothold of key market players, among others.
According to the Wharton Healthcare Management Alumni Association in May 2020, medical staff training and other types of therapy have both benefited from augmented reality technologies. AR technologies, in particular, have shown a substantial influence on the efficiency and quality of in-home healthcare given by both skilled and non-skilled staff. Therefore, the rise in applications of augmented reality in healthcare is expected to drive market growth in this region.
In addition, in March 2022, Arvizio, a supplier of corporate augmented and mixed reality (AR/MR), launched a suite of capabilities for its augmented reality workflow automation for medical organizations, healthcare professionals, and technicians to utilize in equipment training, operation, and maintenance. Such initiatives in the North American region will drive the market growth further due to the rise in adoption.
Therefore, owing to the above-mentioned factors, the market is expected to drive in North America.
Augmented Reality (AR) in Healthcare Industry Overview
The market for augmented reality in healthcare is moderately competitive. The market is driven by factors such as the rise in investment by the key market players, technological advancement, and the rise in partnerships between the market players, among others. Some of the key market players in this market include Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation, Augmented Pixels Inc, and Surgical Theater, among others.
Augmented Reality (AR) in Healthcare Market Leaders
Siemens Healthineers
Koninklijke Philips N.V.
AccuVein Inc.
Vuzix Corporation
Augmented Pixels Inc
*Disclaimer: Major Players sorted in no particular order
Augmented Reality (AR) in Healthcare Market News
In May 2022, The College of Health Professions at the University of Findlay became one of the first academic programs in the United States to use MediView XR, Inc.'s revolutionary augmented reality technology in their hands-on Sonography Program curriculum.
In April 2022, XRHealth, the portal to the healthcare metaverse, launched its virtual/augmented reality therapy for autistic patients in the United States.
Augmented Reality (AR) in Healthcare Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Adoption of Augmented Reality in Healthcare
4.2.2 Increase in Investments in Augmented Reality
4.2.3 Rise in Number of Start Up Companies in the Market
4.3 Market Restraints
4.3.1 High Cost of Augmented Reality Products
4.3.2 Data Security Concers
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Technology
5.1.1 Head Mounted Devices
5.1.2 Handheld Devices
5.2 By Product
5.2.1 AR Displays
5.2.2 AR Sensors
5.2.3 AR Input Devices
5.2.4 AR Semiconductor Components
5.2.5 Others
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Research Laboratories
5.3.3 Others
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft
6.1.2 Siemens Healthineers
6.1.3 Koninklijke Philips N.V.
6.1.4 AccuVein Inc.
6.1.5 EchoPixel
6.1.6 Vuzix Corporation
6.1.7 Augmented Pixels Inc
6.1.8 CAE Healthcare
6.1.9 Intuitive Surgical
6.1.10 Surgical Theater
6.1.11 Orca Health, Inc.
6.1.12 Augmedix
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Augmented Reality (AR) in Healthcare Industry Segmentation
As per the scope of this report, Augmented Reality in Healthcare is an enhancement of the real-world environment by the use of screens, cameras, and sensors. It projects digital information onto the current surroundings to create a representation of the real world. Augmented Reality in Healthcare Market is segmented by Technology (Head Mounted Devices, Handheld Devices), By Product (AR Displays, AR Sensors, AR Input Devices, AR Semiconductor Components, Others), End User (Hospitals and Clinics, Research Laboratories, Others) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
| By Technology | |
| Head Mounted Devices | |
| Handheld Devices |
| By Product | |
| AR Displays | |
| AR Sensors | |
| AR Input Devices | |
| AR Semiconductor Components | |
| Others |
| By End User | |
| Hospitals and Clinics | |
| Research Laboratories | |
| Others |
| Geography | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Augmented Reality (AR) in Healthcare Market Research FAQs
How big is the Global Augmented Reality (AR) in Healthcare Market?
The Global Augmented Reality (AR) in Healthcare Market size is expected to reach USD 1.19 billion in 2024 and grow at a CAGR of 26.99% to reach USD 3.94 billion by 2029.
What is the current Global Augmented Reality (AR) in Healthcare Market size?
In 2024, the Global Augmented Reality (AR) in Healthcare Market size is expected to reach USD 1.19 billion.
Who are the key players in Global Augmented Reality (AR) in Healthcare Market?
Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation and Augmented Pixels Inc are the major companies operating in the Global Augmented Reality (AR) in Healthcare Market.
Which is the fastest growing region in Global Augmented Reality (AR) in Healthcare Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Augmented Reality (AR) in Healthcare Market?
In 2024, the North America accounts for the largest market share in Global Augmented Reality (AR) in Healthcare Market.
What years does this Global Augmented Reality (AR) in Healthcare Market cover, and what was the market size in 2023?
In 2023, the Global Augmented Reality (AR) in Healthcare Market size was estimated at USD 0.94 billion. The report covers the Global Augmented Reality (AR) in Healthcare Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Augmented Reality (AR) in Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Augmented Reality (AR) in Healthcare Industry Report
Statistics for the 2024 Global Augmented Reality (AR) in Healthcare market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Augmented Reality (AR) in Healthcare analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
