Augmented Reality in Healthcare Market : Global Industry Insights Outlook, and Opportunity Analysis By Top Players Zugara, Vuzix Corporation

Augmented reality is gaining prominence among medical personnel for various applications ranging from surgical preparation assessment to minimally-invasive surgery and rehabilitation. Various healthcare IT-enabled companies are venturing into the augmented reality in healthcare market to capitalize on the high growth opportunities on offer. The million dollar market is witnessing technology disruption and is expected to grow at a robust double digit CAGR during 2016–2024. Augmented reality is finding wide application from medical training to pharmacy benefit management. Moreover, apart from saving patients’ lives, existing processes in healthcare organizations can be made more efficient and precise with the help of augmented reality.

Product innovation and emphasis on distribution channels are key strategies adopted by augmented reality in healthcare market players
Some of the key market players include Zugara Inc, Vuzix Corporation, Qualcomm Incorporated, Artoolworks Inc, Augmented Pixels Co., Kooaba Ag, and Layar B. V.

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Augmented reality in healthcare market outlook is set to run on similar business model as that of IT industry in 1980s. Many new players are expected to emerge in the market. However, only few would be able to consolidate their position worldwide. Moreover, mergers and acquisitions is projected to be the prevalent trend in augmented reality in healthcare market in near future. As a result, the market is set to be competitive in the near future, with sharp decline in overall prices during the forecast period.

Development of Healthcare IT infrastructure to Support growth of augmented reality in healthcare market scenario

Technological advancements and high demand to minimize healthcare complexity is expected to bolster growth in adoption of augmented reality in near future. Augmented reality in healthcare market revenue is expected to be further driven by increasing workload of healthcare professionals and stringent regulatory compliances in clinical trials and laboratory testing. Rise in healthcare expenditure is a macroeconomic factor that would drive market growth to some extent. Growth is expected to be concentrated in developed regions with robust healthcare infrastructure such as North America and Europe. However, high cost and data security concern associated with augmented reality in healthcare technology would restrict demand to a certain extent during the study period.

Augmented Reality In Healthcare Market Taxonomy:

Coherent market insights has segmented the market on the basis of:
Product Type
Technology
End User
a) Advertising Agencies
b) Hospitals and Clinics
c) Research laboratories
d) Community Pharmacy
e) Pharmaceutical and Biotechnology Companies
f) Academic Institutes Unit
g) Government Agencies
h) Other End User

Technological Advancements to Drive Adoption of Augmented Reality Solutions in North America

North America is expected to dominate the global augmented reality in healthcare market size, owing to rising awareness among people and growing demand for augmented reality among people in this region. Moreover, technological advancements in augmented reality is also accentuating market growth in North American. Europe is the next most-dominant market for augmented reality in healthcare market. On an average, the Europe spends over 8% of its GDP on healthcare. Moreover, the region is characterized by the presence of leading companies and technological advancement in field of healthcare.

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