New York, USA, Feb. 16, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global augmented reality in healthcare market is expected to garner a revenue of $1,565.1 million by 2026 and grow at a stunning CAGR of 21.9% in the 2019-2026 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the augmented reality in healthcare market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2019-2026. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: There have been massive technological developments in the medical imaging technology sector in the recent years, which are predicted to boost the augmented reality in healthcare market in the forecast period. Along with this, augmented reality has proven to be an important tool for communication and engaging with healthcare professionals. This utility of augmented reality is predicted to help the market grow in the forecast period.
Opportunities: Augmented reality has proven to be useful in enhancing surgeon’s ability to diagnose and perform surgery and similar medical procedures. This advantage provided by augmented reality is anticipated to offer numerous growth opportunities for the market in the forecast period. Furthermore, growing adoption of augmented reality by life science companies is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the expensive nature of augmented reality is predicted to be a major restraint in the full-fledged growth of the augmented reality in healthcare market.
Segments of the Market
The report has divided the augmented reality in healthcare market into certain segments based on component, technology, end-use, and region.
Component: Displays Sub-segment to be Highly Dominant
By component, the displays sub-segment is predicted to have a dominant market share and register a revenue of $334.5 million by 2026. The rising demand for integrated devices such as head mounted displays is expected to help the market grow in the forecast period.
Technology: Mobile Device-based Sub-segment to Garner Significant Market Share
By technology, the mobile device-based sub-segment is anticipated to be highly profitable and generate a revenue of $409.7 million by 2026. The significant role played by augmented reality technology in powering mobile-based global positioning system is expected to help the sub-segment register a substantial growth in the forecast period.
End-Use: Healthcare Facilities Sub-segment to be the Most Lucrative
By end-use, the healthcare facilities sub-segment of the augmented reality in healthcare market is anticipated to have the most dominant market share and garner $315.5 million by 2026. The rising adoption of technology to reduce the stress on healthcare professionals (HCPs) is predicted to help in propelling the sub-segment forward.
Market in North America Region to be Most Profitable
By regional analysis, the augmented reality in healthcare market in North America region is expected to be the most profitable and gather $664.9 million in the forecast period. The rising demand for consumer electronic panels and devices in the U.S. is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some leading market players of the augmented reality in healthcare market are
- Mindmaze
- VirtaMed
- Medical Realities
- 3D Systems
- Magic Leap
- Wikitude GmbH
- Siemens Healthineers
- CAE Healthcare
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in November 2022, GE Healthcare, a leading medical technology company, announced that it was collaborating with MediView XR, a medical technology company specializing in augmented reality. This collaboration is aimed at developing OmnifyXR Interventional Suite System, a medical imaging system based on augmented reality.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Augmented Reality in Healthcare Market:
- 5 Ways Augmented Reality is Changing the Face of Healthcare Industry
- Focus on Reducing Workloads of Healthcare Professionals to Fuel the Growth of Global Augmented Reality in Healthcare Market
