LOS ANGELES, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Augmented Reality in Healthcare market is expected to grow at a CAGR of around 33.4% from 2020 to 2027 and reach the market value of over US$ 7,311.7 Mn by 2027.
Augmented reality (AR) in healthcare is expanding its presence with the benefits and a wide range of applications. Healthcare workers are benefitting from AR and are providing useful tools for patient education and allowing medical professionals to help patients in understanding surgical procedures and the way medicines work.
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The global augmented reality in the healthcare market is segmented on the basis of product, device type, end-user, and geography. Based on product, the market is divided into hardware including sensors, displays and projectors, position trackers, others, and software. On the basis of device type, the market is bifurcated into head-mounted displays, handheld devices, and others. The end-user of augmented reality in healthcare includes hospitals and clinics, research laboratories, and others.
In 2019, North America held the major share in terms of revenue in the global augmented reality in healthcare market. The presence of prominent market players in the region and their continuous efforts on innovation and better solutions are bolstering the market growth. The major developed economies of the region including US and Canada are bolstering the regional market value. The well-established healthcare sector along with the advance and newer AR technologies is further contributing to the regional market value.
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Furthermore, Asia Pacific region along with its major economies including Japan, China, and India is projected to experience the fastest growth over the forecast period from 2020 to 2027. The rapid development in the healthcare sector is the major factor bolstering the regional market growth. The rising interest of major players in terms of investment and expansion into the developing economies of the region in order to take advantage of available opportunities is bolstering the regional market value. The rapidly increasing population and rising prevalence of chronic diseases are further propelling the regional market value.
Some of the leading competitors are AccuVein Inc., Alphabet Inc. (Google), Atheer, Inc, Augmedix, Blippar, CAE Healthcare, DAQRI, EchoPixel, Koninklijke Philips N.V., Magic Leap, Inc., Microsoft Corporation, Orca Health, Inc., Osterhout Design Group (ODG), Siemens Healthineers, Sony Corporation, Virtually Better Inc. and others. The companies operating in augmented reality in healthcare market have announced mergers and acquisitions, partnerships & collaborations, and new product development to expand their position in the augmented reality in the healthcare industry. Major players are also expanding into new regions along with their advanced technologies for gaining a competitive advantage along with the increased market share.
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Some of the key observations regarding augmented reality in healthcare industry include:
- XRHealth (Certified Extended Reality Medical Company) has successfully raised around US$ 7million funding in April 2020, particularly to expand its telehealth virtual reality (VR)/augmented reality (AR) platform for clinicians and patients. Strategic funding is intended to take advantage of available opportunities.
- Augmedics has announced the FDA 510(k) clearance and the U.S. launch of its groundbreaking xvision Spine system (XVS) in January 2020. The XVS is the first AR guidance system to be used in surgery by allowing surgeons to visualize the three dimensional (3D) spinal anatomy of a patient during surgery.
- Medivis (New York City-based medical technology company) has announced that SurgicalAR, its augmented reality (AR) technology platform for surgical applications has received 510(k) clearance in May 2019 by the United States Food and Drug Administration for clinical use in the operating room.
- Vuzix Corporation (a supplier of smart glasses and AR technology products) has entered into a partnership with 1Minuut Innovation and Deloitte Netherlands in September 2018, particularly to bring augmented reality (AR) innovation through smart glasses across the healthcare industry. The company has also entered into a partnership with VSee in April 2019, particularly to make telemedicine a reality for smart glasses. Additionally, Vuzix’s Blade Smart Glasses App has also received Health Award in October 2018 at Cancer Corporation Code App Challenge 2018 which was held at Cerner Health Conference in Kansas (US).
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