Global Augmented Reality (AR) in Healthcare Market 2023-2030

Global Augmented Reality (AR) in Healthcare Market 2023-2030

Global Augmented Reality (AR) in Healthcare Market Size, Share & Trends Analysis Report by Technology (Head Mounted Devices and Handheld Devices), by Application (Surgical Application, Rehabilitation, and Training & Medical Education), and by End-User (Hospitals and Clinics, Research Laboratories, and Others) Forecast Period (2023-2030)

The global augmented reality (AR) in healthcare market is anticipated to grow at a CAGR of 24.8% during the forecast period. The US Food and Drug Administration (FDA) approval for AR devices is anticipated to drive the growth of the global AI in healthcare market. For instance, in December 2022, the US FDA has launched a new webpage dedicated to medical devices that incorporate AR and virtual reality (VR) technologies. The agency has approved some 39 AR/VR devices. The growing startups in this marketplace are further contributing to the global market. For instance, BioFlightVR offers VR/AR doctor training and 360° enhanced videos - AR/VR medical training module helps students and doctors refine their learning and increase retention. Medical Realities offers medical training products, specializing in AR/VR and gaming - Medical procedures can be viewable on consumer VR devices, such as the Oculus Rift. Technological advancements, healthcare digitalization, favorable government initiatives, rising healthcare expenditure, and growing usage in surgical procedures are some of the other key factors driving the growth of the AR in healthcare market.

Segmental Outlook

The global augmented reality (AR) in healthcare market is segmented based on technology, application, and end-user. Based on technology, the market is bifurcated into head mounted devices and handheld devices. Based on application, the market is segmented into surgical application, rehabilitation, and training & medical education. Based on application, the market is sub-segmented into Based on end-user, the market is segmented into hospitals and clinics, research laboratories, and others.

Training & Medical Education to Exhibit Considerable Growth Over the Forecast Period

Training & medical education is anticipated to exhibit considerable growth during the forecast period. AR is being widely adopted for education and training purposes for medical personnel. Since AR-based learning modules provide anatomical visualization and simulation it gives the medical personnel a more wholesome complete learning experience. Apps such as mHealth technology is a surgical simulator training platform that allows medical students and specialists to prepare for surgery, learn new procedures, and test their knowledge – all on mobiles.

Regional Outlooks

The global augmented reality (AR) in healthcare market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).Among these, the Asia-Pacific market is anticipated to cater to a considerable growth over the forecast period. Technological advancements, growing healthcare expenditure, favorable government initiatives, increasing inclination towards AR & VR technologies are some of the key promoters of the regional market growth.

Global Augmented Reality (AR) in Healthcare Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region is Expected to Hold a Considerable Share of the Global Augmented Reality (AR) in Healthcare Market

North America held a considerable share in the global Augmented Reality (AR) in healthcare market. In North America, the US held a major market share. The presence of key market players in the country along with growing investment in R&D of AR technology is a key factor driving the growth of the regional market. Surgeons and doctors at hospitals such as Imperial College and St. Mary’s Hospital in London have begun using Microsoft’s HoloLens AR glasses during reconstructive surgery on patients who have suffered severe injuries.

The high adoption rate of AR devices across the region compared to other regions is a key contributing factor to the high share of the regional market. For instance, in April 2023, Ocutrx Technologies, has acquired Spectrum Advanced Manufacturing Technologies, Inc. (Spectrum AMT), a Colorado-based electronics manufacturing and assembly company. The acquisition will support the company’s efforts to repatriate its supply chain and leverage Spectrum’s infrastructure to produce its OcuLenz AR/XR medical headsets, in compliance with FDA standards on US soil. Such developments across the region are further anticipated to contribute to the market growth.

Market Players Outlook

The key players in the augmented reality (AR) in healthcare market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corp., and Augmented Pixels Inc. among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration and others in order to remain competitive in the market. Product innovation is the core activity to remain competitive in this marketplace. For instance, in April 2022, XRHealth, the gateway to the healthcare metaverse had announced the availability of its AR/VR therapy in the US to treat patients with autism. XRHealth clinicians will be using the company's FDA registered applications to provide a holistic, multidisciplinary treatment for ASD patients, including physical therapy, occupational therapy, and behavioral health, while the platform will provide valuable insights and progress reports for both therapists and patients.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global augmented reality (AR) in healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.