Surge in application of AR in diagnostic imaging, rehabilitation, surgical simulation, and patient care management along with increase in number of AR-based startups drive the global AR in healthcare market.
PORTLAND, Oregon, March 16, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "AR in healthcare Market by technology (Head Mounted Devices and Handheld Devices), Type (AR Displays, AR Sensors, AR Input Devices, AR Semiconductor Components, and Others), and End User (Hospitals & Clinics, Research Laboratories, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global Augmented Reality (AR) In Healthcare Industry garnered $609.60 million in 2018, and is estimated to reach $4.23 billion by 2026, growing at a CAGR of 27.4% from 2019 to 2026.
Prime determinants of growth
Surge in application of AR in diagnostic imaging, rehabilitation, surgical simulation, and patient care management along with increase in number of AR-based startups drive the global AR in healthcare market. However, concerns related to data privacy and lack of proper infrastructure hinder the market growth. On the other hand, rise in investments in AR technologies and supportive government policies for integrating new technologies into healthcare would offer new opportunities in coming years.
The handheld segment to maintain its leadership status throughout the forecast period
Based on technology, the handheld segment held more than three-fifths of the total share of the global AR in healthcare market in 2018, and is estimated to maintain its leadership status throughout the forecast period. This is due to surge in usage and convenience of the AR technology. However, the head mounted segment would witness the highest CAGR of 27.9% from 2019 to 2026, owing to rise in application of head-mounted devices in the fields of research and medicine.
The hospitals & clinics segment to maintain its dominant position in terms of revenue by 2026
Based on end user, the hospitals & clinics segment held the largest market share of the global AR in healthcare market in 2018, contributing to nearly three-fifths of the total share, and is estimated to maintain its dominant position in terms of revenue during the forecast period. This is attributed to increase in usage of augmented reality applications for surgeons to gain assistance during surgeries in hospitals. However, the research laboratories segment is expected to witness a CAGR of 26.8% from 2019 to 2026.
North America to maintain its highest share during the forecast period
Based on region, North America accounted for the highest market share, contributing to more than two-fifths of the global AR in healthcare market in 2018, and is expected to maintain its highest share during the forecast period. This is due to surge in private & government funding for developing these technologies in the healthcare industry and availability of advanced healthcare infrastructure. However, Asia-Pacific is expected to grow at the fastest CAGR of 29.3% from 2019 to 2026, owing to rise in acceptance of AR technologies in various industries and the presence of key vendors.
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