Global AR in Healthcare Market Expected to Reach $4.23 Billion by 2026

According to a new report published by Allied Market Research, titled, "AR in healthcare Market by Product, Technology and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026" the global AR in healthcare market size was valued at $609.60 million in 2018 and is projected to reach $4.23 billion by 2026, registering a CAGR of 27.4% from 2019 to 2026. AR in healthcare is responsible for transforming the medical sector by overlaying digital information onto the real-world scenarios. AR applications allow learners to visualize and interact simultaneously with 3D representations of body. Presently, augmented reality is used in vein visualization for eliminating the pain caused due to injection and having blood taken.

Increase in use of augmented reality in diagnostic imaging, rehabilitation, and surgical simulation along with rise in number of AR start-ups across the globe supplement growth of the market. In addition, growing private and public investments for developing AR technologies in healthcare is likely to propel the growth of the market. However, data privacy concerns of technology users is anticipated to hamper the AR in healthcare market growth. 

The Augmented Reality in healthcare market is classified on the basis of technology, product type, end-user, and region. By technology, it is divided into head mounted devices and handheld devices. The handheld devices segment dominated the global AR in healthcare market in 2018 and is expected to remain dominant during the forecast period, owing to increase in use and convenience of handheld devices such as touch screen devices, tablets, smartphones, and monitors. However, the head mounted devices segment is projected to witness fastest growth, due to increase in demand for head-mounted devices in the field of medicine and research. 

On the basis of product type, the global AR in healthcare market is categorized into AR Displays, AR sensors, AR input devices, and others. The AR input devices segment was the major contributor in 2018 and is anticipated to continue this trend during the forecast period due to rise in use of AR devices in healthcare procedures and practices. 

By end user, the hospitals & clinics segment was the highest revenue contributor in 2018, owing to growth in adoption of AR in medical training and education.

The report provides a comprehensive analysis of the key players operating in the global AR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), Sony Corporation, Siemens (Siemens Healthcare), Koninklijke Philips N.V. (Philips), AccuVein Inc., EchoPixel, DAQRI, Atheer, Inc, and Orca Health, Inc. The other players in the value chain (companies not included in the report) include Augmedix, VirtaMed, Blippar, CAE Healthcare, Magic Leap, Inc., Virtually Better and Osterhout Design Group, among others.

Key Findings of the Study:

• By product, the AR input devices segment occupied 16.2% share of the AR in healthcare market in 2018.
• By technology, head mounted devices segment is anticipated to grow with the highest CAGR throughout the AR in healthcare market forecast period.
• The hospital and clinics segment accounted for 63.6% share of the market in 2018.