The global augmented reality in healthcare market contributed a revenue of nearly $321.1 million in 2018 and is anticipated to grow at a 25.5% CAGR, surpassing $1,918.6 million by 2026.
The market has witnessed a significant growth previously, but due to the unexpected COVID-19 outbreak, the market will witness additional growth in 2020, owing to the wide range of application such as evaluation of surgical arrangements for surgical procedures and medical training. In addition, increased importance of AR in healthcare sector and increasing investment on healthcare, mainly from surgical treatments are the main factors fueling the market growth in the forecast period. Our analysts have estimated the condition of the AR in healthcare market during the COVID-19 outbreak, and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|21.9%||25.5%||359||USD 477.1 Million||USD 504.6 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
Augmented reality (AR) in healthcare is beneficial as it helps doctors to perform surgeries in an efficient way. For instance, a type of AR known as head-mounted displays (HMD) is widely utilized during surgery. HMD are similar to virtual reality (VR) or smart glasses that are capable of providing patients’ vital signals, medical images, and steps involved in the surgery. In addition, AR can be used to ensure the safety of patient undergoing complex surgery. Surgeons using AR can easily share super-imposed images or computer-generated models that can enhance the efficiency of operation. For instance, AccuVein Inc. uses projector like devices that display a view of vasculature on the skin surface which helps in understanding the injury of the specific parts.
However, there are several loopholes that are limiting the use of AR in healthcare segment such as companies are not using the superior digital skills to implement AR technology. Moreover, development of AR involves complex procedures, various phase developments and technology design to ensure the smooth working of augmented reality in healthcare segment. In addition, implementation of augmented reality involves more cost. These are the factors that are restraining the market growth in the forecast period.
The COVID-19 pandemic has impacted the AR in healthcare market positively. Augmented reality is gaining importance in healthcare sector despite of COVID-19 pandemic owing to several technological developments. For instance, global leader in AR known as Augmedics has developed AR guidance system called as xvisison spine system (XVS). This system helps surgeons to visualize 3-Dimensioanal anatomy of spine during surgery. In addition, this AR system accurately determines the position of surgical tools utilized during surgery in real time.
Moreover, augmented reality is used for drug development or creating chemical structures. For example, scientist at Nottingham are working on drug discovery and creating chemical structures by using AR. In addition, computational chemistry department known as Sygnature Discover has utilized VisMol system a part of AR technology to develop a prototype product. Besides, several AR manufacturers are shifting their suppliers to sustain business. For instance, MAD Gaze an AR smart glasses manufacturer has shifted its supplier to Korea and Japan due to shut down of facilities in China.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The global AR in healthcare market will witness significant growth in 2020 and is anticipated to follow the trend until the end of the forecast period. Many of the industries are focusing on the product development to sustain this situation. For instance, Imperial College and St. Mary’s Hospital located in London are using advanced AR glasses during reconstructive surgery. This advanced glass helps to locate major blood cells and accurately displays blood vessels in 3D images. Before the development of AR glasses these hospitals used handheld scanners for performing same surgery.
Moreover, AR can be utilized for vein visualization, education, and surgical visualization. For instance, AccuVein is an instrument used widely in healthcare segment that can help is easily finding or navigating the vein on the human body making it easy for medical professionals to inject medicine directly in their vein for the first attempt. Several AR apps help to project 3D visualization of internal organs so that surgeons get a real view during the operation.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Augmented Reality (AR) in Healthcare Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity