AUGMENTED REALITY IN HEALTHCARE MARKET ANALYSIS

Augmented Reality In Healthcare MarketSize and Trends

Augmented reality is gaining prominence among medical personnel for various applications ranging from surgical preparation assessment to minimally-invasive surgery and rehabilitation. Various healthcare IT-enabled companies are venturing into the augmented reality in healthcare market to capitalize on the high growth opportunities on offer. The million dollar market is witnessing technology disruption and is expected to grow at a robust double digit CAGR during 2016–2024. Augmented reality is finding wide application from medical training to pharmacy benefit management. Moreover, apart from saving patients’ lives, existing processes in healthcare organizations can be made more efficient and precise with the help of augmented reality.

Augmented reality in healthcare market outlook is set to run on similar business model as that of IT industry in 1980s. Many new players are expected to emerge in the market. However, only few would be able to consolidate their position worldwide. Moreover, mergers and acquisitions is projected to be the prevalent trend in augmented reality in healthcare market in near future. As a result, the market is set to be competitive in the near future, with sharp decline in overall prices during the forecast period.

Development of Healthcare IT infrastructure to Support growth of augmented reality in healthcare market scenario

Technological advancements and high demand to minimize healthcare complexity is expected to bolster growth in adoption of augmented reality in near future. Augmented reality in healthcare market revenue is expected to be further driven by increasing workload of healthcare professionals and stringent regulatory compliances in clinical trials and laboratory testing. Rise in healthcare expenditure is a macroeconomic factor that would drive market growth to some extent. Growth is expected to be concentrated in developed regions with robust healthcare infrastructure such as North America and Europe. However, high cost and data security concern associated with augmented reality in healthcare technology would restrict demand to a certain extent during the study period.