Augmented Reality in Health Care Global Market Report 2024

The augmented reality in health care market size has grown exponentially in recent years. It will grow from $2.38 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 30.6%. The growth observed in the historical period can be attributed to advancements in surgical procedures, improvements in medical training and education, enhancements in patient care and treatment planning, the implementation of remote assistance and telemedicine, and enhancements in diagnostic imaging.

The augmented reality in health care market size is expected to see exponential growth in the next few years. It will grow to $9.49 billion in 2028 at a compound annual growth rate (CAGR) of 32.2%. Anticipated growth is driven by widespread adoption in rehabilitation, expanded use in mental health treatment, and enhanced patient engagement. Key trends include AR-based diagnostic imaging, pharmaceutical research and development, AR wearables for health monitoring, improved mental health support, and integration with electronic health records (EHR).

The anticipated growth of the augmented reality in the healthcare market is closely tied to the increasing geriatric population expected in the years ahead. The global elderly population is on a rapid upward trajectory, a trend forecasted to persist throughout the forecast period. With this demographic shift comes a heightened susceptibility to various diseases and ailments that often necessitate surgical interventions. The integration of augmented reality (AR) in surgical procedures emerges as a valuable tool, enabling surgeons to visualize a patient's anatomy concurrently with their MRI and CT scan data. As an illustration, the Physical Review B (PRB) Journal notes that by 2060, the number of Americans aged 65 and above is projected to nearly quadruple, reaching 95 million and constituting 23% of the total population. Consequently, the increasing geriatric population stands as a significant driver propelling the growth of the augmented reality in healthcare market.

The increasing prevalence of robotic surgeries is anticipated to drive the growth of augmented reality in the healthcare market. Robotic surgeries, characterized by the use of robotic systems to perform minimally invasive surgical procedures with precision and control, have become more widespread. Augmented reality (AR) plays a crucial role in these procedures by overlaying real-time patient data, thereby enhancing surgical precision and providing guidance for improved outcomes. According to the Royal College of Surgeons of England, a UK-based provider of advanced surgical care, the year 2022 witnessed over 1.8 million procedures utilizing robotic-assisted surgery (RAS), with this number steadily on the rise. As a result, the increasing prevalence of robotic surgeries stands as a key factor propelling the growth of the augmented reality in the healthcare market.

The AR in healthcare market is witnessing significant developments driven by new product launches. Leading companies in the AR in healthcare sector are strategically focused on innovating their product offerings to enhance treatment accuracy. A case in point is Enovis, a Netherlands-based medical technology company, which, in July 2022, introduced ARVIS - an augmented reality visualization and information system. With FDA clearance and over 200 successful cases completed in the US, ARVIS stands as the exclusive hands-free augmented reality technology designed specifically for orthopedic surgeons. This system provides real-time and precise guidance during hip and knee surgeries, enabling surgeons to visualize and execute procedures with augmented support. ARVIS aims to empower surgeons with enhanced information, increased confidence, and a seamlessly integrated surgical experience, all without the need for intrusive or superfluous equipment. This strategic product launch aligns with the industry's focus on advancing AR technologies in healthcare.

Prominent companies within the augmented reality in the healthcare market are directing their efforts towards technological advancements, specifically in the development of image-guided therapy platforms, to address evolving demands and enhance their competitive positions. Image-guided therapy platforms utilize real-time imaging to support medical procedures and interventions with heightened precision and accuracy. As an illustration, in February 2021, Royal Philips, a Netherlands-based technology company, introduced the ClarifEye Augmented Reality Surgical Navigation - an industry-first innovation designed to enhance minimally invasive spine procedures in the Hybrid Operating Room, such as Philips' Hybrid Suite. This solution integrates low X-ray dose 2D and 3D visuals with 3D augmented reality (AR) to provide real-time intra-operative guidance, ensuring precise pedicle screw placement in spinal fusion surgeries. Integrated into the Philips Azurion image-guided therapy platform, ClarifEye streamlines workflow, facilitating intra-procedural navigation and verification and minimizing the reliance on post-operative CT scans for accurate screw placement. This strategic focus on technological advancements reflects the commitment of major companies to stay at the forefront of innovation in the augmented reality in the healthcare market.

In November 2022, a collaboration was formed between GE HealthCare Technologies Inc., a manufacturing company based in the United States, and MediView XR. This partnership is geared towards assisting physicians in enhancing the assessment of a patient's anatomy using augmented reality, offering a more intuitive visualization experience in contrast to conventional 2D X-rays. MediView XR, a U.S.-based company specializing in the development and production of cutting-edge augmented reality (AR) solutions for medical procedures, is a key participant in this initiative.

Major companies operating in the augmented reality in health care market report are Google LLC, Microsoft Corporation Inc., Sony Corporation, Siemens Healthineers, Koninklijke Philips N.V., 3D Systems Corporation, Magic Leap Inc., Augmedics Ltd., Augmedix Inc., AccuVein Inc., VirtaMed AG, BioDigital Inc., Vuzix Corporation, Karuna Labs Inc., AppliedVR Technology, Osterhout Design Group Inc., Atheer Inc., EchoPixel Inc., Medsight Solutions LLC, FundamentalVR Ltd., Augmented Intelligence Inc., seeCOLe LLC, DAQRI Inc., Nanome Inc., Brain Power Inc., OxfordVR Ltd., Health Scholars Inc., MediView XR Inc., ARToolworks Inc., CAE Healthcare Inc.

North America was the largest region in the augmented reality in health care market in 2023. The regions covered in the augmented reality in health care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the augmented reality in health care market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product categories within augmented reality for healthcare encompass hardware and software solutions. These hardware offerings are instrumental in enhancing the efficiency and precision of medical procedures such as surgeries and diagnoses through the integration of AR technology, notably including smart glasses. These devices vary from head-mounted displays to handheld tools, utilizing diverse technologies such as wearables, vision-based systems, spatial technologies, and mobile-device-based solutions. Their application spans across multiple sectors within the healthcare industry, including hospitals, clinics, research laboratories, and other relevant verticals.

The augmented reality in health care market research report is one of a series of new reports that provides augmented reality in health care market statistics, including augmented reality in health care industry global market size, regional shares, competitors with a augmented reality in health care market share, detailed augmented reality in health care market segments, market trends and opportunities, and any further data you may need to thrive in the augmented reality in health care industry. This augmented reality in health care market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Augmented reality in the healthcare market includes revenues earned by entities by offering AR peripherals to create real-life environments to overcome medical limitations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.