Zurara Inc, Vuzix Corporation, Qualcomm Incorporated, Artoolworks Inc, Octapixels Co., Kooaba Ag, and Layar B. V. are among the market's leading players.
Augmented reality is gaining popularity among medical professionals for a variety of uses, including surgical preparation evaluation, minimally invasive surgery, and rehabilitation. Various healthcare IT-enabled firms are entering the augmented reality industry in order to profit on the significant growth potential available. The million-dollar market is being disrupted by technology and is anticipated to expand at a double-digit CAGR from 2016 through 2024. From medical teaching to pharmaceutical benefit administration, augmented reality is finding widespread use. With augmented reality, existing processes in healthcare organizations can be made more efficient and precise, in addition to saving patients' lives.
The business model for augmented reality in the healthcare market is expected to be comparable to that of the IT industry in the 1980s. Many new market participants are anticipated to emerge. However, only a handful would be able to solidify their position on a global scale. Furthermore, mergers and acquisitions are expected to be a common trend in the augmented reality industry in the near future. As a result, the market is poised to become competitive soon, with total prices falling sharply throughout the projected period.
Technological improvements and strong demand to reduce healthcare complexity are likely to drive growth in augmented reality usage in the near future. The rising workload of healthcare professionals, as well as strict regulatory compliance in clinical trials and laboratory testing, are projected to boost augmented reality revenue in the healthcare industry even more. Healthcare spending increase is a macroeconomic element that will influence market development to some extent. Growth will be focused in developed regions with well-established healthcare infrastructures, such as North America and Europe. During the study period, however, augmented reality's high cost and data security concerns will limit demand for healthcare technology.