Augmented reality is gaining popularity among medical professionals for a variety of applications ranging from surgical preparation evaluation to less invasive surgery and rehabilitation. Various healthcare IT-enabled organizations are entering the augmented reality sector to profit from the tremendous growth prospects available. The million-dollar market is being disrupted by technology and is predicted to increase at a double-digit CAGR from 2016 through 2024. From medical instruction to pharmaceutical benefit administration, augmented reality is finding widespread use. Furthermore, in addition to saving patients' lives, current procedures in healthcare organizations may be made more efficient and effective.
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 market shortly. As a result, the market is poised to become competitive soon, with total prices falling sharply throughout the projection period.
Technological developments and increasing demand to reduce healthcare complexity are predicted to drive growth in augmented reality use shortly. The increased workload of healthcare professionals, as well as demanding regulatory compliances in clinical trials and laboratory testing, are likely to push augmented reality revenue in the healthcare industry even more. Healthcare spending increase is a macroeconomic aspect that will influence market expansion to some extent. Growth will be focused in developed regions with well-established healthcare infrastructures, such as North America and Europe. However, high cost and data security concerns associated with augmented reality in healthcare technology would restrict demand to a certain extent during the study period.
Because of expanding awareness and demand for augmented reality in this area, North America is predicted to lead the worldwide augmented reality in healthcare market size. Furthermore, technical advances in augmented reality are boosting the market growth in North America. Europe is the second most important market for augmented reality in healthcare. Europe spends more than 8% of its GDP on healthcare on average. Furthermore, the region is distinguished by the presence of major firms as well as technical advancements in the sector of healthcare.