Surgical Smart Glasses Market Significant Growth
Findings summarised here are from BioSpace latest market research study on “Surgical Smart Glasses Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User.” Three AREA members are featured in the report.
The market is expected to reach US$ 303,934.14 thousand by 2028 from US$ 145,287.76 thousand in 2020
It is estimated to grow at a CAGR of 9.9% from 2020 to 2028
The report highlights the trends prevailing in the market, along with market drivers and deterrents.
Surgical smart glasses provide a smarter way to perform surgeries across the globe. Surgeons wear these glasses while performing a surgery and expert professionals from outside can view the surgery through these smart glasses and give advice regarding the surgery.
Surgeon in Operation Theater can communicate with another surgeon with the help of microphones of the glasses and share the surgical view with the wide lens camera on the surgical smart glass.
A few prominent players operating in the surgical smart glasses market are
- MEDITHINQ CO., LTD
- Taiwan Main Orthopaedic Biotechnology
- IRISTICK (AREA member)
- DTU Srl
- Vuzix Corporation (AREA member)
- Pixee Medical
- RODS AND CONES
- AMA XpertEye
- ImmersiveTouch, Inc
- Microsoft Corporation (AREA member)
Market players are launching new and innovative products and services to sustain their position in the surgical smart glasses market. For instance, in Jun 2020, MediThinQ commercially launched wireless smart glasses GV-200C. These wireless smart glasses solutions provide surgical site vision to front of eyes regardless of surgeon’s position and orientation.
The COVID-19 pandemic is having the significant positive impact on the surgical smart glasses market. COVID-19 vaccine has been developed by several pharmaceutical companies and is vaccination has been started. Thus, the surgical smart glasses market is growing due to the increasing awareness about remote clinical support as an option for surgeons, which is also anticipated to have a positive impact on the other segments of the market in the coming months. On the other side, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
Increasing Number of Surgical Procedures Contribute Significantly to Market Growth
The rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases (CVDs), stroke, and kidney diseases is expected to have a positive impact on the number of surgical procedures across the globe.
As per the WHO, CVDs are the leading cause of mortality, and they result in the deaths of ~17.9 million people every year across the world. Moreover, as per the International Diabetes Federation’s Diabetes Atlas Ninth edition 2019, about 463 million adults (aged 20–79 years) had diabetes in 2019, and the number is expected to reach 700 million by 2045.
Such high prevalence of chronic conditions is expected to drive the number of surgical procedures, which will ultimately boost the growth of the surgical smart glasses market. For instance, according to the data published by the Obesity and Metabolic Surgery Society of India in 2020, the number of bariatric surgeries in India increased by around 86.7% during 2014–2018 in India.