Surgical Smart Glasses Market to Grow at a CAGR of 9.9% to reach US$ 303,934.14 thousand from 2020 to 2028

The surgical smart glasses market was valued at US$ 145,287.76 thousand in 2020 and is projected to reach US$ 303,934.14 thousand by 2028; it is expected to grow at a CAGR of 9.9% from 2021 to 2028.

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.

The surgical smart glasses market is segmented on the basis of type, end user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. The report offers insights and in-depth analysis of the surgical smart glasses market, emphasizing on parameters such as market trends, technological advancements, and market dynamics along with the analysis of competitive landscape of world’s leading market players.       

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Surgical Smart Glasses Market: Strategic Insights

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Market Insights

Nowadays, healthcare professionals are emphasizing on the utilization of digital instruments and systems to raise the quality of patient treatment and experience. The healthcare systems across the world are witnessing the adoption of smart glasses and wearable computing devices during surgical procedures with an aim to offer superior surgical outcomes. Smart glasses are web-connected wearable computing devices, used to transmit multiple types of data and project it on monitors. In general, a hands-free system is majorly preferred by surgeons as their hands are busy. The smart glasses offer functionalities of standard computers such as voice commands, eye movements, gestures, and simple tactile commands. Further, the glasses can also be used for recording, streaming video, teleconferences, data transmission, and tele mentoring, among others. Moreover, the glasses enable synchronous visualization of bones and tissues on the screen during a surgical procedure. Such images allow surgeons to take accurate and rapid surgical decisions. In addition, the smart glasses help to increase the surgical precision, as well as reduce overall surgical procedural duration by 30%.

The increasing emphasis on achieving improved treatment outcomes is actively contributing to the growth of the surgical smart glasses market. There is high possibility of the occurrence of adverse effects of many surgical procedures, which might as well lead to mortality. Therefore, in crucial cases, it becomes very essential to utilize advanced equipment to avoid possible ill-effects. According to a study published by the World Health Organization (WHO) in 2019, unsafe medical care causes ~2.6 million deaths each year in the low- and middle-income countries. Such significant extent of lethality is anticipated to boost the adoption of advanced computing devices, which will eventually bolster the growth of surgical smart glasses market during the forecast period.

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. In addition, according to the study published by the American Society for Metabolic and Bariatric Surgery, in 2019, around 252,000 weight loss surgeries were performed in the US.

Type Insights                    

Based on type, the global surgical smart glasses market is bifurcated into wireless type and wire type. In 2020, the wireless type segment held a larger share in the market. Moreover, the market for the same segment is expected to hold a higher market share by 2028. The wireless surgical smart glasses allow real-time streaming video of surgery to multiple locations, by reducing travel time and enabling access of healthcare to remote locations. This factor, in turn, is likely to boost the demand for surgical smart glasses across the world in the forecast period.

End User Insights

Based on end user, the global surgical smart glasses market is segmented into hospital, clinic, and others. The hospital segment held the largest market share in 2020, and it is further expected to dominate the market by 2028. Hospitals are primary contact points for patients to get their diagnosis done and opt for treatment options and alternatives.    

Product launches, and mergers and acquisitions are highly adopted strategies in the global surgical smart glasses market. A few of the recent key product developments are listed below:

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. Surgeon is able to have identical image on smart glasses instead of monitor for convenience and higher efficiency.

In May 2020, Taiwan Main Orthopaedic Biotechnology Co., Ltd. received CE, FDA, and ISO 13485 standard approval for its most advanced Augmented Reality Smart Surgical Glasses Foresee-X. With the CE approval, the company has expanded its business in Europe.

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. 

Surgical Smart Glasses Market Regional Insights

The regional trends and factors influencing the Surgical Smart Glasses Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Surgical Smart Glasses Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Surgical Smart Glasses Market Report Scope

Surgical Smart Glasses Market Players Density: Understanding Its Impact on Business Dynamics

The Surgical Smart Glasses Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Surgical Smart Glasses Market are:

1. MEDITHINQ CO., LTD
2. Taiwan Main Orthopaedic Biotechnology
3. IRISTICK
4. DTU Srl.
5. Vuzix Corporation

Disclaimer: The companies listed above are not ranked in any particular order.

Surgical Smart Glasses – Market Segmentation

By Type

• Wireless Type
• Wire Type

By End User

• Hospital
• Clinics
• Others

By Geography

• North America

  • US
  • Canada
  • Mexico

• Europe

  • France
  • Germany
  • UK
  • Italy
  • Spain
  • Rest of Europe

• Asia Pacific (APAC)

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

• Middle East & Africa (MEA)

  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of Middle East & Africa

• South and Central America (SCAM)

  • Brazil
  • Argentina
  • Rest of South and Central America

Company Profiles

• MEDITHINQ CO., LTD
• Taiwan Main Orthopaedic Biotechnology
• IRISTICK
• DTU Srl.
• Vuzix Corporation
• Pixee Medical
• RODS AND CONES.
• AMA XpertEye
• ImmersiveTouch, Inc.
• Microsoft Corporation