Vuzix Releases New Report Confirming the Benefits from Increasing Usage and Interest for AR Smart Glasses Among Surgeons

Rhea-AI Summary

Vuzix releases a new report on the expanding use of AR smart glasses in surgical settings, highlighting the benefits and potential of these devices.

Positive

• 50% of surgeons have been exposed to AR smart glasses and recognize their potential benefits. 49% believe that these glasses can reduce complications and fatalities caused by human error. 44% emphasize the access to in-depth information provided by AR smart glasses. 41% see the potential of creating lower-risk surgical environments. 30% acknowledge the potential cost reduction in surgical equipment and staff. 28% recognize the benefits of collaborating with remote clinical teams. 26% believe that AR smart glasses can expedite surgical operation preparation times.

Negative

• None.

-  New research report querying U.S. surgeons and medical professionals on AR smart glasses usage, sentiment and preferences in surgical settings delivers a bullish outlook

-  Use of AR smart glasses expected to transform surgical practices, enhancing precision, efficiency, and patient outcomes

ROCHESTER, N.Y., June 20, 2023 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI), ("Vuzix" or, the "Company"), a leading supplier of Smart Glasses and Augmented Reality (AR) technology and products, today released a new report which points to expanding medical use of AR smart glasses by quantifying the increasing interest among U.S. surgeons in adopting such devices for their practices. Conducted by third-party research firm Censuswide, the report features insight from over 500 surgeons across the United States and highlights the immense potential of AR wearables within the operating room and beyond.

Specific benefits highlighted by the study include:

• 50% of surgeons have already been exposed to some form of training with AR smart glasses and admit its potential benefits over traditional methods.
• 49% agreed that AR smart glasses could effectively reduce complications and fatalities in operating rooms caused by human error.
• 44% of surgeons emphasized the ability of AR smart glasses to provide access to in-depth information within their field of view, including 3D anatomical images, models, real-time medical references, and patient information.
• 41% acknowledged the potential of these smart glasses in creating lower-risk surgical environments by minimizing unnecessary entry and exit from the operating room.
• 30% recognized the potential cost reduction in surgical equipment and staff.
• 28% acknowledged the benefits of collaborating with remote clinical teams and accessing surgical care worldwide.
• 26% expressed that AR smart glasses could significantly expedite surgical operation preparation times.

"We are thrilled to witness the increasing interest among U.S. surgeons in adopting AR smart glasses as a hands-free solution for surgical procedures, a market for which our family of products is ideally suited," stated Paul Travers, President and CEO of Vuzix. "This report reveals the transformative power of AR technology can have in improving patient outcomes. These results are achieved by providing real-time information, remote assistance, and advanced visualization capabilities. Further the report also speaks to the sizable cost saving potential for medical institutions by helping them with minimizing human error, reducing risk factors, and economizing surgical resources. At Vuzix, we remain committed to developing cutting-edge AR solutions and establishing additional partnerships that will further empower surgeons and enhance the future of healthcare."

To learn more about the findings from the Vuzix 2023 AR in Surgical Settings Report, including further analysis, please refer to Appendix A in this release and visit our AR in medicine survey summary page.

About Vuzix Corporation

Vuzix is a leading designer, manufacturer and marketer of Smart Glasses and Augmented Reality (AR) technologies and products for the enterprise, medical, defense and consumer markets. The Company's products include head-mounted smart personal display and wearable computing devices that offer users a portable high-quality viewing experience, provide solutions for mobility, wearable displays and augmented reality, as well OEM waveguide optical components and display engines. Vuzix holds more than 300 patents and patents pending and numerous IP licenses in the fields of optics, head-mounted displays, and augmented reality Video Eyewear field. Moviynt, an SAP Certified ERP SaaS logistics solution provider, is a Vuzix wholly owned subsidiary. The Company has won Consumer Electronics Show (or CES) awards for innovation for the years 2005 to 2023 and several wireless technology innovation awards among others. Founded in 1997, Vuzix is a public company (NASDAQ: VUZI) with offices in: Rochester, NY; Oxford, UK; Munich, Germany; and Kyoto and Tokyo, Japan.  For more information, visit the Vuzix website, Twitter and Facebook pages.

Forward-Looking Statements Disclaimer

Certain statements contained in this news release are "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements contained in this release relate to the benefits of Vuzix Smart Glasses in medicine, their capabilities and among other things the Company's leadership in the Smart Glasses and AR display industry. They are generally identified by words such as "believes," "may," "expects," "anticipates," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and MD&A filed with the United States Securities and Exchange Commission and applicable Canadian securities regulators (copies of which may be obtained at www.sedar.com or www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.

Media Relations Contact

Jessica Starman
jessica@elev8newmedia.com  
888-461-2233

Media and Investor Relations Contact:

Ed McGregor, Director of Investor Relations
Vuzix Corporation
ed_mcgregor@vuzix.com  
Tel: (585) 359-5985

Vuzix Corporation, 25 Hendrix Road, West Henrietta, NY 14586 USA,
Investor Information – IR@vuzix.com www.vuzix.com

APPENDIX A – Report Findings

This report sheds significant light on the increasing interest in and adoption of AR smart glasses among surgeons. The report's findings indicate a significant appetite for incorporating these advanced devices into surgical workflows. Currently, 25% of surgeons have already integrated AR smart glasses into their practice, while an additional 31% are actively considering their utilization. Impressively, 19% of surgeons have previously tried AR smart glasses and found them helpful in their procedures. A small percentage (12%) reported less satisfactory experiences and only 11% have yet to explore the benefits of AR smart glasses.

The report also examines regional variances in the familiarity and usage of AR smart glasses among surgeons, emphasizing the significance of regional dynamics in implementing AR technology in surgical environments. Surgeons in the South displayed the highest level of familiarity and adoption of AR smart glasses, with 27% of respondents already incorporating these advanced devices into their practice. Conversely, surgeons in the West reported a slightly lower adoption rate, with 21% indicating familiarity and usage of AR smart glasses.

Specialty-wise, Transplant Surgeons exhibited the highest level of familiarity and interest in adopting AR smart glasses, with over 2 in 5 (41%) expressing enthusiasm for their use. Neurosurgeons followed suit, with approximately one-third (34%) sharing the same sentiment.

While age demographics had a limited impact on the adoption of AR smart glasses, slight variations were observed among different age groups. Surgeons aged 25-34 and 35-44 showed a higher propensity (35% and 34% respectively) for considering the incorporation of AR smart glasses compared to their counterparts aged 45-54 (26%).

The study also explored surgeons' training experiences with AR smart glasses, revealing that almost two-thirds (67%) of the surveyed surgeons have received training in using these advanced devices. Among this group, a quarter expressed their firm belief that AR smart glasses represent the future of surgical education (25%) and acknowledged their potential benefits over traditional teaching methods (25%). It is evident that a significant portion of surgeons recognizes the transformative potential of AR smart glasses in shaping the future of surgical training.

Furthermore, the study highlighted the specific preferences and perspectives of surgeons across different age groups. Among surgeons aged 25-34, a notable 42% expressed their belief in the value of "Training prospective surgeons and caregivers with a see-what-I-see view," emphasizing the potential benefits this approach holds. In comparison, 29% of surgeons aged 45-54 shared the same view, indicating a slightly lower inclination towards this training method.

When examining different specialties, Transplant Surgeons stood out with a higher inclination towards being trained with AR smart glasses and expressing their confidence in its future impact on surgical education. Nearly 4 in 10 (39%) Transplant Surgeons held this belief, while Neurosurgeons exhibited a slightly lower level of conviction at 26%.

The research findings shed light on the significant benefits of AR smart glasses in surgical practice, eliciting a positive sentiment among surveyed surgeons. Nearly half of the respondents (49%) agreed that AR smart glasses could effectively reduce complications and fatalities in operating rooms caused by human error. Additionally, 48% believed that these innovative glasses have the potential to enhance surgeons' accuracy, speed, and overall efficiency through features like remote assistance and assistive software.

Age-related differences were observed in the perceived benefits. Surgeons aged 25-34 exhibited a higher likelihood of recognizing the advantages of AR smart glasses in accessing in-depth information (55%), creating low-risk surgical environments (45%), and training prospective surgeons (42%). In contrast, surgeons aged 45-54 showed slightly lower levels of recognition for these benefits (40%, 38%, 29%).

Notably, there were specialty-specific variations as well. Orthopedic Surgeons expressed the strongest belief (49%) in the potential of AR smart glasses to create lower-risk surgical environments. Neurosurgeons (58%) were more inclined to agree that AR smart glasses have the potential to reduce complications and deaths in operating rooms due to human error. Ophthalmic Surgeons (43%) also shared a similar sentiment regarding the benefits of AR smart glasses in improving surgical outcomes.

In addition to uncovering the positive sentiment towards AR smart glasses, the research also explored the concerns expressed by surveyed surgeons regarding their adoption in the operating room. Foremost among these concerns is the comfort of smart glasses, with a third of surgeons (33%) highlighting this as a top concern. Following closely behind are interface challenges (29%), learning curve (29%), and battery life (28%). Sensory overload (25%), cost (24%), privacy (21%), and unreliable WiFi (19%) were also cited as potential issues.

Report Methodology

Report findings were based on a comprehensive survey of 506 surgical professionals. Fieldwork was conducted between May 3rd - May 5th, 2023. The figures have been weighted and are representative of all U.S. adults aged 25 and above.

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SOURCE Vuzix Corporation

FAQ

What is the new report released by Vuzix about?

The new report released by Vuzix is about the expanding use of AR smart glasses in surgical settings and the benefits of these devices.

What percentage of surgeons have been exposed to AR smart glasses?

50% of surgeons have been exposed to AR smart glasses.

What benefits do surgeons see in using AR smart glasses?

Surgeons see benefits such as reducing complications and fatalities caused by human error, accessing in-depth information, creating lower-risk surgical environments, reducing costs, collaborating with remote clinical teams, and expediting surgical operation preparation times.

What is Vuzix's commitment in developing AR solutions?

Vuzix is committed to developing cutting-edge AR solutions and establishing partnerships to empower surgeons and enhance healthcare.