AR & VR in Healthcare Market Size and Share Analysis By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Forecast Till 2030
The augmented reality and virtual reality in healthcare Market size was valued USD 2.3 billion in 2021 and is expected to reach USD 8.9 billion by 2030 at 25.2% CAGR during the forecast period of 2022-2030. According to organization size, the significant business sector in the augmented and virtual reality market had the most significant growth in 2020. The key business sector in the augmented and virtual reality market saw the most increase in 2020, according to organization size. In the future, it is projected that it will still swing. The expansion of augmented and virtual reality applications in the real estate, aerospace, construction, healthcare, educational, law enforcement, extractive industry, and automotive sectors is the cause of this. The SMEs sector is predicted to expand the most because of the benefits of AR & VR technology, which include cheaper field staff training costs, faster repairs, and more customer satisfaction.
North America is the leader in the augmented and virtual reality industries thanks to demand from the gaming, media, aerospace, and military industries, as well as from retailers and manufacturers. Numerous well-known companies that offer cutting-edge solutions, like Google, Facebook, DAQRI, and others, have their headquarters in North America. Businesses in this region have also made investments in simulation, AR, and VR. However, it is projected that during the forecast period, Asia-Pacific would see the fastest growth rate. Due to the arrival of 4G technology, high-speed connections, and a surge in smartphone users, AR and VR have become increasingly popular in this area. The market is developing as a result of significant reasons such as growing connected device use in the healthcare sector, increasing acceptance of AR and VR in fitness management, and growing awareness of virtual reality exposure treatment.
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AR & VR are becoming more and more common in the healthcare sector since they offer sensors and semiconductor components. The semiconductor component provides integrated circuits, controllers, and processors. A magnetometer, proximity sensor, accelerometer, and gyroscope are offered by the sensors, on the other hand. As a result, producers and big international players in the AR and VR healthcare industry have greater opportunities. Virtual reality technology is increasingly being used by psychiatrists to ease patients’ anxieties. Governments in underdeveloped countries promote the makers of AR and VR technology by boosting reimbursement. In-depth, collaborative research support allowed manufacturers to produce high-end, cutting-edge equipment or instruments in developing countries.
Overview of the Market Segments
By Technology: The AR & VR market for healthcare has been divided into two categories based on the technology segment: VR technology and AR technology.
The VR technology market has also been divided into submarkets for completely immersive, semi-immersive, and non-immersive technologies. The sector for AR technology, on the other hand, is further divided into marker-less AR and marker-based AR.
By Application: The AR & VR in healthcare market has been segmented into patient care management, fitness management, medical training and education, surgery, pharmacy management, and others based on the application segment.
By Providing: The AR & VR market for healthcare has been divided into software and hardware components based on the offering segment.
By Device Type: The Augmented Reality and Virtual Reality in Healthcare Market has been divided into VR device type and AR device type based on the device type segment.
By End User: The AR & VR in healthcare market has been divided into surgery centers, hospitals & clinics, research and academic institutes, pharmaceutical firms, and others on the basis of end-user segmentation. Hospitals & clinics, pharmaceutical firms, and these are predicted to have the highest market shares for augmented reality and virtual reality in healthcare over the research period.
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Based on the regional segmentation, the AR & VR in healthcare market has been divided into Europe, the Americas, the Middle East & Africa, and Asia-Pacific.
Due to the rising need for healthcare cost reduction, the American market is expected to dominate AR & VR in healthcare by producing a greater market share during the forecast period. With the use of the AR navigation system, minimally invasive surgical operations in the US save up to USD 288 million. Due to significant technical breakthroughs and increased financing for research, the European AR and VR in Healthcare Market also comprised the second-largest position in producing market revenue in 2017. North America led the healthcare augmented reality (AR) and virtual reality (VR) markets , and it also generated the largest revenue share.
Additionally, the outsourcing of healthcare IT services is growing in North America as a result of increased demand from payers and healthcare providers to reduce treatment costs. This has positively impacted the demand for augmented reality and virtual reality in the field of medicine. However, Asia-Pacific is predicted to exhibit the biggest increase throughout the forecast period due to growing public awareness and improved healthcare infrastructure. Developing nations like India, China, Brazil, and Mexico present promising opportunities for outsourcing services related to developing and distributing AR and VR technologies in healthcare. Most likely, Europe will dominate the market. Healthcare ranks second in terms of increasing investments and financial resources. The European Union is devoted to developing technologies that will enable the development of efficient healthcare systems.
SURGICAL THEATER, LLC, Orca Health, Inc., Hologic Inc., 3D Systems, Inc., Atheer, Augmedix, Dagri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc.
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