Augmented Reality & Virtual Reality In Healthcare Market By Component (Hardware, Software, Service), By Technology (Augmented Reality, Virtual Reality)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027
The global Augmented Reality & Virtual Reality In Healthcare market gathered revenue around USD 2.1 Billion in 2020 and market is set to grow USD 10.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 28.4% during the prediction period 2021 to 2027.
The market Increasing advancements and digital disruptions in the healthcare system, rising healthcare expenditure, and the rising need for efficient and innovative solutions to enhance clinical and operational outcomes are contributing to the growth of the market. Augmented reality (AR) and virtual reality (VR)technologies are witnessing widespread adoption in surgical departments, simulation labs, education and training, and chronic pain management.
The rising number of complex surgeries is driving the demand for VR-based models to assist the surgeon. AR-based apps are used in multiple spaces such as training and education modules and patient care management tools. Innovators are receiving recognition in the form of increased investments by venture capitalists and collaboration opportunities by established players. For instance, in September 2020 OssoVR rose funding of USD 14.4 million and planned to utilize the funding towards developing virtual reality-based surgical and medical device training modules.
The hardware component segment witnessed the highest adoption owing to the rising adoption of AR and VR into different fields of healthcare. These devices range from desktops to wearable devices to display devices. Due to their audio-visual significance AR and VR is being widely adopted in education, simulation, telemedicine, and data visualization. Increasing product development in this space is contributing to market growth. For instance, in February 2019 Philips Healthcare launched a mixed reality solution by collaborating with Azurion and Microsoft. However, the services segment is expected to witness a significant CAGR during the forecast period owing to the growing need to create an immersive experience for the customer. The rising adoption in clinical trials, psychological treatment, advanced diagnostics, surgeries, and body mapping is expected to support market growth.
In addition, AR technological solutions are widely used in surgical procedures, fitness management, education and training, patient care management, medical imaging and is expected to be implemented in many more functionalities. Recent advancements in AR components have reduced the cost of augmented reality solutions and enhanced customer experience. The increasing prevalence of diseases and surgeries along with advancements in healthcare infrastructure and IT are some of the driving forces. Medical education and training using augmented reality technological solutions is also emerging rapidly and is expected to support growth. On the other hand, virtual reality technology is expected to be the fastest-growing region during the forecast period owing to the rapid integration of technology into healthcare services. VR technological solutions are widely used in telemedicine, anatomy visualization, and diagnostics. Additionally, it provides hands-on experience in medical education which is expected to contribute to market growth.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Augmented Reality & Virtual Reality In Healthcare market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Augmented Reality & Virtual Reality In Healthcare market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
|Market Size||USD 10.2 Billion by 2027|
|Growth Rate||CAGR of 28.4% From 2021 to 2027|
|Forecast Period||2021 to 2027|
|Historic Data||2017 to 2020|
|Report coverage||Growth Factors, Revenue Status, Competitive Landscape, and Future Trends|
|Segments Covered||Component, technology and Region
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||CAE; GE Healthcare; Koninklijke Philips N.V.; Intuitive Surgical; Siemens Ltd.; Eon Reality, Inc.; Layar; BioflightVR; WorldViz; TheraSim Inc.; Mindmaze
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Augmented Reality & Virtual Reality In Healthcare market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Based on region, North America dominated the augmented reality (AR) and virtual reality (VR) in the healthcare market and accounted for the largest revenue share of 40.2% in 2020. Factors that are driving growth in this region are higher adoption of these technologies, investment in R&D activities, and favorable government initiatives. The National Institute of Health of the U.S. government is offering funds for research in virtual reality with its application in healthcare. Moreover, there is a rise in outsourcing healthcare IT services in North America due to increased pressure by healthcare providers and payers to reduce treatment costs. This factor has positively impacted the growth of the market for augmented reality and virtual reality in healthcare in the region
However, Asia Pacific is expected to be the fastest-growing market over the forecast period owing to increasing awareness among the population and improving healthcare infrastructure. Developing markets such as India, China, Brazil, and Mexico are promising destinations for outsourcing services related to the development and distribution of AR and VR technologies in healthcare. Latin America, Middle East, and Asia Pacific are still at a nascent stage of development in terms of these technologies due to lack of awareness and lower adoption by the population. Countries such as Israel and UAE are witnessing increasing healthcare expenditure and quality of healthcare services, which is further expected to propel market growth in the region over the forecast period.
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Augmented Reality & Virtual Reality In Healthcare Market include: CAE; GE Healthcare; Koninklijke Philips N.V.; Intuitive Surgical; Siemens Ltd.; Eon Reality, Inc.; Layar; BioflightVR; WorldViz; TheraSim Inc.; Mindmaze
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Component
- By Technology
- Augmented Reality
- Surgical Application
- Training & Medical Education
- Virtual Reality
- Virtual Reality Exposure Therapy (VRET)
- Pain Distraction
- United Kingdom
- Rest of Europe
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Augmented Reality & Virtual Reality In Healthcare market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Augmented Reality & Virtual Reality In Healthcare market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Augmented Reality & Virtual Reality In Healthcare markets more accurate and reliable.
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Augmented Reality & Virtual Reality In Healthcare Market Study:
- Growth of Augmented Reality & Virtual Reality In Healthcare in 2021
- Market Estimates and Forecasts (2017-2027)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Augmented Reality & Virtual Reality In Healthcare and How to Navigate
- Key Product Innovations and Regulatory Climate
- Augmented Reality & Virtual Reality In Healthcare Consumption Analysis
- Augmented Reality & Virtual Reality In Healthcare Production Analysis
- Augmented Reality & Virtual Reality In Healthcare and Management