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.
Growth Factors:
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.
Report Coverage
Report Scope | Details |
Market Size | USD 10.2 Billion by 2027 |
Growth Rate | CAGR of 28.4% From 2021 to 2027 |
Base Year | 2020 |
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.
Regional analysis:
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.
Competitive Rivalry
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.
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 Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
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.
Secondary Research
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:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Augmented Reality & Virtual Reality In Healthcare Market Study:
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Augmented Reality & Virtual Reality In Healthcare Market, By Component
7.1. Augmented Reality & Virtual Reality In Healthcare Market, by Component, 2021-2027
7.1.1. Hardware
7.1.1.1. Market Revenue and Forecast (2016-2027)
7.1.2. Software
7.1.2.1. Market Revenue and Forecast (2016-2027)
7.1.3. Services
7.1.3.1. Market Revenue and Forecast (2016-2027)
Chapter 8. Global Augmented Reality & Virtual Reality In Healthcare Market, By Technology
8.1. Augmented Reality & Virtual Reality In Healthcare Market, by Technology, 2021-2027
8.1.1. Augmented Reality
8.1.1.1. Market Revenue and Forecast (2016-2027)
8.1.2. Virtual Reality
8.1.2.1. Market Revenue and Forecast (2016-2027)
Chapter 9. Global Augmented Reality & Virtual Reality In Healthcare Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Component (2016-2027)
9.1.2. Market Revenue and Forecast, by Technology (2016-2027)
9.1.3. U.S.
9.1.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.1.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.1.4. Rest of North America
9.1.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.1.4.2. Market Revenue and Forecast, by Technology (2016-2027)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Component (2016-2027)
9.2.2. Market Revenue and Forecast, by Technology (2016-2027)
9.2.3. UK
9.2.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.2.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.2.4. Germany
9.2.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.2.4.2. Market Revenue and Forecast, by Technology (2016-2027)
9.2.5. France
9.2.5.1. Market Revenue and Forecast, by Component (2016-2027)
9.2.5.2. Market Revenue and Forecast, by Technology (2016-2027)
9.2.6. Rest of Europe
9.2.6.1. Market Revenue and Forecast, by Component (2016-2027)
9.2.6.2. Market Revenue and Forecast, by Technology (2016-2027)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.3.3. India
9.3.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.3.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.3.4. China
9.3.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.3.4.2. Market Revenue and Forecast, by Technology (2016-2027)
9.3.5. Japan
9.3.5.1. Market Revenue and Forecast, by Component (2016-2027)
9.3.5.2. Market Revenue and Forecast, by Technology (2016-2027)
9.3.6. Rest of APAC
9.3.6.1. Market Revenue and Forecast, by Component (2016-2027)
9.3.6.2. Market Revenue and Forecast, by Technology (2016-2027)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.4.2. Market Revenue and Forecast, by Technology (2016-2027)
9.4.3. GCC
9.4.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.4.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.4.4. North Africa
9.4.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.4.4.2. Market Revenue and Forecast, by Technology (2016-2027)
9.4.5. South Africa
9.4.5.1. Market Revenue and Forecast, by Component (2016-2027)
9.4.5.2. Market Revenue and Forecast, by Technology (2016-2027)
9.4.6. Rest of MEA
9.4.6.1. Market Revenue and Forecast, by Component (2016-2027)
9.4.6.2. Market Revenue and Forecast, by Technology (2016-2027)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Component (2016-2027)
9.5.2. Market Revenue and Forecast, by Technology (2016-2027)
9.5.3. Brazil
9.5.3.1. Market Revenue and Forecast, by Component (2016-2027)
9.5.3.2. Market Revenue and Forecast, by Technology (2016-2027)
9.5.4. Rest of LATAM
9.5.4.1. Market Revenue and Forecast, by Component (2016-2027)
9.5.4.2. Market Revenue and Forecast, by Technology (2016-2027)
Chapter 10. Company Profiles
10.1. CAE
10.1.1. Company Overview
10.1.2. Product Offerings
10.1.3. Financial Performance
10.1.4. Recent Initiatives
10.2. GE Healthcare
10.2.1. Company Overview
10.2.2. Product Offerings
10.2.3. Financial Performance
10.2.4. Recent Initiatives
10.3. Koninklijke Philips N.V.
10.3.1. Company Overview
10.3.2. Product Offerings
10.3.3. Financial Performance
10.3.4. Recent Initiatives
10.4. Intuitive Surgical
10.4.1. Company Overview
10.4.2. Product Offerings
10.4.3. Financial Performance
10.4.4. Recent Initiatives
10.5. Siemens Ltd
10.5.1. Company Overview
10.5.2. Product Offerings
10.5.3. Financial Performance
10.5.4. Recent Initiatives
10.6. Eon Reality, Inc
10.6.1. Company Overview
10.6.2. Product Offerings
10.6.3. Financial Performance
10.6.4. Recent Initiatives
10.7. Layar
10.7.1. Company Overview
10.7.2. Product Offerings
10.7.3. Financial Performance
10.7.4. Recent Initiatives
10.8. Bioflight VR
10.8.1. Company Overview
10.8.2. Product Offerings
10.8.3. Financial Performance
10.8.4. Recent Initiatives
10.9. WorldViz
10.9.1. Company Overview
10.9.2. Product Offerings
10.9.3. Financial Performance
10.9.4. Recent Initiatives
10.10. TheraSim Inc
10.10.1. Company Overview
10.10.2. Product Offerings
10.10.3. Financial Performance
10.10.4. Recent Initiatives
10.11. Mindmaze
10.11.1. Company Overview
10.11.2. Product Offerings
10.11.3. Financial Performance
10.11.4. Recent Initiatives
Chapter 11. Research Methodology
11.1. Primary Research
11.2. Secondary Research
11.3. Assumptions
Chapter 12. Appendix
12.1. About Us
Glossary of Terms