Augmented Reality & Virtual Reality In Healthcare Market (By Component: Hardware, Software, Services; By Technology: Augmented Reality, Virtual Reality) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global Augmented Reality & Virtual Reality In Healthcare market size is expected to be worth around US$ 10.5 billion by 2030, according to a new report by Vision Research Reports.

The global Augmented Reality & Virtual Reality In Healthcare market size was valued at US$ 5.0 billion in 2020 and is anticipated to grow at a CAGR of 30.2% during forecast period 2021 to 2030.

Growth Factors

 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. (AR) and (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 14.0 million and planned to utilize the funding towards developing virtual reality-based surgical and medical device training modules.

Report Highlights

The hardware segment dominated the market for augmented reality and virtual reality in healthcare and accounted for the largest revenue share of 70.6%. Devices such as  hold significant shares in the market for AR & VR in healthcare. Head-mounted devices and smart glasses are widely used in training and simulation, surgeries, diagnostics, telementoring, and many applications. In the current market scenario, AR/VR hardware has a huge commercialized product base with a high rate of adoption, especially in developed countries, which can be accounted for its largest market share in 2020. Moreover, usage of single hardware in multiple applications is also one of the pivotal factors, which is expected to boost its usage and affect the market for AR and VR in healthcare.

However, the software segment is expected to grow fast over the forecast period owing to recent technological advancements in in-app designing including apps such as EyeDecide. It detects eye conditions by measuring various parameters. In addition, apps such as Applied VR help the patient overcome anxiety during any surgical procedure. In recent years, there has been a huge development in interconnectivity and network services that help patients gain access to these platforms.

Augmented reality technology is increasingly being used in various fields of medical sciences such as surgical preparation and minimally invasive surgery. Technological advancements and rising demand for reducing the complexity of medical procedures are resulting in increased adoption of augmented reality technology. 

The efficiency of other healthcare processes can also be enhanced by using augmented reality technologies. In the near future, mergers and acquisitions are expected to increase. This may increase competition and reduce prices. Also, continuous improvements have been observed in the surgical environment and procedures with the application of augmented reality technologies. It has applications in areas such as anatomy, operative & postoperative services, and various medical training procedures. Moreover, implementing augmented reality technologies in rehabilitation services gives a more controllable environment where users can interact and enhance the recovery process.

the VR sector in healthcare is expected to grow as various healthcare IT companies are increasingly investing in this sector due to potential growth opportunities. For instance, in September 2020, OssoVR raised USD 14 million led by Kaiser Permanente. The company plans to utilize the funds for developing VR-based surgical and medical device training modules.

VR has applications in diverse areas such as surgery simulation, robotic surgery, skills training, and phobia treatment. Recent innovations in healthcare IT is a key factor driving the segment. The advantage of the ease in performing and learning surgical procedures that virtual reality offers to medical professionals and trainees is expected to boost the adoption of virtual reality technology in the market.

By technology, the augmented reality segment dominated the market for augmented reality and virtual reality in healthcare and accounted for the largest revenue share of 69.8% in 2020. Augmented reality creates a 3D view of objects and the environment around us with wearables such as head-mounted display devices and smart glasses. Factors such as technological advancements, growing demand for efficient treatment, increasing public & private investments, rising number of mergers and acquisitions, and reducing prices of head-mounted devices are among few factors that are driving the demand for augmented reality.

the virtual reality segment is expected to witness significant growth during the forecast years. Virtual reality enables the user to interact with a three-dimensional environment and has huge opportunities in rehabilitation and pain management. Virtual Reality exposure therapy is one such process used to treat various phobias such as fear of height, driving, claustrophobia, and posttraumatic stress disorders. 

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 50.7% 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.

Key Players

• CAE

• GE Healthcare

• Koninklijke Philips N.V.

• Intuitive Surgical

• Siemens Ltd

• Eon Reality, Inc

• Layar

• Bioflight VR

• WorldViz

• TheraSim Inc

• Mindmaze

Market Segmentation

• Component Outlook

  • Hardware

  • Software

  • Services

• Technology Outlook

  • Augmented Reality

    • Surgical Application

    • Rehabilitation

    • Training & Medical Education

  • Virtual Reality

    • Simulation

    • Diagnostics

    • Virtual Reality Exposure Therapy (VRET)

    • Rehabilitation

    • Pain Distraction

• Regional Outlook 

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa

    • UAE

The Augmented Reality & Virtual Reality In Healthcare market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Augmented Reality & Virtual Reality In Healthcare market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Augmented Reality & Virtual Reality In Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Augmented Reality & Virtual Reality In Healthcare market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Augmented Reality & Virtual Reality In Healthcare market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Augmented Reality & Virtual Reality In Healthcare capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Augmented Reality & Virtual Reality In Healthcare by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Augmented Reality & Virtual Reality In Healthcare market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Augmented Reality & Virtual Reality In Healthcare market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Augmented Reality & Virtual Reality In Healthcare market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Augmented Reality & Virtual Reality In Healthcare industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

Augmented Reality & Virtual Reality In Healthcare market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Augmented Reality & Virtual Reality In Healthcare market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Augmented Reality & Virtual Reality In Healthcare market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Augmented Reality & Virtual Reality In Healthcare market. These factors have benefited the growth of the global market for Augmented Reality & Virtual Reality In Healthcare. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Augmented Reality & Virtual Reality In Healthcare. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Augmented Reality & Virtual Reality In Healthcare are as follows:

• History Year: 2017-2020

• Base Year: 2021

• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

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.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
• To strategically profile the key players and comprehensively analyze their growth strategies.