The global Augmented Reality (AR) & Virtual Reality (VR) in Healthcare market size is expected to be worth around US$ XX billion by 2030, according to a new report by Vision Research Reports.
The global Augmented Reality (AR) & Virtual Reality (VR) in Healthcare market size was valued at US$ 668.7 million in 2020 and is anticipated to grow at a CAGR of 39.1 % during forecast period 2021 to 2030.
These technologies have revolutionized the healthcare industry with their adoption in virtual training of surgeons for difficult surgeries, 3D operating room simulations, phobia buster in mental health treatment, and chronic pain management. VR technology has also played a significant role in Eye Movement Desensitization and Reprocessing (EMDR) therapy that enables to reframe traumatic memories through certain eye movements. In addition, this technology offers benefits in various areas of care management: autism & depression therapy, cancer therapy, and assisted living. VR-based organ models have played a crucial part in preparing surgeons for delicate and complicated operations that demand greater precision, less complications, & reduced trauma.
In addition, AR is a tool useful for training and education. AR-based apps are used to provide improved care to patients. For instance, Vein Visualization technology, developed by AccuVein, Inc. is a handheld scanner that helps doctors & nurses locate veins & valves successfully at the first go and reduces pain & time required. These apps are also used in aftercare of patients and assist elderly people to manage their medications. The rise in adoption of such innovative technologies that provide revolutionary solutions for better care management and real-time care services is expected to boost growth of the market in the coming years. In addition, the growing significance of medical visualization, preventive medicines, surgical robots, and various health apps is contributing to the growing penetration of these advanced technologies in healthcare sector.
the hardware segment held majority of the revenue share of 67.9%. Hardware devices such as desktops, head-mounted display, and other display devices are of particular importance while using these technologies. Display devices are of great significance since audio-visual simulation is a key component to create virtual and augmented reality. Head-mounted displays are gaining importance due to their applications in education, simulation, visualized data, video recording, telemedicine, telemonitoring, and many others.
Hardware devices such as smart glasses are experiencing a rise in adoption as this wearable technology improves clinical outcomes and provides improved care. Google Glass is one of the most widely known smart glasses and is used during surgeries for data visualization and video recording. These smart glasses help clinicians discuss a live case in teleconference mode, transfer photos or videos, and retrieve medical information. Advancing technologies and high demand to minimize healthcare complexity & increase efficiency are resulting in rising implementation of these devices & technologies in care services. However, services segment is expected to emerge as the fastest growing segment during the forecast period with a lucrative CAGR of 29.4%.
AR was the dominating technology segment in 2016. It has wide applications and has brought significant changes to the healthcare industry. It provides assistance in surgeries, helps in medical training & education, patient care & management, and medical imaging with the assistance of head-mounted displays. In addition, this technology plays a significant role in fitness management. Various AR-based wellness and fitness apps are revolutionizing the fitness regime. In case of AR, users do not lose contact with the real world and it puts the information into the eyesight as fast as possible. This is expected to make AR a driving force in the future of medicine.
The growing adoption of this technology with its increasing penetration in various areas of medical field and associated advantages contribute to the large share of this segment. The growing number of AR apps being developed for creating patient awareness, providing essential information to surgeons, and conducting medical training are expected to aid in growth of the market. Some examples of these apps include the EyeDecide app developed by OrcaMD that educates patients on conditions such as cataracts & Age-related Macular Degeneration (AMD), MedicAR, a Google Glass app launched by Droiders that provides surgeons with necessary instructions & data during surgeries, and mARble, a training app for medical students developed by the Hannover School of Medicine.
VR may witness rapid growth over the coming years and is projected to grow with a CAGR of 30.3%. Virtual training and education is one of the significant advantages with the integration of this technology in healthcare. Furthermore, use of VR in pain therapy sessions, telesurgery, visualization of anatomy, 3D-Stereovision, & exposure therapy are gaining importance and are expected to drive growth of the segment. In addition, use of VR in diagnostics is quite convenient & less time consuming and is expected to drive the growing adoption of the technology.
AR has an application in various areas such as surgeries, rehabilitation, training, and medical education. The surgical applications segment held majority of the revenue share in 2016. Increasing number of diseases and technological advancements in healthcare IT are the key reasons for increasing penetration of this technology in surgeries. AR uses various technologies such as sensors, simulators, and transparent displays to improve quality of communication between a patient and surgeon, thus enhancing surgical processes.
However, AR in training and medical education is anticipated to emerge as the fastest growing segment with a lucrative growth rate. Training surgeons and specialists on surgical procedures is expensive and difficult. AR-based devices help doctors perform complicated surgeries with instructions and guidance for avoiding human errors. The growing interest of technology-driven companies in developing apps and devices for training medical professionals is one of the driving force for the growth of this segment. For instance, Touch Surgery is an app developed by Kinosis Ltd. (UK) for surgery simulations through AR. It provides training to surgeons on several procedures using an overlay of a digital patient and provides an immersive experience with an AR headgear.
VR has applications in various areas like simulation, diagnostics, exposure therapy, rehabilitation, and pain distraction. VR-based simulation held the largest revenue share in 2016 in the application segment. VR simulation has gained momentum as it provides greater hands-on experience in medical education. Many medical schools and institutions are taking advantage of this opportunity around the globe. For instance, in California, the Western University of Health Sciences has transformed anatomy study with the development of a VR lab that provides students with virtual experience of the human body. Furthermore, VR in diagnostics segment is expected to emerge as the fastest growing application segment as it enables effective visualization of human anatomy and also prevents need of surgery or invasion.
North America dominated the market in 2016 with a revenue share of 43%, which can be attributed to constant technological advancement of related products, prevalence of neurological & psychological disorders, increased adoption of such advanced technologies, and presence of a sophisticated healthcare infrastructure. Furthermore, growing technological advancements in information technology and government support for integration of these technologies in medical field contribute to the large share of the market.
Extensive R&D activities in the region and presence of various market players also contribute to the large share of the region. The U.S. is the largest market in the region due to higher adoption level, high healthcare expenditure, and rising government initiatives & investment. The Medical Virtual Reality (MedVR) group present at the University of Southern California Institute for Creative Technologies is sponsored by the U.S. Army and focuses primarily on four areas of VR in medical field that include mental & rehabilitation health, neurocognitive assessment & training, game-based rehabilitation, and virtual human beings.
Asia Pacific is predicted to register fastest growth over the coming years. Factors responsible for faster emergence are high prevalence of chronic diseases and tremendous increase in internet & smartphone users using AR apps. The growing healthcare expenditure and rising government initiatives for adoption of digital & advanced technologies for better outcomes are expected to further lead to market growth.
Surgical; CAE HEALTHCARE; GE Healthcare; Virtual Realities, LLC; Philips Healthcare; 3D Systems, Inc.; Hologic Inc.; Laerdal Medical
Training & Medical Education
Virtual Reality Exposure Therapy
The Augmented Reality (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) in Healthcare market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Augmented Reality (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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.
The Augmented Reality (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) in Healthcare market. These factors have benefited the growth of the global market for Augmented Reality (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) 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 (AR) & Virtual Reality (VR) in Healthcare are as follows:
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- 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
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 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.
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:
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