Augmented Reality & Virtual Reality In Healthcare Market Analysis Report By Component, By Technology, By Region And Segment Forecasts From 2021 To 2028

Synopsis

The global augmented reality & virtual reality in healthcare market was prized by USD 2.0 billion in 2020. It is estimated to witness 27.2% CAGR from 2021 to 2028.

Drivers

The therapeutic training, rising use in surgical actions, increasing healthcare expenses, technical improvements as well as digitalization in healthcare and encouraging policies by the government, are a few essential factors, expected to increase the development and implementation of the augmented reality (AR) and virtual reality (VR) tools, within the healthcare business. These technologies contain extensive purposes in healthcare together with the treatment, surgeries, diagnostics, education and training.

AR & VR methods are, gradually more, implemented in diagnostics and surgeries. The methods like touch surgery makes use of virtual reality, to offer a sight of the patient’s structure along with bodily processes, by this means presenting openings for the surgeons, inside the operating room. Sequentially, this is projected to increase the expansion of the market for augmented reality & virtual reality in healthcare.

The rising acceptance of augmented reality and virtual reality tools in medicinal surgeries to optimize surgical actions, in addition to augment the effectiveness of the medication is one of the input factors, inspiring enlargement of the market during the preceding only some years.

Effect of Covid-19

Due to the technical progression in this area, augmented reality & virtual reality in healthcare was completely influenced, throughout the occurrence of Covid-19 pandemic. AR & VR in healthcare assisted in professional administration of the treatment plans, treatment deliverance and treatment schedules. In this manner it is expected to exponentially develop throughout the pandemic.

         COVID19 augmented reality and virtual reality in healthcare market impact: 27.7% increase in revenue

The enhanced deliverance of efficient health services, falling expenses in healthcare and speedy digitalization of the healthcare are the factors, furthermore, anticipated to impel the expansion of the AR & VR in healthcare market.

As a result of extensive implementation in telemedicine, medicinal promotion throughout the Covid-19 pandemic, patient care administration, along with the medical training & education,augmented reality & virtual reality in healthcare are achieving momentum.

VR Application Insight

In healthcare the VR segment is likely to increase because a variety of healthcare IT companies are, progressively more, donating to this segment, caused by the probable openings for the escalation. VR contain functions in various areas for example phobia treatment, surgery simulation, skills training and robotic surgery. Latest advancements in healthcare IT is a significant cause, pushing the segment.

AR Application Insight

Augmented reality technology is, gradually more, being utilized in diverse areas of medical sciences for example minimally invasive surgical procedure and surgical preparation. Technical improvement and increasing demand for dropping the complications of therapeutic measures are causing better implementation of the augmented reality tools.

Component Insight

The hardware section held the major 67.6% revenue share and led the augmented reality & virtual reality in healthcare market, in 2020.

The instruments like 3D sensors, head-mounted displays, and smart glasses maintain major shares in the market for VR & AR in healthcare. The utilization of solo hardware in numerous applications is, moreover, one of the crucial features, which is likely to increase its use and influence the market.

On the other hand, because of the latest technical innovations in in-app designing together with apps for example Eye Decide, the software section is projected to rapidly increase, during the forecast period.

Technology Insight

In 2020, the augmented reality division held the major 59.8% revenue share and led the augmented reality & virtual reality in healthcare market, by technology. Augmented reality generates a 3D vision of the situation and objects close to us, by means of wearable like smart glasses and head based display apparatuses.

The features like dropping costs of head-mounted devices, rising public & private funds, increasing figure of mergers & acquisitions, technical development and rising demand for the competent medication are between some factors, which are powering the demand for augmented reality.

Virtual reality facilitates the client to interrelate with three-dimensional surroundings and contain vast opening in pain administration and treatment. Virtual Reality Exposure Therapy (VRET) is one such procedure, utilized to deal with the diverse phobias for example fear of claustrophobia, height, driving, along with post traumatic tension complaints.

The issue like an enhancement in the proportion of neurological complaint in addition to increasing demand for the latest investigative technique is optimistically directing the expansion of the market.

Regional Insight

In 2020, North America held the major 40.7% revenue share and led the global augmented reality & virtual reality in healthcare market, on the basis of region. Encouraging programs by the government, greater implementation of these technologies in addition to the investment in R&D actions, are the factors steering the enlargement, within this region.

The U.S. government National Institute of Health is presenting finances which are used for the research in virtual reality, by means of its exercise in healthcare. As a result of augmented demands by payers and healthcare suppliers to decrease treatment overheads, there is an escalation in subcontracting the healthcare IT services, within North America. This thing has optimistically affected the expansion of the market, within the region.

Asia Pacific is likely to be the highest increasing market during the forecast period, because of the developing healthcare infrastructure and rising alertness amid the people. Budding markets like Mexico, India, Brazil and China are hopeful targets for subcontracting services, associated to the improvement and delivery of augmented reality & virtual reality tools in healthcare.

Owing to lesser acceptance by the people and need of responsiveness, with reference to these technologies the regions like Asia Pacific, Latin America and Middle East, are yet at a growing phase. The nations for example UAE and Israel are observing growing healthcare spending as well as superiority of healthcare services. This is more likely to boost the expansion of the market within the region, during the forecast period.

Companies

To conquer rivalry the market for AR & VR in healthcare is observing mergers & acquisitions together with an increase in the investment for R&D actions. Several new-fangled startups for example Mindmaze and Bioflight VR are bringing in new functions of these expertise, within healthcare.

Some of the companies for augmented reality & virtual reality in healthcare market are:

    • TheraSim Inc
    • Bioflight VR
    • Eon Reality, Inc
    • Intuitive Surgical
    • GE Healthcare
    • Mindmaze
    • WorldViz
    • Layar
    • Siemens Ltd
    • Koninklijke Philips N.V.
    • CAE

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Million Insights has segmented the global Augmented Reality & Virtual Reality in healthcare market report on the basis of component, technology, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2028)
    • Hardware
    • Software
    • Services

• Technology Outlook (Revenue, USD Million, 2016 - 2028)
    • Augmented Reality
        • Surgical Application
        • Rehabilitation
        • Training & Medical Education
    • Virtual Reality
        • Simulation
        • Diagnostics
        • Virtual Reality Exposure Therapy (VRET)
        • Rehabilitation
        • Pain Distraction

• Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • 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