AR & VR in Healthcare Market Driven by Growing Awareness about AR, VR
AR & VR in Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Global Forecast Till 2027
The global AR & VR in healthcare market is expected to exhibit a robust 30.2% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global AR & VR in healthcare market is profiled in detail in the report, which presents a comprehensive overview of the global AR & VR in healthcare market’s major drivers and restraints, leading players, and other factors influencing the market’s movement. The impact of the COVID-19 pandemic on the global AR & VR in healthcare market is also examined in the report. The report thus provides readers with a comprehensive overview of the global AR & VR in healthcare market.
AR & VR technologies have gained several new applications in the healthcare sector in recent years. With technological development, the AR and VR platforms have become ever more refined. This has driven the demand for AR & VR applications in the healthcare sector. Augmented reality, or AR, is a technology that allows superimposition of information on a real video feed, leading to an enhanced video experience. In contrast, virtual reality, or VR, comprises an immersive video experience that includes full immersion into the experience, i.e. it cuts out the viewer’s connection with the real world and immerses them into the interactive experience fully. Various applications have been developed for AR & VR in healthcare over the last few years, including in fitness management and therapy. Surgical processes can also be simulated by AR & VR technologies, allowing surgeons to gain some practice without having to use real bodies.
The increasing entry of connected devices in the healthcare sector is likely to be a major driver for the global AR & VR in healthcare market over the forecast period. Increasing government funding is also one of the key factors driving the AR & VR in healthcare market. For instance, in October 2018, the Digital Health Technology Catalyst (DHTC) program in the UK granted USD 582,033 to enable collaboration between the University of Chester and Countess of Chester Hospital to work on a VR project helping stroke patients. Such initiatives are likely to become increasingly common in the healthcare sector over the forecast period.
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Competitive Leaderboard:
Leading players in the global AR & VR in healthcare market include 3D Systems Inc., Hologic Inc., Orca Health Inc., Surgical Theater LLC, Osso VR Inc., EchoPixel Inc., Psious, Oculus VR, Mindmaze, Microsoft, Medical Realities, Google, Firsthand Technology, Daqri, Augmedix, and Atheer. Major players in the global AR & VR in healthcare market are likely to focus on coming up with new products in the coming years, as the demand for innovative applications of AR & VR technology has grown steadily over the last few years and is likely to increase over the forecast period and beyond. R&D is also likely to be a profitable avenue for players in the global AR & VR in healthcare market, as strong R&D is needed to come up with innovative solutions involving AR & VR technology.
Segmentation:
The AR & VR in healthcare market is segmented based on technology, offering, device type, application, end user, and region.
The global market for AR & VR in healthcare, by technology, is segmented into AR technology and VR technology. The AR technology segment is further classified as marker-based AR and markerless AR. The marker-based AR segment includes passive marker and active marker. The markerless AR segment includes model-based tracking and image processing-based tracking. The VR technology segment is further classified as nonimmersive technology, and semi-immersive and fully immersive technologies.
Based on offering, the AR & VR in healthcare market is segmented into hardware components and software. The hardware components segment is further classified as sensors, semiconductor component, displays and projectors, position tracker, cameras, and others. The sensors segment includes accelerometer, gyroscope, magnetometer, and proximity sensor. The semiconductor component segment includes controller/processor and integrated circuits. The software segment is further classified as software development kits and cloud-based services.
Based on device type, the AR & VR in healthcare market is segmented into AR devices and VR devices. The AR devices segment is further classified as head-mounted display and handheld device. The VR devices segment is further classified as head-mounted display, gesture-tracking device, and projectors and display walls. The gesture-tracking device segment includes data gloves and others.
Based on application, the AR & VR in healthcare market is segmented into fitness management, patient care management, surgery, pharmacy management, medical training and education, and others.
Based on end user, the AR & VR in healthcare market is segmented into hospitals & clinics, surgical centers, pharmaceutical companies, research and academic institutes, and others.
Regional Analysis:
The Americas hold the dominant share in the global AR & VR in healthcare market due to the strong presence of several major players in the region, as well as the high government expenditure on healthcare in the U.S. and Canada.
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