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Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market – Industry Trends and Forecast to 2029

  • Healthcare IT
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market, By Component (Hardware, Software and Services), Technology (Augmented Reality and Virtual Reality), Application (Patient Care Management, Medical Training and Education, Pharmacy Management and Surgery), End-Use (Hospital, Clinics, Surgical Centers, Research Organizations, Pharma Companies, Government and Others) – Industry Trends and Forecast to 2029

Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market

Market Analysis and Size

The global augmented reality (AR) and virtual reality (VR) in healthcare market is expected to witness significant growth during the forecast period. Augmented reality and virtual reality techniques are increasingly being used in surgery and diagnostics. Systems such as touch surgery use virtual reality to provide a view of the patient's anatomy and physiology, providing an opportunity for operating room surgeons. This, in turn, is expected to boost the growth of augmented reality and virtual reality markets. Virtual reality technology is beneficial not only to doctors but also to patients. This effectively allows the patient to see a doctor, which is very convenient.

Data Bridge Market Research analyses a growth rate in the global augmented reality (AR) and virtual reality (VR) in healthcare market in the forecast period 2022-2029. The expected CAGR of global augmented reality (AR) and virtual reality (VR) in healthcare market is tend to be around 34.5% in the mentioned forecast period. The market was valued at USD 2.69 billion in 2021, and it would grow upto USD 28.81 billion by 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Market Definition

Augmented reality technology is used to integrate digital technologies with the environment in real time, as virtual reality represents artificial environment using camera, sensors, software. AR tools are used for training and education, as AR-based apps are used to improve patient care. Such as Vein Visualization technology developed by AccuVein, Inc is a handheld scanner which helps doctors and nurses to locate veins and valves successfully and reduce the pain and time required for the treatment. The barline for the market is expected to be higher for AR and VR.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Component (Hardware, Software and Services), Technology (Augmented Reality and Virtual Reality), Application (Patient Care Management, Medical Training and Education, Pharmacy Management and Surgery), End-Use (Hospital, Clinics, Surgical Centers, Research Organizations, Pharma Companies, Government and Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Intuitive Surgical (US), CAE HEALTHCARE (US), 3D Systems, Inc. (US), Hologic, Inc (US), Laerdal Medical (Norway), DAQRI (US), Medical Realities Ltd (UK), Artheer, Inc (US), Orca Health (US), EchoPixel Inc (US), Alphabet, Inc (US), AppliedVR,Inc (US), HTC (Taiwan), General Electric (US), Koninklijke Philips N.V. (Netherlands), Siemens (Germany), Layar (Netherlands), WorldViz,Inc (US), Mindmaze (US)

Market Opportunities

  • Advanced Technologies and Growing Digital World
  • Opportunities in Enterprise Applications

Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market Dynamics

Drivers

  • Increased prevalence of augmented reality in e-commerce platforms

The pandemic has led to a drastic shift of shopping culture towards online shopping. Since during the pandemic, many websites disabled the return policies, the virtual fitting rooms, virtual try-on for make-up and jewellery helped and supported the customers to identify if the products really suit them. This helped to increase their convenience in shopping. The augmented reality technologies aid in to facilitate the customer satisfaction and hence, the convenience will result in the increased demand in this sector, which helps to drive the market growth for augmented reality.

  • Funding for research and clinical activities

Manufacturers of AR and VR tools are backed by governments in developing countries in the form of higher reimbursement. Support in the form of in-depth collaborative research on improved the technique process and helped manufacturers produce high quality advanced machines or tools in developing countries.

Opportunities

  • Advanced technologies and growing digital world

Advances in technology and digitization are the main drivers for implementing new technologies in applications such as industry, retail and healthcare. Continued advances in technology have changed the way people live, communicate, travel and learn. Technological advances have helped organizations and businesses reduce production costs and save time in gaining a competitive advantage. For instance, 3G and 4G helped SMEs reach their target markets at lower operating costs. The increasing use of mobile phones has also helped drive the need for digitalization. The new generation is Generation C (Connected), contributing to the creation of digital transformation around the world. Increasing social networking is also contributing to the growth of digitalization.

  • Opportunities in enterprise applications

Huge investment by companies in smart manufacturing will be a major driver of corporate industry growth in the AR market. Companies with factories in different locations can use AR to hire a small number of engineers to manage large facilities. Remote collaboration with AR technology enables businesses to effectively manage their businesses by managing machines and other facilities remotely. Another important application of Enterprise AR is for the educational use of enterprise technicians and other workers. Instructions for understanding construction plans and providing real-time data using heads-up displays and smart helmets will help workers work efficiently.

Restraints/Challenges

  • Provision of augmented reality in high-end devices

The biggest challenge for customers is the availability of these technologies on high-end desktops, computers, laptops, and mobile phones. This makes it harder for the average user to access these technologies, at a disadvantage, and unnoticed by the experience of new technologies. This reduction in reach of these augmented reality technologies can pose a challenge to market growth that needs to be addressed in order to focus on market growth. Applications can also be used on midrange devices, but hardware and most augmented reality software applications are enabled on high-end devices. This can be a challenge for the AR market.

  • Integration of VR in low end devices

Manufacturers and system integrators in the field of virtual reality technologies find it difficult to integrate these technologies into low-end devices, making them inaccessible to middle-income or low-income groups. The lack of access to these technologies on low-end devices is a challenge facing the industry, as the majority of the world's population is middle-income or low-income, which can hinder the growth of the market as a whole.

This global augmented reality (AR) and virtual reality (VR) in healthcare market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global augmented reality (AR) and virtual reality (VR) in healthcare market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market

Considering the present scenario, COVID-19 has left an unprecedented global public health crisis that has impacted practically every business, and its long-term repercussions are expected to have an influence on industry growth during the forecast period.

COVID-19 has been forced to shift the world to a remote work culture, whether in schools, universities or businesses, and the increased use of virtual training, education and shopping has led to a boom in the AR and VR markets. AR and VR devices have been used in the industry for training and supervision. But it also has a negative effect. Covid-19 has influenced the operations and manufacture of various manufacturers of AR and VR devices and components, as well as the businesses of their suppliers and distributors. Leading companies operating in this market have also witnessed the impact of pandemics on inventory of AR and VR device components in the first half of 2020.

Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market Scope

The global augmented reality (AR) and virtual reality (VR) in healthcare market is segmented on the basis of type, wound type, distribution channel and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Hardware, Software
  • Services

Technology

  • Augmented Reality
  • Virtual Reality

Application

  • Patient Care Management
  • Medical Training and Education
  • Pharmacy Management
  • Surgery

End-User

  • Hospital, Clinics
  • Surgical Centers
  • Research Organizations
  • Pharma Companies
  • Government
  • Others

Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market Regional Analysis/Insights

The global augmented reality (AR) and virtual reality (VR) in healthcare market is analysed and market size insights and trends are provided by components, technology, application and end-user as referenced above.

The major countries covered in the global augmented reality (AR) and virtual reality (VR) in healthcare market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America is dominating the market due to the highest market share and revenue and will maintain its position over the forecast period; increasing government and private funding towards development of these technologies, presence of major manufactures and vendors in the region are the factors of the dominance.

Asia-Pacific has the largest lucrative growth due to few countries in the region like China, Japan and South Korea which have been focusing on training and medical assistance and e-learning for customers with the use of virtual reality technology.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market Share Analysis

The augmented reality (AR) and 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) and virtual reality (VR) in healthcare market.

Key players operating in the augmented reality (AR) and virtual reality (VR) in healthcare market include:

  • Intuitive Surgical (US)
  • CAE HEALTHCARE (US)

  • 3D Systems, Inc. (US)
  • Hologic, Inc (US)
  • Laerdal Medical (Norway)
  • DAQRI (US)
  • Medical Realities Ltd (UK)
  • Artheer, Inc (US)
  • Orca Health (US)
  • EchoPixel Inc (US)
  • Alphabet, Inc (US)
  • AppliedVR,Inc (US)
  • HTC (Taiwan)
  • General Electric (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Siemens (Germany)
  • Layar (Netherlands)
  • WorldViz,Inc (US)
  • Mindmaze (US)

Research Methodology: Global Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The global augmented reality (AR) and virtual reality (VR) in healthcare market is expected USD 28.81 billion by 2029.
The Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market is to grow at a CAGR of 34.5% during the forecast by 2029.
On the basis of technology, the Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market is segmented into Augmented Reality and Virtual Reality.
On the basis of application, the Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market is segmented into Patient Care Management, Medical Training and Education, Pharmacy Management and Surgery.