Augmented Reality & Virtual Reality In Healthcare Market 2030 By Component, Gesture Tracking Devices, Data Gloves, Others}, Projectors and Display Walls), End User, Application and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Healthcare | Pages : 185 Pages | Published On : Feb 2024

Augmented Reality & Virtual Reality In Healthcare Market was valued USD 2.98 Billion in 2023 and projected to reach USD 10.19 Billion by 2030, growing at a CAGR of 19.2% during the forecast period of 2023-2030.

Major vendors in the global Augmented Reality & Virtual Reality In Healthcare Market: Google, Microsoft, DAQR, Psious (Spain), Mindmaze, Firsthand Technology, Medical Realities, Atheer, Augmedix, Oculus VR, CAE Healthcare, Philips Healthcare, 3D Systems, VirtaMed, HTC, Siemens Healthineers, and Virtually Better, GE Healthcare and Others

Market Overview

The Augmented Reality (AR) and Virtual Reality (VR) in healthcare market is witnessing remarkable growth as these immersive technologies continue to redefine the landscape of medical practices and patient care. The integration of AR and VR in healthcare has opened up new possibilities for medical training, surgical planning, and patient treatment, enhancing the overall efficiency and precision of healthcare services. With the increasing adoption of these technologies, healthcare professionals can access realistic simulations for training purposes, surgeons can visualize and plan complex procedures with greater precision, and patients can benefit from immersive therapeutic experiences. The market is also driven by the rising demand for remote healthcare solutions, especially in the wake of global events that have accelerated the adoption of virtual health services. As technological advancements and investments in AR and VR solutions for healthcare persist, the market is poised for further expansion, promising transformative changes in the way healthcare is delivered and experienced.

Increasing Demand for Efficient Treatment

The escalating demand for efficient treatment is a pivotal driver for the growth of Augmented Reality (AR) and Virtual Reality (VR) in the healthcare market. These immersive technologies offer healthcare professionals unprecedented tools to enhance diagnostics, treatment planning, and execution of medical procedures. The ability of AR and VR to provide realistic simulations, three-dimensional visualizations, and interactive training modules allows practitioners to hone their skills in a risk-free virtual environment, ultimately leading to improved patient outcomes. Moreover, the precise planning and execution of complex surgeries facilitated by AR and VR contribute to reduced operation times and enhanced postoperative recovery. Patients, on the other hand, benefit from personalized and immersive therapeutic experiences, optimizing treatment adherence and overall healthcare outcomes. As the demand for more efficient and effective healthcare solutions intensifies, the integration of AR and VR technologies is becoming increasingly indispensable in meeting these evolving needs.

Market Dynamics

Drivers:

  • Increasing adoption of telemedicine and remote care
  • Rise in chronic diseases and aging population
  • Reducing prices of head-mounted devices

Opportunities:

  • Increased adoption of AR and VR in healthcare
  • Improved patient outcomes
  • New applications for AR and VR in healthcare

 

Increasing Emerging technologies in Augmented Reality & Virtual Reality in Healthcare

The burgeoning trend of integrating emerging technologies into Augmented Reality (AR) and Virtual Reality (VR) in healthcare is reshaping the landscape of medical practices. The convergence of AR and VR with other cutting-edge technologies, such as artificial intelligence, machine learning, and 5G connectivity, is driving innovation in healthcare applications. These synergies enable the development of more sophisticated and personalized medical simulations, diagnostics, and treatment planning. For instance, the incorporation of AI algorithms enhances image recognition in AR applications, providing more accurate and timely information to healthcare professionals. Additionally, the integration of 5G connectivity facilitates real-time, high-quality interactions in virtual environments, allowing for remote consultations and collaborative medical procedures. As the healthcare industry continues to embrace these emerging technologies, the AR and VR market in healthcare is poised to witness sustained growth, fostering a new era of advanced and interconnected healthcare solutions.

The market for Augmented Reality & Virtual Reality In Healthcare Market is dominated by North America.

North America as the dominant force in the augmented reality (AR) and virtual reality (VR) healthcare market, commanding a substantial 49.64% share of total revenue. The region's growth is propelled by key factors including widespread adoption of AR and VR technologies, significant investments in research and development, and supportive government initiatives. Notably, the U.S. National Institute of Health is actively providing funding for research exploring the application of virtual reality in healthcare. Furthermore, the escalating trend of outsourcing healthcare IT services in North America, driven by the imperative to reduce treatment costs, has further bolstered the expansion of AR and VR in the healthcare market in the region.

Asia Pacific is the fastest-growing region for Augmented Reality and virtual Reality In Healthcare Market due to heightened awareness among its population and continuous improvements in healthcare infrastructure. Emerging economies like India, China, Brazil, and Mexico present lucrative opportunities for outsourcing services related to the advancement and dissemination of augmented reality (AR) and virtual reality (VR) technologies in the healthcare sector. Despite being in a nascent stage, Latin America, the Middle East, and Asia Pacific are gradually embracing these technologies, hindered by lower awareness and adoption rates. Countries such as Israel and the UAE are witnessing an upsurge in healthcare expenditure and improvements in healthcare service quality, driving the market's growth trajectory in the region throughout the forecast period.

Augmented reality (AR) Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on by Technology segment is categorized into Augmented Reality in Healthcare, Virtual Reality in Healthcare, Projectors, and Display Walls. The augmented reality (AR) segment asserted its dominance in the market, claiming a substantial share of the total revenue. Augmented reality achieves this by generating a three-dimensional perspective of objects and the surrounding environment, facilitated by wearables like head-mounted display devices and smart glasses. The surging demand for efficient treatment, coupled with technological advancements, escalating public and private investments, a growing number of mergers and acquisitions, and declining prices of head-mounted devices, collectively contribute to the heightened demand for augmented reality.

Global Augmented Reality & Virtual Reality In Healthcare Market Report Scope:

Report

Details

Market size value in 2023

USD 2.98 Billion

Market size value in 2030

USD 10.19 Billion

CAGR (2023-2030)

19.2%

Forecast Period

2023–2030

Historic Data

2019

Forecast Units

Value (USD Million/USD Billion)

Segments Covered

Offering, Technology, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and RoW

Major Segmentations Are Distributed as follows:

  • By Component
    • Hardware
      • Sensors
      • Accelerometer
      • Gyroscope
      • Magnetometer
      • Proximity Sensor
    • Semiconductor Component
      • Controller/processor
      • Integrated Circuits
      • Displays and Projectors
      • Position Tracker
      • Cameras
      • Others
    • Software
    • Services
  • By Technology
    • Augmented Reality in Healthcare Market
      • Head-Mounted Display (HMD)
      • Handheld Device
    • Virtual Reality in Healthcare Market
      • Head-Mounted Display (HMD)
      • Gesture Tracking Devices
      • Data Gloves
      • Others
    • Projectors and Display Walls
  • By End User
    • Hospitals, Clinics, and Surgical Centers
    • Research Organizations and Pharma Companies
    • Research and Diagnostics Laboratories
    • Government and Defense Institutions
    • Others
  • By Application
    • Surgery
    • Therapy
    • Education and training
    • Rehabilitation
    • Pain management
    • Others
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of MEA

Answers to Following Key Questions:

  • What will be the Augmented Reality & Virtual Reality In Healthcare Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Augmented Reality & Virtual Reality In Healthcare Market?
  • What are the main forces behind worldwide Augmented Reality & Virtual Reality In Healthcare Market? Which companies dominate Augmented Reality & Virtual Reality In Healthcare Market?
  • Which companies dominate Augmented Reality & Virtual Reality In Healthcare Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Insight Engines industry's suppliers' opportunities and dangers in Augmented Reality & Virtual Reality In Healthcare Market?
  • What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Augmented Reality & Virtual Reality In Healthcare Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Augmented Reality & Virtual Reality In Healthcare Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Augmented Reality & Virtual Reality In Healthcare Market?
  • What are the dominant revenue-generating regions for Augmented Reality & Virtual Reality In Healthcare Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Augmented Reality & Virtual Reality In Healthcare Market trends that are influencing the market's expansion?
  • Which key product categories dominate Augmented Reality & Virtual Reality In Healthcare Market? What is Augmented Reality & Virtual Reality In Healthcare Market’s main applications?
  • In the coming years, which Augmented Reality & Virtual Reality In Healthcare Market technology will dominate the market?

Reason to purchase this Augmented Reality & Virtual Reality In Healthcare Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Augmented Reality & Virtual Reality In Healthcare Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Augmented Reality & Virtual Reality In Healthcare Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Augmented Reality & Virtual Reality In Healthcare Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Augmented Reality & Virtual Reality In Healthcare Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Augmented Reality & Virtual Reality In Healthcare Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

Table and Figures

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Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

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