Healthcare Augmented Reality & Virtual Reality Market Segmentation by Technology (AR Technology, and VR Technology); by Offering (Hardware, Software, and Services); by Device Type (AR Devices, and VR Devices); by End-User (Hospitals & Other Medical Facilities, Research Organizations & Pharmaceutical Companies, Diagnostics Laboratories, and Others); and by Application-Global Demand Analysis & Opportunity Outlook 2020-2030
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Product Code:
RP-ID-10352264 -
Published Date:
2 Nov 2022 -
Region:
Global
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Pages:
189 -
Category:
Healthcare & Pharmaceuticals -
Publisher:
Pub-ID-54
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
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The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.
With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.
Market Overview:
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Global Healthcare Augmented Reality & Virtual Reality Market Highlights Over 2020 - 2030
The global healthcare augmented reality & virtual reality market is estimated to garner a revenue of USD 39083.4 Million by the end of 2030 by growing at a CAGR of 35.0% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 2010.2 Million. The growth of the market can primarily be attributed to the growing concern for chronic diseases worldwide, such as cancer, heart diseases, diabetes, and stroke among others, and therefore the need for early diagnosis of these diseases by the use of advanced technologies, such as augmented reality and virtual reality. According to the statistics by the World Health Organization (WHO), in the year 2020, deaths caused due to cancer registered to around 10 Million. Moreover, the most common causes of cancer deaths in the same year were lungs with 1.80 Million deaths, colon & rectum with 935000 deaths, and liver with 830000 deaths. Augmented reality in healthcare can have a wide range of uses and benefits. Some of them include helping individuals find automated external defibrillators (AEDs), or helping new mothers struggling with breastfeeding by the use of aided devices, or helping patients with central vision loss to understand the specific condition from which they are suffering. On the other hand, virtual reality in healthcare can help healthcare professionals provide medical training to their team members, raise awareness for diseases, or even use the tool for medical marketing or treatment of patients.
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The role of augmented reality in healthcare is also to re-create real-world images of anatomical structures virtually by using head-mounted displays (HMDs). Besides this, the surge in the adoption of digital health or mhealth, along with the rise in awareness for tele-health services are also expected to create numerous opportunities for market growth. In addition to this, the rise in the adoption of the internet of medical things (IoMT) is also projected to display significant business opportunities in the near future. Additionally, the growing expenditure on healthcare is also anticipated to boost the market growth during the forecast period. According to the statistics by the World Bank, the current health expenditure as a share of GDP increased from 9.418% in the year 2013 to 9.858% in the year 2018.
Current Health Expenditure (% of GDP), World, 2013-2018
Global Healthcare Augmented Reality & Virtual Reality Market Regional Synopsis
Regionally, the global healthcare augmented reality & virtual reality market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is projected to display the largest revenue of USD 16004.6 Million by the end of 2030, up from a revenue of USD 868.4 Million in the year 2020. The growth of the market in the region can be attributed to the growing need amongst individuals for advanced diagnosis of chronic diseases, backed by the rising incidences of these diseases, especially in the United States. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), out of 10 adults in the U.S., 6 adults are known to have a chronic disease. On the other hand, the market in the Asia Pacific is expected to grow with the highest CAGR of 36.8% during the forecast period and attain a revenue of USD 8676.5 Million by the end of 2030. The market in the region is further segmented by country into China, Japan, India, South Korea, Australia, Singapore, and the Rest of APAC. Out of these, the market in China is anticipated to register the largest revenue of USD 2299.3 Million by the end of 2030, up from a revenue of USD 109.9 Million in the year 2020.
Growth Drivers and Challenges Impacting the Growth of the Global Healthcare Augmented Reality & Virtual Reality Market
Growth Drivers
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Surge in Investments and Developments in AR and VR in the Medical Industry
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Growing Penetration of Connected Devices in the Healthcare Industry
Challenges
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Concern for Data Breach
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High Cost of the Setup
Global Healthcare Augmented Reality & Virtual Reality Market Segmentation Synopsis
The global healthcare augmented reality & virtual reality market is segmented by technology into AR technology and VR technology. Out of these, the VR technology segment is anticipated to grow with the highest CAGR of 35.8% during the forecast period, while the AR technology segment is anticipated to grab the largest revenue of USD 2452.5 Million by the end of 2022. By offering, the market is segmented into hardware, software, and services. Out of these, the software segment is anticipated to garner the largest revenue of USD 20361.2 Million by the end of 2030, up from a revenue of USD 1056.6 Million in the year 2020. By device type, the market is segmented into AR devices and VR devices. Out of these, the VR devices segment is projected to grow with the highest CAGR of 35.8% during the forecast period. Moreover, by end-user, the market is segmented into hospitals & other medical facilities, research organizations & pharmaceutical companies, diagnostics laboratories, and others. Out of these, the hospitals & other medical facilities segment is anticipated to garner the largest revenue of USD 20663.7 Million by the end of 2030, up from a revenue of USD 1022.9 Million in the year 2020. The market is further segmented by application into surgery, fitness management, patient care management, pharmacy management, medical training & education, and others. Out of these, the medical training & education segment is projected to register the largest revenue of USD 10627.7 Million by the end of 2030, up from a revenue of USD 544.6 Million in the year 2020.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global healthcare augmented reality & virtual reality market that are included in our report are Medical Realities Ltd., Osso VR, Inc., Orca Health, Inc., Psico Smart Apps, S.L., Surgical Theater, Inc., Vuzix Corp., CAE Inc., EchoPixel, Inc., Firsthand Technology Inc., MindMaze, Inc., Google LLC, Augmedics, Koninklijke Philips N.V., Microsoft Corp., Atheer, Inc., and others.
Latest Developments in the Global Healthcare Augmented Reality & Virtual Reality Market:
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May 13th, 2021: CAE Inc. announced that it has launched its ultrasound simulator that is aided with 3D/4D scanning and multiplanar reconstruction (MPR) technology. The advanced software, known as CAE Vimedix 3.2, which is also the industry's first of its kind, offers improved fidelity, ultrasonography realism, MPR, and 3D/4D ultrasound across the entire simulation platform
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June 11th, 2020: Augmedics announced that the Johns Hopkins University in the United States, used the xvision Spine System of Augmedics in spinal fusion surgery. The device is the first Augmented Reality Guidance system that had been successfully used by surgeons for spine surgery.
Key Reasons to Buy Our Report
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The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Geography Analysis:
The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
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FREQUENTLY ASKED QUESTIONS
The surge in investments and developments in AR and VR in the medical industry, along with the growing penetration of connected devices in the healthcare industry are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 35.0% over the forecast period, i.e., 2021-2030.
The concern for data breach, along with the high cost of the setup are estimated to hamper the market growth.
The market in North America region is projected to display the largest revenue of USD 16004.6 Million by the end of 2030 and display significant business opportunities in the future.
The major players in the market are Medical Realities Ltd., Osso VR, Inc., Orca Health, Inc., Psico Smart Apps, S.L., Surgical Theater, Inc., Vuzix Corp., CAE Inc., EchoPixel, Inc., Firsthand Technology Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, offering, device type, end-user, application, and by region.
The software segment is anticipated to garner the largest revenue of USD 20361.2 Million by the end of 2030 and display significant growth opportunities.
1. Market Definition and Research Methodology
1.1. Market Definition and Segmentation
1.2.Assumptions and Acronyms
1.3.Research Objective
1.4.Research Methodology
2. Executive Summary
3. Market Dynamics
3.1.Drivers
3.2. Challenges
3.3. Trends
3.4. Opportunities
4. Regulatory & Standards Landscape
5. Industry Risk Analysis
6. Industry Growth Outlook
7. Impact of COVID-19 on the Global Healthcare Augmented Reality & Virtual Reality Market
8. Technology, Demand & Application Analysis
9. Comparative Analysis
10. Competitive Landscape
10.1. Medical Realities Ltd.
10.2. Osso VR, Inc.
10.3. Orca Health, Inc.
10.4. Psico Smart Apps, S.L.
10.5. Surgical Theater, Inc.
10.6. Vuzix Corp.
10.7. CAE Inc.
10.8. EchoPixel, Inc.
10.9. Firsthand Technology Inc.
10.10. MindMaze, Inc.
10.11. Google LLC
10.12. Augmedics
10.13. Koninklijke Philips N.V.
10.14. Microsoft Corp.
10.15. Atheer, Inc.
11. Global Healthcare Augmented Reality & Virtual Reality Market
11.1. Market Overview-Market Size (2020-2030)
11.2. Market Segmentation by:
11.2.1. Technology
11.2.1.1. AR Technology
11.2.1.1.1. Marker-Based AR
11.2.1.1.1.1. Passive Marker
11.2.1.1.1.2. Active Marker
11.2.1.1.2. Markerless AR
11.2.1.1.2.1. Superimposition AR
11.2.1.1.2.2. Projection-Based AR
11.2.1.2. VR Technology
11.2.1.2.1. Non-Immersive Technology
11.2.1.2.2. Semi-Immersive Technology
11.2.2. Offering
11.2.2.1. Hardware
11.2.2.2. Software
11.2.2.2.1. Software Development Kits
11.2.2.2.2. Cloud-Based Services
11.2.2.3. Services
11.2.3. Device Type
11.2.3.1. AR Devices
11.2.3.1.1. Head-Mounted Devices
11.2.3.1.2. Handheld Devices
11.2.3.2. VR Devices
11.2.3.2.1. Head-Mounted Devices
11.2.3.2.2. Gesture Tracking Devices
11.2.3.2.3. Projectors & Display Walls
11.2.4. End User
11.2.4.1. Hospitals & Other Medical Facilities
11.2.4.2. Research Organizations & Pharmaceutical Companies
11.2.4.3. Diagnostics Laboratories
11.2.4.4. Others
11.2.5. Application
11.2.5.1. Surgery
11.2.5.2. Fitness Management
11.2.5.3. Patient Care Management
11.2.5.4. Pharmacy Management
11.2.5.5. Medical Training & Education
11.2.5.6. Others
11.2.6. Region
11.2.6.1. North America
11.2.6.2. Europe
11.2.6.3. Asia Pacific
11.2.6.4. Latin America
11.2.6.5. Middle East & Africa
12.North America Healthcare Augmented Reality & Virtual Reality Market
12.1. Market Overview-Market Size (2020-2030)
12.2. Market Segmentation by:
12.2.1. Technology
12.2.1.1. AR Technology
12.2.1.1.1. Marker-Based AR
12.2.1.1.1.1. Passive Marker
12.2.1.1.1.2. Active Marker
12.2.1.1.2. Markerless AR
12.2.1.1.2.1. Superimposition AR
12.2.1.1.2.2. Projection-Based AR
12.2.1.2. VR Technology
12.2.1.2.1. Non-Immersive Technology
12.2.1.2.2. Semi-Immersive Technology
12.2.2. Offering
12.2.2.1. Hardware
12.2.2.2. Software
12.2.2.2.1. Software Development Kits
12.2.2.2.2. Cloud-Based Services
12.2.2.3. Services
12.2.3. Device Type
12.2.3.1. AR Devices
12.2.3.1.1. Head-Mounted Devices
12.2.3.1.2. Handheld Devices
12.2.3.2. VR Devices
12.2.3.2.1. Head-Mounted Devices
12.2.3.2.2. Gesture Tracking Devices
12.2.3.2.3. Projectors & Display Walls
12.2.4. End User
12.2.4.1. Hospitals & Other Medical Facilities
12.2.4.2. Research Organizations & Pharmaceutical Companies
12.2.4.3. Diagnostics Laboratories
12.2.4.4. Others
12.2.5. Application
12.2.5.1. Surgery
12.2.5.2. Fitness Management
12.2.5.3. Patient Care Management
12.2.5.4. Pharmacy Management
12.2.5.5. Medical Training & Education
12.2.5.6. Others
12.2.6. Country
12.2.6.1. United States
12.2.6.2. Canada
13.Europe Healthcare Augmented Reality & Virtual Reality Market
13.1. Market Overview-Market Size (2020-2030)
13.2. Market Segmentation by:
13.2.1. Technology
13.2.2. Offering
13.2.3. Device Type
13.2.4. End User
13.2.5. Application
13.2.6. Country
13.2.6.1. Germany
13.2.6.2. United Kingdom
13.2.6.3. France
13.2.6.4. Italy
13.2.6.5. Spain
13.2.6.6. Russia
13.2.6.7. Netherlands
13.2.6.8. Rest of Europe
14.Asia Pacific Healthcare Augmented Reality & Virtual Reality Market
14.1. Market Overview-Market Size (2020-2030)
14.2. Market Segmentation by:
14.2.1. Technology
14.2.2. Offering
14.2.3. Device Type
14.2.4. End User
14.2.5. Application
14.2.6. Country
14.2.6.1. China
14.2.6.2. Japan
14.2.6.3. India
14.2.6.4. South Korea
14.2.6.5. Australia
14.2.6.6. Singapore
14.2.6.7. Rest of APAC
15. Latin America Healthcare Augmented Reality & Virtual Reality Market
15.1. Market Overview-Market Size (2020-2030)
15.2. Market Segmentation by:
15.2.1. Technology
15.2.2. Offering
15.2.3. Device Type
15.2.4. End User
15.2.5. Application
15.2.6. Country
15.2.6.1. Brazil
15.2.6.2. Argentina
15.2.6.3. Mexico
15.2.6.4. Rest of Latin America
16.Middle East & Africa Healthcare Augmented Reality & Virtual Reality Market
16.1. Market Overview-Market Size (2020-2030)
16.2. Market Segmentation by:
16.2.1. Technology
16.2.2. Offering
16.2.3. Device Type
16.2.4. End User
16.2.5. Application
16.2.6. Country
16.2.6.1. GCC
16.2.6.2. Israel
16.2.6.3. South Africa
16.2.6.4. Rest of MEA
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- Medical Realities Ltd.
- Osso VR, Inc.
- Orca Health, Inc.
- Psico Smart Apps, S.L.
- Surgical Theater, Inc.
- Vuzix Corp.
- CAE Inc.
- EchoPixel, Inc.
- Firsthand Technology Inc.
- MindMaze, Inc.
- Google LLC
- Augmedics
- Koninklijke Philips N.V.
- Microsoft Corp.
- Atheer, Inc.
