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

  • Product Code:
    RP-ID-10352264
  • Published Date:
    6 Dec 2021
  • Region:
    Global
  • Pages:
    189
  • Category:
    Healthcare & Pharmaceuticals
  • Publisher:
    Pub-ID-54

Impact Analysis on the Growth of Market

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Market Overview:

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 about their 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.

 

Global Healthcare Augmented Reality Market Graph

 

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 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 adoption of 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

 

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 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

  • Surge in Investments and Developments in AR and VR in the Medical Industry

  • Growing Penetration of Connected Devices in the Healthcare Industry

Challenges

  • Concern for Data Breach

  • 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:

  • May 13th, 2021: CAE Inc. announced that it has launched it's 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

  • June 11th, 2020: Augmedics announced that the Johns Hopkins University in the United States, used the xvision Spine System of Augmedics in a spinal fusion surgery. The device is the first Augmented Reality Guidance system which had been successfully used by the surgeons for a spine surgery.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

  • The report includes detailed company profiles of the major players dominating the market.

  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

  • 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

.

FREQUENTLY ASKED QUESTIONS

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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  1. Medical Realities Ltd.
  2. Osso VR, Inc.
  3. Orca Health, Inc.
  4. Psico Smart Apps, S.L.
  5. Surgical Theater, Inc.
  6. Vuzix Corp.
  7. CAE Inc.
  8. EchoPixel, Inc.
  9. Firsthand Technology Inc.
  10. MindMaze, Inc.
  11. Google LLC
  12. Augmedics
  13. Koninklijke Philips N.V.
  14. Microsoft Corp.
  15. Atheer, Inc.
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