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Augmented Reality (AR) & Virtual Reality(VR) in Healthcare Market Size 2020, Global Industry Analysis, Demands, Insights, Development Trends, Technology, Applications, Key Manufactures

Jul 20, 2020 7:00 PM ET
iCrowd Newswire – Jul 20, 2020

Given the wide-reaching effects of COVID-19 (Coronavirus) on AR & VR in Healthcare Market, companies are on the lookout for new opportunities to sustain in the coming years. Gain new insights into the market and alternative solutions for keeping production steady in unforeseen circumstances.

AR & VR in Healthcare Market Overview

Augmented reality (AR) enhances value to the real world through the display of real-time digital information and media. Alternatively, virtual reality (VR) is a technology that enables the immersion of the simulated environment. Upon use of AR and VR, experts from diverse locations can join a surgical procedure virtually. Virtual Interactive Presence and Augmented Reality System were set up at a hospital in the US, and its counterpart was set up in Vietnam to provide intraoperative assistance, in 2016.

The global AR & VR in the healthcare market size is estimated to register a whopping 30.2% CAGR during the forecast period. One of the factors contributing to the ascension recorded in the global AR & VR in healthcare market includes the increasing government funding. For instance, the Digital Health Technology Catalyst (DHTC) program granted USD 582,033, in October 2018, for collaboration between the University of Chester and Countless Hospital to work on a VR project to aid stroke patient practice.

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Many other factors such as increasing adoption of AR and VR in the fitness management, increasing penetration of the Internet of Things in the healthcare sector, and rising awareness towards VR therapy is anticipated to promote growth in the AR & VR in healthcare market.

AR & VR in Healthcare Market Segmentation

The global AR & VR in healthcare market is segmented on the basis of technology, device type, offering, application, end user, and region. On the basis of technology, the AR & VR in healthcare market is segmented into AR technology and VR technology. The AR technology segment is further sub-segmented into marker-based AR and markerless AR. The marker-based AR segment includes the segments of passive marker and active marker. The markerless AR segment includes the segments of image processing-based tracking and model-based tracking. The VR technology segment is further segmented into fully-immersive technology, semi-immersive technology, and non-immersive technology.

On the basis of offering, the global market is segmented into hardware components and software. The hardware components segment is further segmented into semiconductor component,  sensors, position tracker, cameras, and displays and projectors. The sensors segment is further segmented into accelerometer, gyroscope, magnetometer, and proximity sensor. The semiconductor segment is further sub-segmented into controller/processor and integrated circuits. The software segment is further segmented into software development kits and cloud-based services.

Based on type, the global AR & VR in healthcare market is segmented into AR device type and VR device type. The AR device type segment is further segmented into head-mounted display and handheld device. The VR device type segment is further segmented into head-mounted display, gesture tracking device, and projectors & display walls.

On the basis of application, the AR & VR in healthcare market is segmented into patient care management, fitness management, surgery, pharmacy, and academic institutes. On the basis of end-user, the global AR & VR in healthcare market is segmented into surgical centers, hospitals & clinics pharmaceutical companies, and academic research institutes.

AR & VR in Healthcare Market Regional Analysis

The global AR & VR in healthcare market is regionally segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas segment is further segmented into North America and South America. North America is further segmented into the US and Canada. The Americas are anticipated to spearhead the global AR & VR in healthcare market during the forecast period. This domination can be owed to the rising demand for the reduction of healthcare costs in the region. For example, the use of AR navigation system can potentially save USD 288 million on minimally-invasive surgical procedures in the US.

Europe garnered the second largest market share in 2017. This can be credited to the rising funding for innovation and increasing technological advancements. Asia Pacific is estimated to grow at the fastest CAGR during the assessment period. Increasing healthcare expenditure and a high prevalence of chronic diseases is anticipated to drive the regional markets in Asia Pacific. The Middle East & Africa is expected to hold the smallest market share owing to the low per capita income and strict government policies, especially in Africa.

AR & VR in Healthcare Market Key Players

The global AR & VR in healthcare market report published by Market Research Future (MRFR) has profiled many notable market players including Google, Atheer, Daqri, Augmedix, Firsthand Technology, Microsoft, Medical Realities, Mindmaze, Psious, Oculus VR, EchoPixel, Inc., SURGICAL THEATER, LLC, Osso VR Inc., Hologic Inc., Orca Health, Inc., and 3D Systems, Inc.

AR & VR in Healthcare Industry News

May 2019: International Virtual Reality and Healthcare Association (IVRHA) website launched with 40 founding member organizations. This association is meant to play a crucial role in the design, development, and promulgation of industry standards along with best practices employed for the use of AR/VR in the next generation digital medical systems.

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