Market Overview
AR & VR in Healthcare Market size is expected to grow at a CAGR of 27.30% during the forecast period. Virtual reality technology benefits both doctors and patients since it allows patients to virtually visit doctors, which is very convenient. This has propelled the growth of the VR market in the healthcare business to a large extent. VR technology is ahead of Augmented Reality due to its expanded capabilities. Virtual reality allows users to immerse themselves in another environment and interact with it in real-time. In contrast, AR produces a visual environment around you but does not allow you to interact with it. New start-ups keen to capitalize on this extensively utilized technology are among the factors fueling the growth of AR & VR in the Healthcare Market.
By combining AR and VR technology into new applications and adding new features to existing products, these start-ups are growing their AR and VR application portfolios. Product pricing has been lowered as a result of the widespread availability of VR and AR devices, as well as the growing number of enterprises working with the technology. To gain a competitive advantage, businesses have reduced their prices, making healthcare services cheaper. Businesses will also benefit from such measures as they adopt this technology. COVID-19 has had an unprecedented and stunning global impact, with demand for virtual reality in healthcare dropping across the board as a result of the outbreak.
Industry News
The major key players in the market are Atheer, Augmedix, Daqri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc., Surgical Theater, LLC, Orca Health, Inc., Hologic Inc., and 3D Systems, Inc.
Market Segmentation
Based on the Technology, the global AR & VR Healthcare Market is segmented into VR technology and AR technology.
Based on the Application, the global AR & VR Healthcare Market is segmented into Patient care management, Fitness management, Medical training & education, Surgery, Pharmacy management, and Others.
Based on the Offerings, the global AR & VR Healthcare Market is segmented into Software and Hardware components.
Based on the Device Type, the global AR & VR Healthcare Market is segmented into VR device type and AR device type.
Based on the End-users, the global AR & VR Healthcare Market is segmented into Surgical centers, Hospitals & clinics, Research & academic institutes, Pharmaceutical companies, and Others.
Based on the region, the global AR & VR Healthcare Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Classification
Based on regional divisions, the virtual and augmented reality in healthcare has been divided into Europe, the Americas, the Middle East & Africa, and Asia-Pacific. Due to the increasing demand for healthcare cost reduction, the American market is predicted to lead AR & VR in healthcare by generating a greater market share during the forecast period. With the use of the AR guidance system, minimally invasive surgical operations in the United States save roughly USD 288 million. Furthermore, due to significant technological breakthroughs and increased financing for research, the European AR and VR Healthcare Market ranked second in terms of revenue generation during the historic forecast period of the AR & VR Healthcare Market.
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