Augmented Reality and Virtual Reality In Healthcare Market Size to Reach USD 14.06 Billion in 2030 | Industry Trend - High Adoption of Augmented Reality and Virtual Reality in Healthcare
Emergen Research has published its latest report titled “Augmented Reality and Virtual Reality in Healthcare Market By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging, Others), By End Use (Hospitals, Clinics, Academic Institute), and By Region Forecast to 2030”
According to Emergen Research, the global augmented reality and virtual reality in healthcare market size was USD 2.0 billion in 2020 and is expected to USD 14.06 billion 2030 and register a robust revenue CAGR of 21.5% during the forecast period.
Market Dynamics:
Augmented reality (AR) is an interactive experience of real world environment where objects in real world are enhanced by computer-generated information while virtual reality (VR) is the simulation of computer-generated 3D technology without the interference of real world. These platforms play a major role in the healthcare sector in surgeries, medical training, education, diagnosis, and rehabilitation. Factors such as increasing prevalence of chronic diseases, rising number of surgeries, and high adoption of AR and VR solutions in medical surgeries and treatment to enhance treatment efficiency and optimize surgical procedures are expected to fuel market growth during the forecast period. In addition, rapid digitalization, technological advancements in software and hardware systems, increasing investments in cancer treatment and research, and high focus on developing virtual-based organ models are expected to fuel market growth going ahead.
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However, lack of awareness about benefits of AR and VR solutions, high risk of digital strain due to watching screens for longer durations, low battery capacity, and dearth of skilled healthcare professionals to operate these advanced solutions are some key factors expected to hamper market growth to a certain limit during the forecast period. In addition, many hospitals find it difficult to deploy latest AR and VR solutions due to lack of funds and budget constraints.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Virtual Reality Segment to Account for Largest Revenue Share:
The virtual reality segment is expected to account for largest revenue share over the forecast period owing to high prevalence of neurological diseases, increasing demand for virtual reality in pain management and rehabilitation, and rapid advancement in virtual reality. Virtual reality is widely used for surgery simulation, phobia treatment, skills training, and robotic surgery.
Hospital Segment to Register Steady Revenue Growth:
The hospital segment revenue is expected to expand at a steady revenue growth during the forecast period owing to increasing number of patients with neurological diseases and psychological conditions, and high adoption of AR and VR in hospitals for medical training, physical therapy, robotic surgery.
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North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market owing to rapid technological advancements, high adoption of augmented reality and virtual reality in healthcare sector, and presence of well-developed healthcare facilities. In addition, rising trend of outsourcing healthcare IT services in the region, increasing demand for robotic surgeries, rising investments in research and development activities, and favorable government initiatives are expected to fuel North America market growth going ahead
Major Companies in the Market Include:
- Siemens
- Koninklijke Philips N.V.
- CAE Inc.
- General Electric
- Laerdal
- EON Reality
- Firsthand Technology Inc.
- Intuitive Surgical Inc.
- WorldViz Inc.
- VirtaMed AG
For the purpose of this report, Emergen Research has segmented the global augmented reality and virtual reality in healthcare market based on technology, component, application, end-use, and regions:
Technology Outlook (Revenue, USD Billion; 2021-2030)
- Augmented Reality
- Virtual Reality
Component Outlook (Revenue, USD Billion; 2021-2030)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD Billion; 2021-2030)
- Surgery
- Training & Education
- Behavioral Therapy
- Medical Imaging
- Others
End Use Outlook (Revenue, USD Billion; 2021-2030)
- Hospitals
- Clinics
- Academic Institute
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Regional Outlook (Revenue, USD Billion; 2021-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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