Augmented and Virtual Reality in Healthcare Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3144
Augmented and Virtual Reality in Healthcare Market size is projected to experience significant growth from 2019 to 2025.
Augmented and virtual reality in healthcare market will witness a significant growth in the near future due to increased technological advancements in the past few years. Technological advancements, such as rise in demand for surgical visualization and healthcare education will contribute significantly to the market growth. For instance, AccuVein, a U.S. company recently launched a vein viewing system used in hospitals for patient’s vein projection. Hence, such technological innovations will strongly drive the market growth in the forthcoming years.
Education is an evident application of augmented and virtual reality technology in the field of healthcare. Healthcare professionals are required to understand a huge amount of information related to body anatomy. Augmented and virtual reality technology provide medical practitioners the ability to interact and visualize three-dimensional depiction of bodies. Hence it will act as a major profit-rendering factor and boost the growth of augmented and virtual reality in healthcare market.
High cost associated with products of augmented reality technology will restraint the market growth. Despite the efficiency of these products, high costs will be a major hindrance in the growth of augmented and virtual reality in healthcare market. In addition, lack of awareness about the benefits of augmented and virtual reality technologies will affect the market growth negatively.
Based on technology, the global market is segmented into augmented reality and virtual reality. The increasing adoption and application of computer-generated perceptual information related to visual, auditory, haptic, somatosensory, and olfactory will boost the augmented reality segment growth during the forecast timeframe.
Based on application, the augmented and virtual reality in healthcare market is categorized into surgery, medical learning, pain management, behavioral therapy, dentistry and others. The application of augmented and virtual reality in surgery is estimated to capture the largest market share. Augmented and virtual reality devices allow surgeons to incorporate data visualization into diagnostic and treatment procedures to improve work efficiency along with safety. Such devices also cuts down the cost and result in enhanced surgical procedures.
U.S. augmented and virtual reality in healthcare market is estimated to hold majority of market share owing to widespread availability of technologically advanced medical applications, and growing demand for accurate and low-risk surgeries in the country. Asia Pacific is estimated to exhibit the fastest growth during the forecast period due to growing need for surgical procedures, and increased demand for better and quick access to healthcare services.
Some of the key industry players operating in augmented and virtual reality in healthcare market are Google, Microsoft, Firsthand Technology, Medical Realities, Philips Healthcare, Virtually Better, Laerdal Medical, Augmedics, DAQRI, Psious and others. These companies opt for mergers, acquisitions and partnerships in order to increase their efficiency and sustain in the market by providing better solutions. Additionally, such companies give importance to newer and advanced technologies related to augmented and virtual reality in developing geographical regions to enhance the product portfolio.
Augmented and Virtual Reality in Healthcare Market by Technology, 2014-2025 (USD Million)
- Augmented reality
- Virtual reality
Augmented and Virtual Reality in Healthcare Market by Component, 2014-2025 (USD Million)
Augmented and Virtual Reality in Healthcare Market by Application, 2014-2025 (USD Million)
- Medical learning
- Pain management
- Behavioral therapy
Augmented and Virtual Reality in Healthcare Market by End-use, 2014-2025 (USD Million)
- Hospitals and clinics
- Surgical centers
- Research organizations
- Pharmaceutical companies
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Firsthand Technology
- Medical Realities
- Philips Healthcare
- Virtually Better
- Laerdal Medical
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