Global Augmented Reality and Virtual Reality Market 2021 Global Industry Growth, Historical Analysis, Size, Trends, Emerging Factors, Demands, Key Players, Emerging Technologies and Potential of Industry Till 2030
The global augmented reality and virtual reality in healthcare market is estimated to be worth USD 2.8 billion in 2021, and it is expected to grow at a compound annual growth rate (CAGR) of 25% from 2022 to 2030. Planning, the increase in healthcare spending, and the increasing use of surgery and medical training are some of the basic factors that are expected to drive the growth and adoption of augmented reality (AR) and virtual reality (VR) in the healthcare industry. These technologies have a wide range of applications in the healthcare field, including surgery, diagnosis, rehabilitation, training, and education. Virtual and augmented reality technologies are increasingly used in surgery and diagnosis. Systems such as haptic surgery use virtual reality to provide a view of the patients anatomy and physiology, providing opportunities for surgeons in the operating room, which in turn is expected to promote the growth of the reality market, augmented reality and virtual reality in the healthcare sector. Increasing use of augmented reality (AR) and virtual reality (VR) technologies in medical operations to optimize surgical procedures and improve treatment efficiency is one of the key factors driving market growth in recent years.
For example, in December 2019, Augmedics launched the Xvision Spine AR guidance system for spinal surgery in the United States. This solution enables surgeons to view the patients 3D spinal anatomy during surgery. Augmedics also obtained Xvision approval from the US FDA in December 2019. In addition, the increasing practice of storing medical images and patient data on AR/VR platforms helps reduce expensive display requirements and unnecessary staff. Educational and training purposes for medical personnel. Since the AR-based learning module provides anatomical visualization and simulation, it provides medical staff with a healthier and comprehensive learning experience.
In addition, these learning modules are even used to train patients and help them better understand the treatment process and nursing management. AR-based image display can help surgeons and improve their accuracy and precision in complex operations. For example, in February 2019, Philips Healthcare collaborated with Azurion and Microsoft to develop a mixed reality concept to provide a 3D holographic augmented reality environment derived from multiple imaging modes to assist surgeons.
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Due to technological progress in this field, it has been positively affected. For example, in April 2020, XRHealth expanded its applications by raising $7 million to expand its telemedicine platform. Similarly, Imperial College London and St. Mary’s Hospital are using augmented reality glasses to display 3D images of blood vessels during reconstructive surgery. Augmented reality and virtual reality in the healthcare sector help to effectively manage treatment schedules, treatment implementation and planning, and are therefore expected to increase exponentially during the pandemic. In addition, the decline in healthcare costs, the rapid digitization of healthcare, and the improvement of effective healthcare services are expected to drive growth. Due to the widespread adoption of telemedicine, medical training and education, patient care management, and medical marketing during the COVID-19 pandemic, AR and VR in the healthcare sector are gaining momentum. In addition, mergers and acquisitions, product development and releases, partnerships and cooperation agreements are some of the key initiatives being undertaken by major players, which are expected to drive market growth. For example, in January 2021, Hologic Inc acquired Biotheranostics, a molecular diagnostic company, for US$230 million. Through this acquisition, Hologic Inc and Biotheranostics will combine their capabilities and use their expertise in cancer diagnosis and advanced womens health diagnosis.
In 2020, the hardware sector dominates the augmented reality and virtual reality market in the healthcare sector, accounting for 65% of the largest revenue share. Devices such as head-mounted displays, smart glasses, and 3D sensors have a large share of the AR and VR market in the healthcare sector. Head-mounted devices and smart glasses are widely used in training and simulation, surgery, diagnosis, telemetry, and many applications. In the current market scenario, AR/VR hardware has a huge market base and a high adoption rate, especially in developed countries, which may be its largest market share in 2020. Application is also one of the basic factors, which is expected to increase its use and affect the AR and VR markets in the healthcare sector. However, due to recent technological advancements in application design (including applications), the software sector is expected to rapidly increase during the forecast period. Growth such as EyeDecide. Detect eye conditions by measuring various parameters. In addition, applications such as Applied VR can help patients overcome anxiety during any surgical procedure. In recent years, great progress has been made in helping patients access the interconnection and network services of these platforms.
AR application information:
Augmented reality technology is increasingly used in various fields of medical science, such as surgical preparation and minimally invasive surgery. Technological progress and the increasing demand to reduce the complexity of medical procedures have led to increasing adoption of augmented reality technology. Market participants engaged in AR technology are establishing partnerships with domestic participants to expand the coverage of their products and launch new products. For example, in April 2019, smart glass and AR technology expert Vuzix cooperated with telemedicine solution provider VSee to develop smart glass for the telemedicine industry. Augmented reality technology can also improve the efficiency of other medical procedures. In the near future, mergers and acquisitions are expected to increase.
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This can increase competition and lower prices. Likewise, with the application of augmented reality technology, continuous improvements in the surgical environment and procedures have been observed. It has applications in anatomy, post-operative and surgical services, and various medical training procedures. In addition, the implementation of augmented reality technology in rehabilitation services provides a more controllable environment in which users can interact and improve the rehabilitation process.
VR application insight:
However, with the development of various healthcare IT companies, it is expected that the growth of the virtual reality field in the nursing field will invest more and more in this field. Due to potential growth opportunities. For example, in September 2020, OssoVR raised $14 million led by Kaiser Permanente. The company plans to use the funds to develop virtual reality-based medical and surgical equipment training modules, which have applications in various fields such as surgical simulation, robotic surgery, skills training, and phobia treatment. The latest innovations in healthcare IT are the key drivers of this market segment. The advantages that virtual reality provides to medical professionals and trainees that it is easy to perform and learn surgical procedures are expected to promote the adoption of virtual reality technology in the market. And virtual reality in the healthcare sector, and will have the highest revenue share in 2020 at 59.8%. Augmented reality creates 3D views of the objects and environment around us through wearable devices such as display mounts, heads, and smart glasses. Technological progress, increased demand for effective treatments, increased public and private investment, increased number of mergers and acquisitions, and decline in the price of head-mounted devices are some of the factors driving the demand for augmented reality.
By region, North America dominates the healthcare market in augmented reality (AR) and virtual reality (VR), and will have the largest revenue share in 2020, at 42%. The factors driving the growth of the region are increased adoption of these technologies, investment in research and development activities, and favorable government initiatives. The National Institutes of Health of the US government provides funding for virtual reality research and its applications in healthcare. In addition, due to increased pressure from healthcare providers and payers to reduce treatment costs, healthcare IT outsourcing in North America has increased.
This factor has a positive impact on the growth of the region’s augmented reality and virtual reality healthcare market. However, due to increased awareness and improved health conditions, the Asia-Pacific region is expected to become the fastest growing market for nursing infrastructure during the forecast period . Developing markets such as India, China, Brazil, and Mexico are promising destinations for outsourcing services related to the development and distribution of AR and VR technologies in the healthcare sector. Due to lack of awareness and low population adoption rates, Latin America, the Middle East, and the Asia-Pacific region are still in their early stages of development in these technologies. Health care expenditures and the quality of health care services in countries such as Israel and the United Arab Emirates are increasing, which is expected to drive market growth in the region during the forecast period.
Major companies and market share prospects:
The augmented reality and virtual reality markets in the healthcare sector are increasing R&D investment and mergers and acquisitions to surpass market competition. Many startups such as BioflightVR and Mindmaze are introducing these technologies into the healthcare sector. Some well-known players in the augmented and virtual reality fields of the healthcare market include: CAEGE Healthcare Koninklijke Philips N.V. Intuitive SurgicalSiemens Ltd Eon Reality, IncLayarBioflight VRWorldVizTheraSim IncMindmaze
Market segments covered by the report:
The report forecasts global, regional and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. For the purpose of this research, Kenneth Research. has segmented the global augmented reality and virtual reality market report in the healthcare sector based on components, technologies, and regions: Outlook component (revenue, million dollars, 2022-2030) Years) Hardware and software service technology outlook (revenue, millions of dollars, 2022-2030)) Augmented reality surgery application rehabilitation medicine education and training virtual reality simulation diagnosis virtual reality exposure therapy (VRET) rehabilitation pain distraction.
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