Augmented and Virtual Reality (AR & VR) in Healthcare Market To Incur Value Growth At 30.2% CAGR By 2023

AR & VR in Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User - Global Forecast Till 2023

Market Scenario

Market Research Future asserts that the global AR & VR in the healthcare market is estimated to demonstrate 30.2% throughout the forecast period (2018-2023). Augmenting demand to minimize healthcare cost is favoring the market growth. Augmented reality (AR) is referred to as a technology which adds value to the real world by displaying real-time media and digital information. Virtual reality (VR) is a technology which enables immersive simulation of the real-time environment. With the help of VR and AR, platform experts from several locations can join a surgical procedure virtually. AR and VR technology are not only beneficial for the doctors but also the patients and provide great convenience to the patients by allowing them to visit the physicians virtually.

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Market Potential and Pitfalls

The AR & VR technology is highly penetrating the healthcare market and is likely to transform the entire healthcare sector. With augmenting funding from the government, the global AR & VR in healthcare market is estimated to flourish throughout the forecast period. For instance, the Digital Health Technology Catalyst program, in October 2018, granted USD 582,033 in order to collaborate between the Countess of Chester Hospital and University of Chester so that they can conjointly work on a VR project helping stroke patient practice. Additional factors influencing the market growth are the high adoption of AR & VR technology in fitness management, augmenting awareness regarding VR therapy, and rising penetration of connected devices in the healthcare sector. High incidences of chronic diseases, increasing funding from the government, and augmenting awareness about VR therapy are some of the other factors likely to stimulate the market growth throughout the assessment period. Moreover, rising convenience through virtual visits allows virtual reality to stay ahead in the healthcare AR VR market.

On the contrary, concerns associated with data privacy, lack of competence in the deployment of AR and VR solutions, and lack of expertise among the medical practitioners are some of the top barriers considered to vitiate the market growth in the coming years.

Global AR & VR in Healthcare Market: Segmental Analysis

The global AR & VR in healthcare market has been segmented on the basis of offering, technology, application, device type, and end user.

By mode of technology, the global AR & VR in healthcare market has been segmented into AR technology and VR technology.

By mode of offering, the global AR & VR in healthcare market has been segmented into hardware components and software.

By mode of device type, the global AR & VR in healthcare market has been segmented into AR device type and VR device type.

By mode of application, the global AR & VR in healthcare market has been segmented into patient care management, fitness management, pharmacy management, surgery, medical training and education, and others.

By mode of end-users, the global AR & VR in healthcare market has been segmented into surgical centers, hospitals & clinics, research and academic institutes, pharmaceutical companies, and others.

Regional Insights

Geographically, the AR & VR in healthcare market span across regions namely, Europe, Asia Pacific, America, and the Middle East & Africa.

Among all the regions, the American region is considered to dominate the global AR & VR in healthcare market and is likely to retain its dominance in the coming years. The growth is credited to the increasing demand to reduce the cost associated with healthcare. For instance, approximately USD 288 million can be saved on minimally-invasive surgical procedures with the use of AR navigation system.

The European region is estimated to occupy the second position owing to the augmented funding for innovation coupled with the growing technological advancements. For instance, the European Union's Horizon 2020 program is likely to allocate USD 91.51 billion for the funding over seven years of innovation and research.

The Asia Pacific region is presumed to expand at the fastest growth rate throughout the assessment period. The growth is credited to the augmenting expenditure on healthcare coupled with the rising incidences of chronic diseases.

Meanwhile, the Middle East and African region are predicted to hold the least market share owing to the low per capita income coupled with the strict government mandates, especially within the African region.

Industry Updates

February 06, 2019: One of the top 10 ranked academies in India for gaming, animation, and visual effects, Pixels Academy has recently launched a high-end AR and VR course for the students who want to shape their career AR and VR. Students can also enroll in AR and VR certificate course in order to learn bits and bytes of the latest VR/AR technology.

Competitive Dashboard

The prominent players operating the global AR & VR in healthcare market are SURGICAL THEATER LLC, Atheer, 3D Systems Inc., Mindmaze, Microsoft, Hologic Inc., Firsthand Technology, Oculus VR, Osso VR Inc., Medical Realities, Psious, Augmedix, Google, Daqri, EchoPixel Inc., Orca Health Inc., and others.

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Akash Anand

Market Research Future

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