Augmented Reality and Virtual Reality Market at a CAGR of 36.1% during the forecast period 2027

The Market Statsville Group (MSG) publishes the new report on the "Augmented Reality and Virtual Reality Market by Component (Solution, Services, and Hardware), by Application (Surgical Training, Rehabilitation, and Pain Management), by Region - Global Share and Forecast to 2027". The global augmented reality and virtual reality market size is expected to grow from USD 14.2 billion in 2020 to USD 90.2 billion by 2027, at a CAGR of 36.1% during the forecast period. The present market of VR and AR is centered around rehabilitation, pain management, behavioral therapy, and surgical navigation systems. Patients, restorative experts, and tech firms are] energized by what lies ahead for drug innovation. This innovation bears the capacity to see inside a patient's body that is made accessible through a partnership with Microsoft under its HoloLens technology. The mixed reality headset enables specialists to take CT scans for a particular patient and overlay a 3D computerized model anticipated over a patient's body during the medical procedure. With an enhanced projection of images, specialists have a superior view of the patient's body makeup. They can use this detailed picture to design out the methodology for their procedures. With the involvement of these techniques in a medical procedure, practitioners have significantly been able to improve patient outcomes

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Global Augmented Reality and Virtual Reality Market Segmentation
The overall augmented reality and virtual reality market have been segmented into components, applications, and regions.

By Component (Solution, Services, and Hardware)
By Application (Surgical Training, Rehabilitation, and Pain Management)
By Region (US, Mexico, Canada, Germany, France, UK, Italy, Spain, China, India, South Korea, Japan, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, UK, Nigeria, Israel, Brazil, Argentina)
Surgical training, by application, is estimated to hold the largest market share during the forecast period

The global augmented reality and virtual reality market are segmented into surgical training, rehabilitation, and pain management based on application. The surgical training method segment generated the highest revenue of 42.8% of the total global augmented reality and virtual reality market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. During surgical procedures, VR helps surgeons in pre-operative planning of surgeries by enabling them tan enhance their view of the complex anatomy of the human body and 3D structures. With the help of external cameras, a surgeon can virtually walk through the patient's anatomy to notice details that cannot be noticed with conventional imaging. Consequently, a surgeon can perform the surgery more precisely in the operating room.

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The AR and VR frameworks help the specialists arrange the surgical procedures and instruct the patients well about their illness. This method provides them a fruitful outcome from the procedures for better treatment. In various surgeries, augmented reality gives a three-dimensional anatomical structure, enabling association and recreation of a particular strategy and providing a chance to work together from inaccessible areas, utilizing basic cellphones.

North America accounts for the largest market share in augmented reality and virtual reality market 2020

Based on the regions, the global augmented reality and virtual reality market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, the North America region contributed to about 44.08% of the overall AR and VR in the market. North America is the leading regional segment in the global AR and VR in the healthcare market, primarily being driven by the increasing number of collaborations between university hospitals, clinics, and AR/VR solution providers.

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The U.S. has always been on the top, considering technological advancements all over the globe. Like other technologies, such as artificial intelligence and the Internet of Things, AR and VR are expanding at a significantly rapid pace in the U.S. market. In the hardware segment, a great portion of the notable companies, such as Philips Healthcare, CAE Healthcare, Microsoft, and Google, are the U.S-based. These companies are significantly pushing the development of this market in the U.S. Moreover, the companies, such as Mindmaze and Alibaba, which are not U.S. based, have some setups in the U.S. either as an assembling office or an R&D base.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the augmented reality and virtual reality market. It also consists of the profiles of leading companies such as DAQRI LLC., Psious, Mindmaze, Firsthand Technology, Atheer, Medical Realities, Augmedix, Echopixel, Osso VR, Surgical Theater, Orca Health, and CAE Healthcare.

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