According to the most recent report by Emergent Research, the global market for augmented and virtual reality in healthcare is anticipated to reach USD 14.06 billion in 2030 and grow at a revenue CAGR of 21.5% during the projected period. Augmented and virtual reality in healthcare market revenue growth is influenced by technological developments in the healthcare sector as well as the application and integration of newer, more advanced technologies in medical processes.
The adoption of more cutting-edge technologies in medical operations and rising healthcare spending are the main drivers fueling the growth of the global market.
Primary and secondary data are used in the study technique. The size of the market and submarkets in the overall market for augmented and virtual reality in the healthcare sector has been estimated and validated using both top-down and bottom-up methodologies. Secondary research has helped to identify the major industry participants. Secondary sources can be found in directories, databases, white papers, certified publications, articles by reputable authors, company annual reports, news announcements, and investor presentations. Organizations and associations like the VR/AR Association, AugmentedReality.Org, and Augmented Reality for Enterprise Alliance are a few of these secondary sources.
The use of augmented and virtual reality in operations and diagnostics is growing. The market for augmented reality and virtual reality in healthcare is anticipated to increase as a result of systems like touch surgery, which use virtual reality to provide surgeons with a visual of the patient’s anatomy and physiology in the operating room. One of the main drivers propelling market expansion over the past few years has been the increasing use of Augmented Reality (AR) and Virtual Reality (VR) technologies in surgical operations to optimize surgical processes and boost the efficiency of treatment.
Enhancements in healthcare providers’ and surgeons’ abilities to deliver more effective medical services as well as the ability to train healthcare staff more effectively and efficiently are other factors contributing to the growing adoption of augmented reality and virtual reality in healthcare applications. The healthcare industry is becoming more digitalized and technologically advanced, and the ability to apply augmented reality and virtual reality technologies to a variety of other care management applications, such as cancer treatment and research, autism treatment, depression therapy, and virtual reality-based organ models, is effective in lowering trauma.
Some of the Report’s Important Highlights
In March 2021, TechSee, a pioneer in intelligent visual assistance technology, and Vuzix Corporation, a leading provider of smart glasses and augmented reality technology and products, announced a new partnership to provide field service technicians with remote visual assistance using AR and computer vision on Vuzix’s M400 and M4000 Smart Glasses.
The growing use of augmented and virtual reality in different facets of the healthcare industry contributed to the hardware segment accounting for the greatest revenue share in 2020. Desktop computers, head-mounted displays, and other display devices are necessary for the use of these technologies.
Due to the use of augmented reality (AR), which makes it possible to detect veins—something that can be difficult for medical professionals to do in some situations, such as when patients have pigmented skin or small blood vessels—augmented reality segment revenue is anticipated to grow at a noticeably faster rate during the forecast period. In these circumstances, augmented reality-based technology enables doctors to view virtual pictures of a patient’s vasculature, which helps them more accurately find a vein.
Surgery accounted for a disproportionately big portion of revenue in 2020. The use of virtual reality assists surgeons in the operating room by providing a perspective of a patient’s physiology and anatomy. The expansion of this market is being driven by an increase in the use of virtual reality and augmented reality technology in surgical operations.
Due to the growing adoption of augmented and virtual reality in the healthcare industry, North America’s market accounted for the greatest revenue share in 2020. Growing R&D spending in the healthcare industry is another factor fueling this region’s market expansion. Additionally, the existence of significant market participants also helps to fuel market expansion.
Some major players in the global market report include Siemens, Koninklijke Philips N.V., CAE Inc., General Electric, Laerdal, EON Reality, Firsthand Technology Inc., Intuitive Surgical Inc., WorldViz Inc., and VirtaMed AG
Emergen Research has segmented the global augmented and virtual reality in the healthcare market based on technology, component, application, end-user, and region:
Technology Outlook (Revenue, USD Billion; 2018–2030)
- Augment Reality
- Virtual Reality
Component Outlook (Revenue, USD Billion; 2018–2030)
- Hardware
- Software
- Services
Application Outlook (Revenue, USD Billion; 2018–2030)
- Surgery
- Training & Education
- Behavioral Therapy
- Medical Imaging
- Others
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Hospitals
- Clinics
- Academic Institute
- Others
Regional Outlook (Revenue, USD Billion; 2018–2030)
- North America
- the U.S.
- Canada
- Mexico
- Europe
- Germany
- the U.K.
- France
- BENELUX
- Rest of Europe
- the Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- Rest Of MEA
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