Augmented Reality and Virtual Reality in Healthcare Market Size Analysis and Share Share by Technology (Augmented Reality and Virtual Reality Technology), Offering (Hardware and Software), Device Type (Augmented Reality and Virtual Reality Device Type), Application (Fitness, Patient Care, Pharmacy Management and others), and the user end – forecasting to 2030
the Augmented and virtual reality in the healthcare market It reached US$ 2.3 billion in 2021 and is expected to reach US$ 8.9 billion by 2030 at a compound annual growth rate of 25.2% over the forecast period 2022-2030. According to the size of the enterprise, the large business segment in the augmented and virtual reality market experienced the largest growth in 2020. The main business segment in the augmented and virtual reality market witnessed the largest increase in 2020, according to the size of the enterprise. It is expected to continue to swing in the future. The reason for this is the expansion of augmented and virtual reality applications in the real estate, aerospace, construction, healthcare, education, law enforcement, extractive industries, and automotive sectors. The SMB segment is expected to expand maximally due to the benefits of AR & VR technology, which include cheaper field staff training costs, faster repairs, and increased customer satisfaction.
North America is the leader in the augmented and virtual reality industries thanks to demand from the gaming, media, aviation and military industries, as well as from retailers and manufacturers. Many well-known companies providing cutting-edge solutions, such as Google, Facebook, DAQRI, and others, are headquartered in North America. Companies in this region have also made investments in simulations, augmented reality, and virtual reality. However, the Asia Pacific region is expected to experience the fastest growth rate during the forecast period. Due to the arrival of 4G technology, high-speed communications, and the increase in the number of smartphone users, AR and VR are becoming increasingly popular in this field. The market is developing as a result of important reasons such as the increasing use of connected devices in the healthcare sector, increasing acceptance of AR and VR in fitness management, and increasing awareness of virtual reality exposure therapy.
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AR & VR is becoming more and more popular in the healthcare sector as it provides sensors and semiconductor components. The semiconductor component provides integrated circuits, controllers, and processors. On the other hand, the magnetometer, proximity sensor, accelerometer, and gyroscope are provided by the sensors. As a result, large international producers and players in the augmented reality and virtual reality healthcare industry have more opportunities. Psychiatrists are increasingly using virtual reality technology to relieve patients’ anxiety. Governments in underdeveloped countries are boosting augmented reality and virtual reality technology makers by increasing reimbursement. In-depth collaborative research support has allowed manufacturers to produce sophisticated and sophisticated equipment or tools in developing countries.
Market segment overview
By technology: The healthcare AR and VR market has been segmented into two segments based on technology segment: VR technology and AR technology.
The virtual reality technology market has also been segmented into fully immersive, semi-immersive, and non-immersive technologies sub-markets. On the other hand, the AR technology segment is divided into tag-less AR and tag-based AR.
By Application: The AR & VR healthcare market has been segmented into patient care management, fitness management, medical training and education, surgery, pharmacy management, and others based on application segment.
By provision: The healthcare AR and VR market has been segmented into software and hardware components based on display segment.
By Device Type: The Augmented Reality and Virtual Reality in Healthcare market has been segmented into VR device type and AR device type based on device type segment.
By end user: AR and VR healthcare market has been segmented into surgery centers, hospitals, clinics, research and academic institutes, pharmaceutical companies, and others on the basis of end-user segmentation. Hospitals, clinics, and pharmaceutical companies, and are expected to have the highest market share for augmented reality and virtual reality in healthcare during the research period.
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On the basis of regional segmentation, the AR & VR healthcare market has been segmented into Europe, the Americas, the Middle East & Africa, and Asia Pacific.
Due to the growing need for healthcare cost reduction, the US market is expected to dominate AR & VR in healthcare by producing larger market share during the forecast period. Using AR navigation, minimally invasive surgery in the United States saves up to $288 million. Due to significant technology breakthroughs and increased research funding, European AR and VR in the healthcare market also occupied the second largest position in producing market revenue in 2017. North America led the healthcare augmented reality (AR) and virtual reality (VR) markets, and generated the largest share of the proceeds.
In addition, outsourcing of healthcare IT services is growing in North America as a result of increased demand from healthcare payers and providers to reduce treatment costs. This has positively affected the demand for augmented reality and virtual reality in the field of medicine. However, the Asia Pacific region is expected to witness the largest increase during the forecast period due to increased public awareness and improved healthcare infrastructure. Developing countries such as India, China, Brazil and Mexico offer promising opportunities for outsourcing services related to the development and distribution of AR and VR technologies in healthcare. Most likely, Europe will dominate the market. Health care ranks second in terms of increasing investments and financial resources. The European Union is dedicated to developing technologies that will enable the development of effective healthcare systems.
SURGICAL THEATER, LLC, Orca Health, Inc., Hologic Inc., 3D Systems, Inc., Atheer, Augmedix, Daqri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc.
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