According to Custom Market Insights (CMI), The Global Augmented and Virtual Reality in Healthcare Market Size was valued at USD 2.1 Billion in 2021 and is estimated to reach USD 11.2 billion by the end of 2030 at a CAGR of approximately 28.12% during the forecast period 2022-2030.
Browse the full “Augmented and Virtual Reality in Healthcare Market Size, Trends and Insights By Component (Hardware, Software, Services), By Technology (Augmented reality, Virtual reality), By Application (Surgery, Therapy, Education and training, Rehabilitation, Pain Management, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/augmented-vr-healthcare/
Market Dynamics
Drivers
The demand for wearable technologies has increased in recent years. The increased use of augmented and virtual reality has also enhanced the experience of exercise for consumers. The use of this Technology has provided healthcare facilities that are more accessible and also inexpensive.
Using different types of wearable devices like goggles, fit bands, and rings or expected to drive the market growth in the coming years. Using these devices for treating patients’ mental health will drive market growth in the coming years. It also helps in the treatment of depression.
It provides a safer environment for the patients due to which the market is expected to grow well in the coming years period the communication between doctors and patients is also enhanced due to the use of these devices, and it also helps in understanding the treatment procedures in a better way which will drive the market growth in the coming years. The use of augmented and virtual reality by psychiatrists and surgeons is expected to drive market growth in the coming years.
Restraints
There are many technical limitations in the industry, due to which the usage of virtual reality and augmented reality technologies will be limited. When it comes to a few healthcare conditions, virtual reality may be of no use and will hamper the market’s growth in the coming years. Other restaurants in the market’s growth are the specifications of the computer in use and the resolution of the computer.
Opportunities
There has been an increased use of augmented reality and virtual reality in the diagnosis of various diseases, and it also helps in planning a proper path for treatment, due to which the demand for these platforms and technologies is expected to grow in the coming years period to treat anxiety and depression inpatient psychiatrists are making use of these technologies on a large scale. These technologies have proven to be extremely beneficial in performing complex surgeries, due to which the demand for these platforms is expected to grow well in the healthcare sector during the forecast period.
Challenges
One of the major challenges that hamper the market’s growth is the affordability of augmented and virtual reality platforms. The augmented reality platforms used in healthcare are extremely expensive and complex. There are many security or privacy concerns associated with augmented reality, due to which the market growth will be hampered in the coming years.
Report Highlights
based on components, the hardware segment is expected to dominate the market in the coming years period this segment has had the largest market share in the past, which was about 67.6 percent in terms of revenue, and it is expected to grow well in the coming years period the growing demand for various devices like the 3D sensors, smart glasses and the displays that are head-mounted will drive the market growth in the coming years.
These devices are used on a large scale in the healthcare sector. Simulation and training are the applications of these devices. These devices are also used on a large scale for performing various surgeries. Using these devices in the diagnosis will also play an important role in the market’s growth in the coming years. The growing demand for hardware that can be used in multiple applications will also play an instrumental role in the growth of augmented and virtual reality in healthcare market in the coming years.
Based on Application, the surgery segment is expected to have the largest market share in the coming years. They’re used for performing minimally invasive surgeries. Constant advancements in Technology will lead to its use in surgeries. Many companies are entering into collaborations and partnerships to provide new products in the market.
Based on the Technology used, the augmented reality segment is expected to have the largest market share compared to the virtual reality segment. Augmented reality had a share of about 59% in the past in terms of revenue and will continue to grow in the coming years.
Regional Snapshots
The North American region is expected to dominate the market in the coming years period the demand for augmented reality, and virtual reality in the healthcare sector of the North American region has increased to a great extent. The North American region had a market share of about 40 or sentence terms of revenue in the past and is expected to grow well in the coming years.
Many reasons have been instrumental in the market’s growth in the North American region. The constant research and development activities in this region due to the increased investments have proved to be a boon in the market’s growth. Adopting the latest technologies is also beneficial for the market’s growth. Initiatives taken by the government of various regions in the North American region are extremely favorable for market growth. To conduct research in virtual reality, government institutes offer funds to increase the adoption of virtual reality in the healthcare sector.
The IT services in healthcare are outsourced as there has been no growth in the pressure by the providers of healthcare. The Asia Pacific region is expected to grow at the highest compound annual growth rate in the coming years as the population of this region is growing at the highest pace. To provide better infrastructure for healthcare, governments are taking initiatives that support the market’s growth in countries like China, India, Brazil, and Mexico.
Report Scope
| Feature of the Report | Details |
| Market Size in 2022 | USD 3.5 Billion |
| Projected Market Size in 2030 | USD 11.2 Billion |
| CAGR Growth Rate | 28.12% CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | Eon Reality Inc, Layar, Bioflight VR, WorldViz, TheraSimInc, CAE, GE Healthcare, Koninklijke Philips N.V., Intuitive Surgical, Siemens Ltd, Mindmaze, and Others |
| Key Segment | By Component, Technology, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Players
- Eon Reality Inc
- Layar
- Bioflight VR
- WorldViz
- TheraSimInc
- CAE
- GE Healthcare
- Koninklijke Philips N.V.
- Intuitive Surgical
- Siemens Ltd
- Mindmaze
Recent Developments
- For treating different types of mental disorders, as many as 70 scenes in virtual reality are offered by Psious’s Toolkit, which has videos in a 360-degree format.
Segments covered in the report
By Component
- Hardware
- Software
- Services
By Technology
- Augmented reality
- Virtual reality
By Application
- Surgery
- Therapy
- Education and training
- Rehabilitation
- Pain management
- Others
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America