Augmented Reality and Virtual Reality in Healthcare Market by Component (Hardware), Application (Surgery), Technology (Augmented Reality), End-Use (Hospitals), and Region (Asia Pacific, Europe, North America, Middle East, and Africa, Latin America), and forecast period-2022 – 2030 (Updated Version Available)

Augmented Reality and Virtual Reality in Healthcare Market Insights:

Augmented reality and virtual reality in the healthcare market was valued at USD 2.69 Billion in 2021, registering a CAGR of 27.5% during the forecast period (2022-2030), and the market is projected to be worth USD 23.9 Billion by 2030.The augmented reality and virtual reality (AR & VR) technologies offer interactive simulator solutions for medical training and general diagnostics. The surgery simulations such as touch surgery, surgery squad, and medical realities help medical professionals for practicing complex surgeries, especially the brain and spinal surgeries. For instance, the Xvision Spine AR guidance system was launched by an American firm named Augmedics for the simulation of spine surgeries. Thus, the increased use of simulation for surgeries is expected to support the growth of augmented reality and virtual reality in the healthcare market in the forecast period.

The AR-based learning modules are also developed for providing image visualization to train medical professionals in complex surgeries. For instance, in February 2019, Philips Healthcare partnered with Azurion and Microsoft to create a mixed reality concept that provides a 3D holographic AR environment to assist surgeons through multiple image modalities of the patient’s body.  Thus, such training of medical professionals is expected to boost the use of augmented reality and virtual reality in healthcare. Based on region, North America is projected to contribute the largest revenue share to the growth of augmented reality and virtual reality in the healthcare market. The factors such as the growing adoption of AR & VR technologies in surgical training programs, and rising research and development investments by major players such as Google and Microsoft support the growth of augmented reality and virtual reality in the healthcare market.

Augmented Reality and Virtual Reality in Healthcare Market Dynamics:

Augmented reality is a technological innovation that provides users with an interactive blended experience of the real world and computer-generated elements. On the contrary, virtual reality is a complete virtual experience with no connection to the real world. The combination of both technologies is used in the medical industry to develop interactive simulation solutions that assist surgeons to train for complex surgeries such as Craniectomy, Oesophagectomy, Spinal osteomyelitis surgery, and others.

Driver:

The factors such as higher adoption of augmented and virtual reality techniques in diagnostics and surgeries, increased use of AR technologies for training medical personnel, and growing visualization and simulation preferences in the medical industry fuel the growth of augmented reality and virtual reality in the healthcare market. Also, factors such as immersive learning modules for medical research purposes and rapid digitalization of healthcare drive market growth during the forecast period.

Restraint:

The risks of privacy and data security and the increased probability of inaccurate augmentation due to image latency are expected to hamper the growth of augmented reality and virtual reality in the healthcare market. Also, the factors such as lack of technical proficiency in medical professionals, social issues such as public acceptance, and reduced adoption in local clinics which are dependent on manual systems restrain the growth of augmented reality and virtual reality in the healthcare market.

Opportunity:

The surge in research and development studies for the integration of simulation-based training systems and increased government support for the expansion of AR & VR technology in healthcare is anticipated to create profitable opportunities for the growth of augmented reality and virtual reality in the healthcare market.                                                           

COVID-19 Analysis of Augmented Reality and Virtual Reality in the Healthcare Market:

Augmented reality and virtual reality in the healthcare market have been positively impacted during the COVID-19 pandemic in different parts of the world. The factors such as increased pace of treatment deliveries, emphasis on studying the impact of virus strain, and surge in medical marketing during COVID-19 supported the growth of augmented reality and virtual reality in the healthcare market. However, augmented reality and virtual reality in healthcare was initially affected due to manufacturing restriction and disruptions in the supply chain. As a result, it is determined that COVID-19’s overall impact on augmented reality and virtual reality in the healthcare market is average. Post COVID-19 there was a definite positive impact on augmented reality and virtual reality in the healthcare market. The factors such as increased adoption of virtual reality for patient assistance, the surge in virtual rehab sessions, and the rise in the demand for interactive and online interactive classes supported the growth of augmented reality and virtual reality in the healthcare market.

Augmented Reality and Virtual Reality in Healthcare Report Coverage:

Report Attributes	Report Details
Study Timeline	2016-2030
Market Size in 2030 (USD Billion)	23.9 Billion
CAGR (2022-2030)	27.5%
By Component	Hardware, Software, and Services
By Application	Pain Management, Medical Training and Education, Pharmacy Management and Surgery
By Technology	Augmented Reality and Virtual Reality
By End-use	Hospitals, Clinics, Surgical Centers, Research Organizations, Pharma Companies
By Geography	North America– (U.S., Canada, Mexico) Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe) Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific) Latin America- (Brazil, Argentina, Chile, Rest of Latin America) Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA)
Key Players	Atheer, Augmedix, Medical Realities, GE Healthcare, Koninklijke Philips N.V., Intuitive Surgical, Siemens Ltd, Bioflight VR, WorldViz, TheraSim Inc, Mindmaze.

Augmented Reality and Virtual Reality in Healthcare Market Segment Analysis:

By Component

The component segment is divided into hardware, software, and services. In 2021, the hardware segment contributed the largest revenue share of 67.8% to the growth of augmented reality and virtual reality in the healthcare market. The factors such as the high rate of adoption, convenience, and easy availability of AR and VR devices such as smart glasses, head-mounted displays, and 3D sensors are expected to boost the growth of the hardware segment.  The increased use of head-mounted devices and smart glasses for simulation and training purposes combined with assistance in surgeries, diagnostics, and telementoring is also estimated to support the hardware segment during the projected period. Furthermore, the software segment is also anticipated to witness significant growth over the forecast period due to recent advancements in designing apps such as ScopeAR, Eyedecide, and ModiFace which help in the detection of eye conditions. Additionally, the factors such as huge development in clinical interconnectivity and increased accessibility to network services are also expected to support augmented reality and virtual reality in healthcare market growth in the forecast period.

By Application

The application segment is segregated into pain management, medical training and education, pharmacy management, and surgery. The pain management segment is expected to witness significant growth during the projected period owing to the increased adoption of technology for medical training and the education of professionals. Additionally, the factors such as increased aid in reducing discomfort during painful operations like open surgeries, skin grafts, and dressing the bandages to burn patients supported the growth of the pain management segment. The patients undergoing the surgical interventions are distracted by the headset content which aids in the reduction of pain.  Furthermore, the surgery segment is also anticipated to witness the fastest growth during the forecast period. The major factor which is expected to support the growth of the surgery segment during the forecast period is the creation of a three-dimensional model with the increased use of MRI and CT images is a major factor that aids surgeons in the prevention of mistakes.

By Technology

The technology segment is divided into augmented reality and virtual reality. The augmented reality segment is anticipated to contribute the largest revenue share of 60.1% in 2021. The factors such as rising investments from public and private ventures, increased emphasis on efficient treatment using wearables such as smart glasses and head-mounted display devices, and price reduction of the head-mounted devices are expected to contribute to the growth of the augmented reality segment. Additionally, the virtual reality segment is also anticipated to witness substantial growth during the projected period due to increased use of exposure therapies for the treatment of phobias such as fear of heights, claustrophobia, and driving. Also, the factors such as surging demand for the latest innovative diagnostic methods increased incidences of neurological disorders and the growing use of three-dimensional models for surgical training of medical professionals are expected to fuel the growth of virtual reality technology during the forecast period.

By End-Use  

The end-user segment is characterized by hospitals, clinics, surgical centers, research organizations, and pharma companies. The hospital segment held the largest market share of over 43.5% in 2021 owing to the increased adoption of AR & VR tools in hospital settings. The factors such as growing medical training of professionals in areas such as operative & postoperative services and anatomy and increased efforts of reducing the costs of AR & VR devices by leading healthcare institutions such as Augmedics, EchoPixel, Surgical Theater, and others are estimated to support the growth of the hospital segment. Also, the surgical centers are projected to witness significant growth during the projected period due to enhanced 2D imaging scans of patients, growing usage of 3D models for 360-degree reconstruction of patient bodies, and surging numbers of skilled surgeons performing complex surgeries such as neurological, abdominal, and cardiological. Hence, the above-mentioned segments are expected to boost the growth of augmented reality and virtual reality in the healthcare market in the forecast period.

By Region

The regional segment includes Asia Pacific, Europe, North America, Middle East, and Africa, Latin America. In 2021, North America accounted for the largest market revenue of over 40.9% owing to the surge in research and development investments, higher adoption of AR & VR technologies for medical training and surgery practices, and favorable initiatives from the government. Moreover, the rise in medical incidences that require surgical interventions such as joint replacement, organ replacement, heart surgeries, and others and increased adoption of immersive virtual reality in medical procedures are anticipated to support the growth of augmented reality and virtual reality in the healthcare market in the North American region.

The Asia Pacific region is also expected to register significant growth during the forecast period. The major economies in the Asia Pacific region such as China, Japan, and India are anticipated to lead the augmented reality and virtual reality in the healthcare market in terms of revenue. The factors such as the high market potential for offering outsourced services of AR and VR technologies to the healthcare industry and rising expenditure on the development of technologically integrated medical facilities are expected to boost the growth of augmented reality and virtual reality in the healthcare market in the Asia Pacific region.

Augmented Reality and Virtual Reality in Healthcare Market Competitive Landscape:

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Further, the surge in Research and Development (R&D), product innovation, various business strategies, and Application launches have accelerated the growth of the Sample Preparation market. Key players in the market include-

• Medical Realities
• WorldViz
• Intuitive Surgical
• Atheer
• Augmedix
• GE Healthcare
• Koninklijke Philips N.V.
• Siemens Ltd
• Bioflight VR
• TheraSim Inc
• Mindmaze

Table of Content

1. Introduction
   • Market Introduction
   • Market Research Methodology
     • Research Process
     • Primary Research
     • Secondary Research
     • Data Collection Technique
     • Data Sources
   • Market Estimation Methodology
     • Limitations of the Study
   • Product Picture of Augmented Reality and Virtual Reality in Healthcare
   • Global Augmented Reality and Virtual Reality in Healthcare Market: Classification
   • Geographic Scope
   • Years Considered for the Study
   • Research Methodology in brief
   • Parent Market Overview
   • Overall Augmented Reality and Virtual Reality in Healthcare Market Regional Demand
   • Research Programs/Design
   • Market Breakdown and Data Triangulation Approach
   • Data Source
   • Secondary Sources
   • Primary Sources
   • Primary Interviews
   • Average primary breakdown ratio
2. Market Dynamics
   • Drivers
     • Drivers
   • Restraints
     • Restraints
   • Opportunity
     • Impact forces on market dynamics
     • Impact forces during the forecast years
   • Industry Value Chain
     • Upstream analysis
     • Downstream analysis
     • Distribution Channel
     • Direct Channel
     • Indirect Channel
   • Potential Customers
   • Manufacturing/Operational Cost Analysis
   • Pricing Analysis by Region
   • Key Technology Landscape
   • Regulatory Analysis
   • Porter’s Analysis
     • Supplier Power
     • Buyer Power
     • Substitution Threat
     • Threat from New Entry
     • Competitive Rivalry
   • PESTEL Analysis
   • Political Factors
   • Economic Factor
   • Social Factors
   • Technological Factor
   • Environmental Factors
   • Legal Factor
   • Covid-19 impact on Global Economy
   • Covid-19 impact on Augmented Reality and Virtual Reality in Healthcare demand
   • Post-Covid Impact on Augmented Reality and Virtual Reality in Healthcare Market Demand
   • Impact Analysis of Russia-Ukraine Conflict
3. Global Augmented Reality and Virtual Reality in Healthcare Market Segmentation, by Revenue (USD Billion), (2022-2030)
   • By Component
     • Hardware
     • Software
     • Services
   • By Application
     • Pain Management
     • Medical Training and Education
     • Pharmacy Management
     • Surgery
   • By Technology
     • Augmented Reality
     • Virtual Reality
   • By End-Use
     • Hospital
     • Clinics
     • Surgical Centers
     • Research Organizations
     • Pharma Companies

4. Global Augmented Reality and Virtual Reality in Healthcare Market Overview, By Region
   • North America Augmented Reality and Virtual Reality in Healthcare Market Revenue (USD Billion), by Countries, (2022-2030)
     • US
       • By Component
       • By Application
       • By Technology
       • By End-Use
     • Canada
     • Mexico
   • Europe Augmented Reality and Virtual Reality in Healthcare Market Revenue (USD Billion), by Countries, (2022-2030)
     • France
     • UK
     • Spain
     • Russia
     • Italy
     • BENELUX
   • Asia Pacific Augmented Reality and Virtual Reality in Healthcare Market Revenue (USD Billion), by Countries, (2022-2030)
     • China
     • Japan
     • Australia
     • South Korea
     • India
     • ASEAN

5. Latin America Augmented Reality and Virtual Reality in Healthcare Market Revenue (USD Billion), by Countries, (2022-2030)
   • Brazil
   • Argentina
   • Chile
6. Middle East and Africa Augmented Reality and Virtual Reality in Healthcare Market Revenue (USD Billion), by Countries, (2022-2030)
   • GCC
   • Turkey
   • South Africa
7. Global Augmented Reality and Virtual Reality in Healthcare Market Revenue: Competitive Analysis, 2021
   • Key strategies by players
   • Revenue (USD Billion and %), By manufacturers, 2021
   • Player Positioning by Market Players, 2021
8. Competitive Analysis
   • Medical Realities
     • Business Overview
     • Business Financials (USD Billion)
     • Product Category, Type, and Specification
     • Main Business/Business Overview
     • Geographical Analysis
     • Recent Development
     • Swot Analysis
   • Atheer
   • Augmedix
   • GE Healthcare
   • Koninklijke Philips N.V.
   • Intuitive Surgical
   • Siemens Ltd
   • Bioflight VR
   • WorldViz
   • TheraSim Inc
   • Mindmaze
9. Market Research Findings & Conclusion

Disclaimer

Research Methodology

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