Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market to Demonstrate Immense Growth Potential at 30.2% CAGR by 2023
Augmented Reality (ar) & Virtual Reality (vr) In Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Global Forecast Till 2023
The Augmented Reality (ar) and Virtual Reality (vr) In Healthcare market is predicted to grow at a 30.2% CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report. The medical field and healthcare have embraced VR and AR in a big way. Right from diagnosing a patient’s illness to training new doctors and more, it finds multiple uses in the healthcare industry. AR & VR in the healthcare sector is widely used to improve surgery methods, treating psychiatric and neurological conditions, and also as a part of hospice care.
Various factors are propelling the Augmented and Virtual Reality In Healthcare market growth. These factors, according to the latest MRFR report, include extensive use in medical training and diagnosing illness, growing need to reduce healthcare cost, rising awareness about the benefits of using AR & VR, increasing penetration of IoT in the healthcare sector, increasing adoption in the fitness management, and increasing government funding.
Augmented and Virtual Reality In Healthcare Market Key Players
Leading players profiled in the Augmented and Virtual Reality In Healthcare market report include 3D Systems, Inc., Orca Health, Inc., Hologic Inc., Osso VR Inc., SURGICAL THEATER, LLC, EchoPixel, Inc., Oculus VR, Mindmaze, Psious, Medical Realities, Microsoft, Firsthand Technology, Augmedix, Daqri, Atheer, Google, and others.
September 2019: XRHealth has entered into a partnership with Allscripts to offer an integrated virtual reality/augmented reality platform. This partnership will allow medical professionals in prescribing and monitoring the progress of virtual reality/augmented reality therapies on patient health and also offer physicians on platform in viewing all critical patient information.
Augmented and Virtual Reality In Healthcare Market Segmentation
The MRFR report provides a complete segmental analysis of the Augmented and Virtual Reality In Healthcare market report on the basis of end user, application, offering, device type, and technology.
Based on technology, the Augmented and Virtual Reality In Healthcare market is segmented into AR and VR technology. The AR technology is again segmented into markerless AR and marker-based AR. The marker-based AR segment is further segmented into active marker and passive marker. The markerless AR segment is further segmented into model-based tracking and image processing-based tracking. The VR technology segment is again segmented into non-immersive technology, semi-immersive technology, and fully-immersive technology.
Based on offering, the Augmented and Virtual Reality In Healthcare market is segmented into software and hardware. The hardware segment is again segmented into displays and projectors, cameras, position tracker, sensors, and semiconductor component. The sensors segment is again segmented into proximity sensor, magnetometer, gyroscope, and accelerometer. The semiconductor segment is again segmented into integrated circuits and controller/processor. The software segment is again segmented into cloud-based services and software development kits. Of these, the hardware components segment will have the largest share in the market over the forecast period.
Based on type, the Augmented and Virtual Reality In Healthcare market is segmented into VR device type and AR device type. Of these, the AR device segment is again segmented into handheld device and head-mounted display. The VR device segment is again segmented into projectors and display walls, gesture tracking device, and head-mounted display.
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Based on application, the Augmented and Virtual Reality In Healthcare market is segmented into academic institutes, pharmacy, surgery, fitness management, and patient care management.
Based on end use, the Augmented and Virtual Reality In Healthcare market is segmented into academic research institutes, pharmaceutical companies, and hospitals and clinics. Of these, the hospitals and clinics segment will lead the market over the forecast period.
Augmented and Virtual Reality In Healthcare Market Regional Analysis
By region, the Augmented and Virtual Reality In Healthcare market report covers the latest trends and growth opportunities across the Asia Pacific, Europe, the Americas, and the Middle East and Africa. Of these, the Americas will lead the market over the forecast period. This is chiefly on account of the growing demand for the reduction of healthcare costs in this region.
The Augmented and Virtual Reality In Healthcare market in Europe is predicted to have the second-largest share in the market over the forecast period. Factors aiding growth in the region include increasing technological advancements and increasing funding for innovation.
The global Augmented and Virtual Reality In Healthcare market in the APAC region is predicted to grow at the fastest CAGR over the forecast period. Factors aiding growth in the region include high prevalence of chronic diseases and increasing healthcare expenditure.
The global Augmented and Virtual Reality In Healthcare market in the Middle East and Africa will have a small share in the market over the forecast period due to strict government policies and low per capita income, especially in Africa.