June 08, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Healthcare AR VR Market.
It was estimated prior to this unanticipated outbreak that the Healthcare AR VR Market is expected to grow from USD 1,525.3 million in 2020 to USD 6,707.8 million by 2026 at a CAGR of over 28.7% during the forecast period.
Augmented reality (AR) is defined as the use of displays, sensors, and cameras to overlap digital information in the real world. AR in the healthcare industry allows the users the ability to visualize and interact with a 3D representation of bodies. Virtual reality is defined as a computing generate simulation in which a person can interact with an artificial 3D environment using special goggles or gloves with sensors.
Market Dynamics
The increasing adoption of AR-VR in the healthcare sector to train healthcare professionals is one of the key factors propelling the market growth at a significant rate.
- The growth of the global healthcare AR-VR market is primarily driven by high investment in research and development activities in the healthcare sector to develop a technologically advanced solution to various healthcare problems.
- Growing emphasis on the adoption of new technologies in the healthcare sector is expected to create lucrative opportunities for the players operating in the global healthcare AR VR market during the review period.
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Segment Analysis
Based on component type, the market has been segmented into hardware, software, and service.
- The hardware segment accounted for the largest market share in 2020.
- The various types of hardware devices used in the healthcare industry include desktops, head-mounted displays, and smart glasses.
- Head-mounted displays are being widely used in applications including simulation, education, visualized data, telemedicine, video recording, and telemonitoring among others.
Based on Region, the market in North America accounted for the largest market share of around 41% in 2020.
- The market growth can be attributed to the presence of a strong healthcare infrastructure and high adoption of technologically advanced products in the region particularly in the US.
- The market in the Asia-Pacific region is expected to increase at a significant rate on account of increased spending on healthcare and increasing government initiatives to adopt advanced healthcare solutions.
Key Players:
Key players operating in the global Healthcare AR VR market are-
- CAE Inc. (Canada)
- Koninklijke, Philips N.V. (Netherlands)
- Siemens Healthineers AG (Germany)
- Hologic, Inc. (The U.S.)
- GE Healthcare (The U.S.)
- Layar (Netherlands)
- Intuitive Surgical Inc. (The U.S.)
- WorldViz (The U.S.)
- TheraSim Inc. (The U.S.)
- EON Reality (The U.S.).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Healthcare AR VR analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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