Healthcare AR VR Market Report

Market Insights

The Global 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.

Figure: Global Healthcare AR VR Market Size, 2020-2026 (USD Million)

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What are Augmented reality and Virtual Reality?

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.

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.), and
• EON Reality (The U.S.).

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.

Market Segmentation

Component Type Trends

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.

Regional Trends

Geographically, 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.

COVID-19 Impact on Global Healthcare AR VR Market

The covid-19 outbreak impacted the growth of the healthcare AR and VR market positively as there was a shortage of skilled workers in some healthcare organizations and it became easier to provide training and knowledge transfer to the healthcare professionals using augmented reality. Also, it helped the doctors to educate the patients regarding their health problems. 

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Critical Questions Answered in the Report

• What are the key trends in the global healthcare AR VR market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of the COVID-19 on global healthcare AR-VR market?
• What are the key strategies adopted by the major vendors to lead in the global healthcare AR VR market?
• What is the market share of the top vendors?

Target Audience

The following is a list of the customers that the AR-VR market aims to convert the most:

• Healthcare AR-VR manufacturers
• Healthcare AR-VR suppliers
• Healthcare AR-VR distributors
• Organizations
• Government bodies

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