Healthcare AR VR Market Analysis | 2021-2026

“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 28.7% during the forecast period”.

Market Dynamics

Introduction

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 users the ability to visualize and interact with a 3D representation of bodies.

Virtual reality (VR) is a computing-generated simulation in which a person can interact with an artificial 3D environment using special goggles or gloves with sensors.

Market Drivers

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 adopting new technologies in the healthcare sector is expected to create lucrative opportunities for the players operating in the market during the forecast period.

COVID-19 Impact

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

Segments Analysis

By Component Type

“The hardware segment captured the largest market share in 2020”.

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.

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Regional Analysis

“North America dominated the market share in 2020 and Asia-Pacific is expected to grow significantly”.

The market is broken down geographically into areas, namely North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In terms of region, the market in North America accounted for the largest market share of >40% 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

The following are the key players in the Healthcare AR VR Market (arranged alphabetically)

• CAE Inc. (Canada)
• EON Reality (US)
• GE Healthcare (US)
• Hologic, Inc. (US)
• Intuitive Surgical, Inc. (US)
• Koninklijke, Philips N.V. (Netherlands)
• Layar (Netherlands)
• Siemens Healthineers AG (Germany)
• TheraSim Inc. (US)
• WorldViz (US)

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a 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.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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