Augmented and Virtual Reality in Healthcare Market by Component and Geography - Forecast and Analysis 2022-2026

The augmented and virtual reality in healthcare market share is expected to increase by USD 6.55 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 29.13%.

This augmented and virtual reality in healthcare market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers augmented and virtual reality in healthcare market segmentation by component (hardware and software) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). The augmented and virtual reality in healthcare market report also offers information on several market vendors, including 3D Systems Corp, AccuVein inc., Augmedix inc., CAE inc., Canon inc., EchoPixel inc., Firsthand Technology inc., intuitive Surgical inc., Koninklijke Philips NV, Laerdal Medical AS, Microsoft Corp., MindMaze SA, Orca Health inc., Psico Smart Apps SL, Siemens AG, Wipro Ltd., and WorldViz inc. among others.

What will the Augmented and Virtual Reality in Healthcare Market Size be During the Forecast Period?

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Augmented and Virtual Reality in Healthcare Market: Key Drivers, Trends, and Challenges

The growing demand for healthcare services is notably driving the augmented and virtual reality in healthcare market growth, although factors such as infrastructural and integration issues may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the augmented and virtual reality in healthcare industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Augmented and Virtual Reality in Healthcare Market Driver

• The growing demand for healthcare services is one of the key drivers supporting the augmented and virtual reality in healthcare market growth.
• The rise in the aging population across the world, as well as the global increase in disposable incomes, are two prominent factors driving the increasing adoption of and access to modern healthcare services during the forecast period. 
• The incidence of chronic diseases and the need for improved levels of medical assistance are on the rise. There is a dire need for more healthcare services as well as personnel to deal effectively with the growing number of patients.
• It is expected that soon, the volume of patients will be so high that it will be impossible to monitor and provide effective healthcare services to them manually. Thus, the shortage of skilled personnel in the healthcare industry is a key factor encouraging the implementation of advanced and upgraded technologies in the sector.
• The growing demand for healthcare services will drive the increasing adoption of augmented and virtual reality solutions in healthcare in a bid to reduce human effort, achieve operational efficiencies, and improve the overall quality of services across the entire industry.

Key Augmented and Virtual Reality in Healthcare Market Trend

• The advent of industry 4.0 is one of the key augmented and virtual reality in healthcare market trends contributing to the market growth.
• Technology has transformed the entire industrial sector, with traditional manufacturing and industrial processes being integrated with advanced technology. 
• Industry 4.0 refers to the use of emerging digital technologies and smart automation in business and production processes. This integration helps in creating connected and smart systems, which eventually leads to strategic and operational advantages. 
• The growing incorporation of the Industry 4.0 paradigm into the healthcare industry is expected to make the entire industry more advanced and intelligent as augmented and virtual reality systems are expected to deploy self-monitoring and analytic capabilities to drive operational efficiencies. 
• The integration of augmented and virtual reality systems in healthcare processes enables connectivity in systems to create a feedback loop, which, in turn, provides an opportunity to gather data and generate insights via IIoT-enabled distributed analytics to improve the efficiency and productivity of critical processes.

Key Augmented and Virtual Reality in Healthcare Market Challenge

• Infrastructural and integration issues are one of the factors hampering the augmented and virtual reality in healthcare market growth.
• The effective implementation of augmented and virtual reality solutions requires access to high-speed and high-bandwidth Internet.
• Any issue such as lack of connectivity, lack of electricity, or slow network may lead to system downtime and hamper business productivity. This is a key challenge for the effective implementation of advanced systems in the healthcare industry, especially in developing countries. 
• Various augmented and virtual reality technologies have their own configurations, leading to integration issues in an exceedingly heterogeneous information technology environment. As a result of these integration snags, end-users are expected to face interoperability issues. 
• The pharmaceutical supply chain, which plays a key role in the healthcare industry, is complex. Therefore, the implementation of augmented and virtual reality in healthcare is hampered by various infrastructural and system integration issues.

This augmented and virtual reality in healthcare market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global augmented and virtual reality in healthcare market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the augmented and virtual reality in healthcare market during the forecast period.

Who are the Major Augmented and Virtual Reality in Healthcare Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

• 3D Systems Corp
• AccuVein inc.
• Augmedix inc.
• CAE inc.
• Canon inc.
• EchoPixel inc.
• Firsthand Technology inc.
• intuitive Surgical inc.
• Koninklijke Philips NV
• Laerdal Medical AS
• Microsoft Corp.
• MindMaze SA
• Orca Health inc.
• Psico Smart Apps SL
• Siemens AG
• Wipro Ltd.
• WorldViz inc.

This statistical study of the augmented and virtual reality in healthcare market encompasses successful business strategies deployed by the key vendors. The augmented and virtual reality in healthcare market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• wipro.com - The company offers augmented and virtual reality solutions in healthcare, namely Wipro iX.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The augmented and virtual reality in healthcare market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Augmented and Virtual Reality in Healthcare Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the augmented and virtual reality in healthcare market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Augmented and Virtual Reality in Healthcare Market?

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39% of the market’s growth will originate from North America during the forecast period. The US is the key market for the augmented and virtual reality in healthcare market in North America. Market growth in this region will be slower than the growth of the market in APAC.

The advanced and mature technology landscape across the healthcare industry, specifically in the developed countries, will facilitate the augmented and virtual reality in healthcare market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID-19 Impact and Recovery Analysis

The COVID-19 outbreak adversely affected the growth of the market. However, the majority of the population in these countries is expected to be fully vaccinated against the disease, which, in turn, will lead to the recovery and growth of the market in the region during the forecast period.

What are the Revenue-generating Component Segments in the Augmented and Virtual Reality in Healthcare Market?

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The augmented and virtual reality in healthcare market share growth by the hardware segment will be significant during the forecast period. The hardware segment of the global augmented and virtual reality in healthcare market dominates due to its high volumes. The hardware segment is expected to grow at a faster rate than the software segment during the forecast period. Moreover, considering the intense competition in developing augmented and virtual reality solutions, manufacturers are engineering technologically advanced devices that can be synchronized with other devices.

This report provides an accurate prediction of the contribution of all the segments to the growth of the augmented and virtual reality in healthcare market size and actionable market insights on the post-COVID-19 impact on each segment.

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Virtual Reality Market in Healthcare- The market size is estimated to grow at a CAGR of 32.85% between 2022 and 2027. The market size is forecast to increase by USD 9,019.06 million.
 

Augmented and Virtual Reality in Healthcare Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 29.13%
Market growth 2022-2026	$6.55 billion
Market structure	Fragmented
YoY growth (%)	28.1
Regional analysis	North America, Europe, APAC, South America, and the Middle East and Africa
Performing market contribution	North America at 39%
Key consumer countries	US, China, Japan, UK, and Germany
Competitive landscape	Leading companies, Competitive Strategies, Consumer engagement scope
Key companies profiled	3D Systems Corp, AccuVein inc., Augmedix inc., CAE inc., Canon inc., EchoPixel inc., Firsthand Technology inc., intuitive Surgical inc., Koninklijke Philips NV, Laerdal Medical AS, Microsoft Corp., MindMaze SA, Orca Health inc., Psico Smart Apps SL, Siemens AG, Wipro Ltd., and WorldViz inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Augmented and Virtual Reality in Healthcare Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive augmented and virtual reality in healthcare market growth during the next five years
• Precise estimation of the augmented and virtual reality in healthcare market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the augmented and virtual reality in healthcare industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of augmented and virtual reality in healthcare market vendors

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