Augmented and Virtual Reality in Healthcare Market by Component and Geography - Forecast and Analysis 2021-2025

The augmented reality (AR) and virtual reality (VR) in healthcare market share is expected to increase by USD 4.49 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 30.44%.

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, MEA, and South America). The augmented and virtual reality in healthcare market report also offers information on several market vendors, including 3D Systems Corp., AccuVein Inc., General Electric Co., Intuitive Surgical Inc., Koninklijke Philips NV, Microsoft Corp., Orca Health Inc., Siemens Healthineers 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 and Trends

The growing demand for healthcare services is notably driving the AR and VR 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 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 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. There is a dire need for more healthcare services as well as personnel to deal with the growing number of patients effectively. This has led to the advent of new mobile applications and systems that deploy augmented and virtual reality in the healthcare industry. The shortage of skilled personnel in the healthcare industry is a key factor in encouraging the implementation of advanced and upgraded technologies in the sector. This 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 Challenge

The infrastructural and integration issues will be a major challenge for the augmented and virtual reality in healthcare market during the forecast period. 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. The pharmaceutical supply chain, which plays a key role in the healthcare industry, is complex and involves different hardware, legacy systems, and data management, making system integration across the supply chain extremely complicated. Therefore, the implementation of augmented and virtual reality in healthcare is hampered by the 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 2021-2025.

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.
• General Electric Co.
• Intuitive Surgical Inc.
• Koninklijke Philips NV
• Microsoft Corp.
• Orca Health Inc. 
• Siemens Healthineers 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 AR and VR in healthcare market is fragmented and the vendors are deploying growth strategies such as forming strategic partnerships to compete in the market.

To make the most of the opportunities and recover from 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. 

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

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34% of the market’s growth will originate from Europe during the forecast period. The UK and Germany are the key markets for augmented and virtual reality in the healthcare industry in Europe. Market growth in Europe will be faster than the growth of the market in other regions.

The high healthcare expenditures and increasing initiatives by public and private organizations to increase the adoption of augmented and virtual reality in healthcare facilities will facilitate the augmented and virtual reality in healthcare market growth in Europe 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.

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 is expected to grow at a faster rate than the software segment. 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 AR and VR in healthcare market size and actionable market insights on post COVID-19 impact on each segment.

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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 2021-2025
• 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 AR and VR in healthcare industry across North America, Europe, APAC, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of AR and VR in healthcare market vendors

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