The AR & VR in healthcare market is expected to grow at an approximate CAGR of 30.2% during forecast period, 2022–2027.
Rising demand to reduce healthcare cost is one of the key factors driving the AR & VR in healthcare market. For instance, with the use of AR navigation system nearly USD 288 million can be saved on minimally-invasive surgical procedures in the US.
Various other factors such as rising government funding, high prevalence of chronic diseases, rising adoption of AR and VR in fitness management, increasing penetration of connected devices in the healthcare sector, and rising awareness about VR therapy are also expected to propel the growth of the market.
However, concerns regarding data privacy, lack of expertise among medical practitioners, and lack of competence in deployment of the AR and VR solutions can hinder the market growth over the forecast period.
Some of the key players in the AR & VR in healthcare market are Atheer, Augmedix, Daqri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc., SURGICAL THEATER, LLC, Orca Health, Inc., Hologic Inc., 3D Systems, Inc., and others.
The AR & VR in Healthcare Market is segmented based on technology, offering, device type, application, end user, and region.
The global market for virtual and augmented reality in healthcare is segmented into AR technology and VR technology. The AR technology segment is further classified as marker-based AR and markerless AR. The marker-based AR segment includes passive marker, and active marker. The markerless AR segment includes model-based tracking, and image processing-based tracking. The VR technology segment is further classified as nonimmersive technology, and semi-immersive and fully immersive technologies.
Based on offering, the market is segmented into hardware components and software. The hardware components segment is further classified as sensors, semiconductor component, displays and projectors, position tracker, cameras, and others. The sensors segment includes accelerometer, gyroscope, magnetometer, and proximity sensor. The semiconductor component segment includes controller/processor, and integrated circuits. The software segment is further classified as software development kits, and cloud-based services.
Based on device type, the market is segmented into AR device type, and VR device type. The AR device type segment is further classified as head-mounted display, and handheld device. The VR device type segment is further classified as head-mounted display, gesture-tracking device, and projectors and display walls. The gesture-tracking device segment includes data gloves, and others.
Based on application, the market is segmented into fitness management, patient care management, surgery, pharmacy management, medical training and education, and others.
Based on end user, the market is segmented into hospitals & clinics, surgical centres, pharmaceutical companies, research and academic institutes, and others.
The Americas dominated the global market for AR & VR in healthcare owing to the rising demand to reduce healthcare cost and presence of major market players.
In 2017, it was estimated that Europe stood second in the AR & VR in healthcare market. This can be attributed to the rising funding for innovation and increasing technological advancements. For instance, the European Union’s Horizon 2020 programme is allocating nearly USD 91.51 billion of funding over seven years for research and innovation.
Asia Pacific was projected to be the fastest growing region in 2017. Increasing healthcare expenditure and high prevalence of chronic diseases drives the regional markets of the Asia Pacific region.
On the other hand, the Middle East and Africa held least share in the AR & VR in healthcare market due to the low per capita income and stringent government policies, especially within the African region.
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