Augmented and Virtual Reality in Healthcare Market Size to Reach USD 19.6 Bn by 2030

Ottawa, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Augmented and Virtual Reality in Healthcare Market (By Component; By Technology; By End User; By Application) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Key Takeaways:

• By technology, the augmented reality segment contributed 60.2% revenue share in 2021.
• By component, the hardware segment accounted 67.8% revenue share in 2021.
• North America region hit 40.8% market share in 2021.
  
  

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Report highlights

• On the basis of components, the hardware segment is expected to dominate the market in the coming years period this segment has had the largest market share in the past which was about 67.8% in terms of revenue and it is expected to grow well in the coming years period the growing demand for various devices like the 3D sensors, smart glasses and the displays that are head mounted will drive the market growth in the coming years. All of these devices are used on a large scale in the healthcare sector. Simulation and training are the applications of these devices. These devices are also used on a large scale for performing various surgeries. The use of these devices in the diagnosis will also play an important role in the growth of the market in the coming years. The growing demand for hardwares that can be used in multiple applications will also play an instrumental role in the growth of the virtual reality market in the coming years period
• On the basis of application, the surgery segment is expected to have the largest market share in the coming years. They're used for performing the surgeries that are of the minimally invasive nature. Constant advancements in the technology will lead to its use in the surgeries. Many companies are entering into collaborations and partnership to provide new products in the market.
• On the basis of the technology used the augmented reality segment is expected to have the largest market share as compared to the virtual reality segment. Augmented reality had share of about 59% in the past in terms of revenue and it will continue to grow in the coming years.
  
  

Why North America region dominated the market AR and VR in healthcare market?

• North American region is expected to dominate the market in the coming years period the demand for augmented reality and virtual reality in the healthcare sector of the North American region has increased to a great extent. North American region had a market share of about 40 or sentence terms of revenue in the past and it is expected to grow well in the coming years. There are many reasons that have been instrumental in the growth of the market in the North American region.
• The constant research and development activities in this region due to the increased investments have proved to be a boon in the growth of the market. The adoption of the latest technologies is also beneficial for the growth of the market.
• Initiatives taken by the government of various regions in the North American region are extremely favorable for the growth of the market. In order to conduct research in the field of virtual reality funds are offered by the government institutes in order to increase the adoption of virtual reality in the healthcare sector. The IT services in healthcare are outsourced as there has been no growth in the pressure by the providers of health care.
  
  

Why Asia Pacific region is growing faster in AR and VR in healthcare market?

• The Asia Pacific region is expected to grow at the highest compound annual growth rate in the coming years as the population of this region is growing at the highest pace. In order to provide better infrastructure for healthcare the governments are taking initiatives that are supportive of the growth of the market in the countries like China, India, Brazil as well as Mexico.
  
  

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Scope of the Report

Market Dynamics

Drivers

The demand for the wearable technologies has increased in the recent years. The increased use of augmented reality and virtual reality has also enhanced the experience of exercise for the consumers. The use of this technology has provided the health care facilities that are more accessible and also inexpensive. The use of different types of wearable devices like goggles, fit bands, rings or expected to drive the market growth in the coming years.

The use of these devices for treating the mental health of the patients will drive the market growth in the coming years. It also helps in the treatment of depression and provides a safer environment for the patients due to which the market is expected to grow well in the coming years period the communication between the doctors and the patients is also enhanced due to the use of these devices and it also helps in understanding the treatment procedures in a better way which will drive the market growth in the coming years. The use of augmented reality and virtual reality by the psychiatrists and the surgeons is expected to drive the market growth in the coming years period

Restraints

There are many technical limitations in the industry due to which the usage of the virtual reality the augmented reality technologies will be limited. When it comes to a few healthcare conditions virtual reality may be of no use and which will hamper the growth of the market in the coming years other restaurants in the growth of the market are the specifications of the computer which is in use and the resolution of the computer.

Opportunities

There has been an increased use of augmented reality and virtual reality in diagnosis of various diseases and it also helps in planning a proper path for its treatment due to which the demand for these platforms and technologies is expected to grow in the coming years period in order to treat anxiety and depression inpatient psychiatrists are making use of these technologies on a large scale. These technologies have proven to be extremely beneficial in performing complex surgeries due to which the demand for these platforms is expected to grow well in the healthcare sector during the forecast period.

Challenges

One of the major challenges that hampers the growth of the market is the on affordability of the augmented and virtual reality platforms. The augmented reality platforms used in the healthcare sector are extremely expensive and complex. There are many security concerns or privacy concerns associated with the use of augmented reality do to which the market growth will be hampered in the coming years.

Recent Developments

• For treating different types of mental disorders as many as 70 scenes in virtual reality are offered by Psious’s Toolkit which has videos in the 360-degree format.
  
  

Market Segmentation

By Component

• Hardware
  • Sensors
    • Accelerometer
    • Gyroscope
    • Magnetometer
    • Proximity Sensor 
  • Semiconductor Component
    • Controller/processor
    • Integrated Circuits
  • Displays and Projectors
  • Position Tracker
  • Cameras
  • Others
• Software
• Services
  
  

By Technology

• Augmented Reality
  • Surgical Application
  • Rehabilitation
  • Training & Medical Education
• Virtual Reality
  • Simulation
  • Diagnostics
  • Virtual Reality Exposure Therapy (VRET)
  • Rehabilitation
  • Pain Distraction

By End User

• Hospitals, Clinics, and Surgical Centers
• Research Organizations and Pharma Companies
• Research and Diagnostics Laboratories
• Government and Defense Institutions
• Others
  
  

By Application

• Surgery
• Therapy
• Education and training
• Rehabilitation
• Pain management
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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