NEW YORK, USA, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Healthcare Augmented And Virtual Reality Market By Application (Therapy, Surgery, Rehabilitation, Education & Training, Pain Management, And Others), By End-User (Government & Defense Institutes, Hospitals, Clinics, & Surgical Centers, Research & Diagnostic Laboratories, Research Organization & Pharma Companies, And Others), By Component (Software, Hardware, And Services), By Technology (Augmented Reality And Virtual Reality), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global healthcare augmented and virtual reality market size was valued at roughly USD 2301.47 million in 2022. The market is expected to grow at a CAGR of 18.01% and is anticipated to reach a value of USD 8654.28 million by 2030.”
Healthcare Augmented and Virtual Reality Market Overview:
The healthcare augmented and virtual reality industry focuses on the application of simulation technologies to enhance the sector's overall performance. Virtual reality (VR) is a 3-dimensional simulated environment where users can interact and participate with their surroundings in a manner that completely replicates real-life interactions. Augmented reality (AR), on the other hand, is a user-enjoyed immersive experience that combines or superimposes a real-world environment with computer-generated content. AR facilitates the creation of a composite view of the environment.
The application of VR and AR technologies in healthcare is a result of the increasing incorporation of modern technologies to enhance patient care and manage complex diseases in ways that have fewer negative effects on human health. AR and VR play unique roles in the healthcare industry due to their respective advantages and distinguishing properties.
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Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 2301.47 Million |
| Market Forecast in 2030 | USD 8654.28 Million |
| Growth Rate | CAGR of 18.01% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | Philips Healthcare, Microsoft, Magic Leap, Surgical Theater, Oculus (Meta Platforms), HoloPatient (Health Scholars), DAQRI, Intuitive Surgical, Google, VirtaMed, Samsung, AccuVein, Pear Therapeutics, Osso VR, CAE Healthcare., and others. |
| Segments Covered | By Application, By End-User, By Component, By Technology, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
- The healthcare augmented and virtual reality market is projected to grow at a significant rate due to the increasing healthcare expenditure
- Based on application segmentation, education & training was predicted to show maximum market share in the year 2022
- Based on component segmentation, hardware was the leading segment in 2022
- On the basis of region, North America was the leading revenue generator in 2022
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Healthcare Augmented and Virtual Reality Market: Growth Drivers
- Increasing healthcare expenditure to drive market growth
The global healthcare augmented and virtual reality market is anticipated to expand as a result of rising healthcare expenditures. The rising population, increased demand for access to primary medical care, growing initiatives to improve patient care, and soaring demand for more effective medical procedures, particularly when dealing with complex treatments such as those involving the central nervous system are likely to drive the demand for augmented reality and virtual reality in the healthcare industry. Utilization of augmented and virtual reality systems is likely to reach new heights due to the growing number of hospitals with modern facilities and cutting-edge technology.
Healthcare Augmented and Virtual Reality Market: Restraints
- Resistance to change and lack of primary healthcare infrastructure to restrict market growth
The growth of the global healthcare augmented and virtual reality market is anticipated to be constrained by the propensity for technological ecosystems to resist change. In a number of instances, medical professionals have established routines and initially resist adopting new systems. They may not have sufficient time to engage in learning new tools or may be unfamiliar with advanced technology, which could impede the adoption of AR and VR systems in the healthcare industry.
Healthcare Augmented and Virtual Reality Market: Segmentation
The global healthcare augmented and virtual reality market is segmented based on application, end-user, technology, component, and region.
Based on application, the global market segments are therapy, surgery, rehabilitation, education & training, pain management, and others. Both AR and VR tools have separate applications in the healthcare sector. VR is typically used to conduct surgical procedures related to the nervous system while AR is used to improve the accuracy of medical procedures along with superior diagnostics.
Based on end-user, the healthcare augmented and virtual reality industry divisions are government & defense institutes, hospitals, clinics, & surgical centers, research & diagnostic laboratories, research organizations & pharma companies, and others.
Based on component, the healthcare augmented and virtual reality industry is segmented into software, hardware, and services. During 2022, the hardware segment was the most dominant and is projected to continue the same trend during the forecast period. The growth is a result of higher demand for AR and VR gadgets, headsets, 3D sensors, and other tools that facilitate the use of AR and VR technology. Based on technology, the global market segments are augmented reality and virtual reality.
Browse the full “Healthcare Augmented And Virtual Reality Market By Application (Therapy, Surgery, Rehabilitation, Education & Training, Pain Management, And Others), By End-User (Government & Defense Institutes, Hospitals, Clinics, & Surgical Centers, Research & Diagnostic Laboratories, Research Organization & Pharma Companies, And Others), By Component (Software, Hardware, And Services), By Technology (Augmented Reality And Virtual Reality), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/healthcare-augmented-and-virtual-reality-market
Regional Analysis:
- North America to witness the highest recorded revenue
The global healthcare augmented and virtual reality market will be led by North America with the US taking the lead. The presence of key giants in the advanced technology industry that are investing significantly in incorporating VR and AR into the healthcare sector is the primary driver of higher growth. Their efforts are bolstered by collaboration with medical technology manufacturers. The presence of a highly advanced, technology-driven healthcare sector and a medical community focused on research and development may become major contributors to increased regional revenue.
In addition, favorable government policies and the demand for better medical care could be advantageous for North America. Due to significantly increasing investments in healthcare infrastructure and expanding medical tourism, Asia-Pacific is anticipated to produce significant results. Countries such as China, India, Japan, and others are striving to integrate modern healthcare systems to improve patient care.
Competitive Players:
The report contains qualitative and quantitative research on the global Healthcare Augmented and Virtual Reality market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Healthcare Augmented and Virtual Reality market include;
- Philips Healthcare
- Microsoft
- Magic Leap
- Surgical Theater
- Oculus (Meta Platforms)
- HoloPatient (Health Scholars)
- DAQRI
- Intuitive Surgical
- VirtaMed
- Samsung
- AccuVein
- Pear Therapeutics
- Osso VR
- CAE Healthcare
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The global Healthcare Augmented and Virtual Reality market is segmented as follows:
- Therapy
- Surgery
- Rehabilitation
- Education & Training
- Pain Management
- Others
By End-User
- Government & Defense Institutes
- Hospitals, Clinics, & Surgical Centers
- Research & Diagnostic Laboratories
- Research Organization & Pharma Companies
- Others
By Component
- Software
- Hardware
- Services
By Technology
- Augmented Reality
- Virtual Reality
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Questions Answered in This Report:
- What is the Healthcare Augmented and Virtual Reality?
- Which key factors will influence Healthcare Augmented and Virtual Reality market growth over 2023-2030?
- What will be the value of the Healthcare Augmented and Virtual Reality market during 2023-2030?
- What will be the CAGR value of the Healthcare Augmented and Virtual Reality market during 2023-2030?
- Which region will contribute notably towards the Healthcare Augmented and Virtual Reality market value?
- Which are the major players leveraging the Healthcare Augmented and Virtual Reality market growth?
- What can be expected from the global Healthcare Augmented and Virtual Reality market report?
Key Offerings:
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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