Global Healthcare Augmented and Virtual Reality Market Share Is Expected To Grow At A CAGR Of 26.9% By 2030

03-May-2023 | Facts and Factors

According to the Facts and Factors report, the global healthcare augmented and virtual reality market size was worth around USD 2.31 billion in 2022 and is predicted to grow to around USD 19.61 billion by 2030 with a compound annual growth rate (CAGR) of roughly 26.9% between 2023 and 2030.

The industry, also known as AR/VR industry, refers to the segment of healthcare that makes use of technologies related to augmented reality (AR) and virtual reality (VR) for the improvement of patient care while also allowing the conduct of extensive training and education programs for the medical professionals who intend to use while providing medical care to the patients. The use of such advanced systems allows healthcare professionals to visualize medical scenarios and data in innovative ways. In the healthcare sector, these technologies are used for various reasons including surgical planning, pain management, remote patient monitoring, medical training simulations, and patient education. The industry is expected to grow tremendously in the coming years while navigating through certain roadblocks and challenges.

Browse the full “ Healthcare Augmented and Virtual Reality Market Size, Share, Growth Analysis Report By End-User (Government and Defense Institutions, Hospitals, Clinics, and Surgical Centers, Research and Diagnostics Laboratories, Research Organizations and Pharma Companies, and Others), By Component (Software, Hardware, and Services), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” report at https://www.fnfresearch.com/healthcare-augmented-and-virtual-reality-market

The global healthcare augmented and virtual reality market is projected to grow owing to the increasing investments in the healthcare sector, especially technological growth such as the development and adoption of 5G networks, motion tracking sensors, and high-resolution displays. The development of such advanced systems is expected to enable more research in sophisticated AR/VR systems. These technologies are used for various purposes like developing new therapies that can efficiently treat medical conditions. This is expected to assist in the industry growth during the forecast period.

Furthermore, the growing demand for remote patient care could be an important contributor to the market as there is accelerated adoption of telemedicine and telehealth. Surging demand for regular training and education in the healthcare segment is an essential contributor to the industry. Since AR/VR technologies can provide immersive training experiences to medical professionals, their adoption in learning programs is highly recommended.

However, several factors are expected to restrict market expansion and some of them are a lack of standardization along with limited technical expertise. There is a significant lack of standardization policies across the sector that leads to growing compatibility issues between different types of AR/VR solutions.

Furthermore, the use of such advanced devices necessitates specialized technical expertise. The healthcare industry may not have the availability of the required number of experts or skilled professionals for larger adoption. Furthermore, factors like limited awareness and adoption are other crucial roadblocks to market growth.

The development of specialized AR/VR solutions could provide further growth opportunities while regulatory concerns may challenge market growth.

Segmental Overview:

The global healthcare augmented and virtual reality market is segmented based on end-user, component, and region.

Based on end-user, the global market segments are government and defense institutions, hospitals, clinics, and surgical centers, research and diagnostics laboratories, research organizations and pharma companies, and others.

• In 2022, the global market registered the highest growth in the hospitals, clinics, and surgical centers segment
• Since healthcare providers are the first source of treatment and are primary caregivers, they are most likely to make use of AR/VR systems for patient treatment or care
• Furthermore, the technology is used to provide necessary training to the professionals before they can use these devices in the live environment to avoid any mishaps
• Research organizations, pharma companies, and diagnostic laboratories are also significant contributors to the global industry
• AR headset developed by Microsoft and called the HoloLens 2 is sold at a starting price of USD 3,500

Based on component, the global market divisions are software, hardware, and services

• The most significantly used component is the hardware however software and services are equally important since they ensure that the hardware provides desired results without any error
• Software programs enable healthcare providers to create, deploy, or develop different AR/VR solutions. For instance, the software programs are used to provide training to the medical staff and also to create virtual patient consultations
• The services segment includes various types of services like custom development, consulting, support, and training
• A report submitted by the Healthcare Information and Management Systems Society (HIMSS) concluded that the average yearly budget for IT training in healthcare in the US is around $1,000 per full-time employee (FTE) per year

Regional Overview:

North America is projected to register the global healthcare augmented and virtual reality market mainly driven by the growing technological advancements in the countries of the US and Canada. The region boasts of a favorable business environment and skilled workforce that fosters innovation along with a positive approach toward new technology adoption in existing systems.

Furthermore, the increasing demand for improved quality of patient care cost-efficiency, and improved patient outcomes have had a combined effect on the regional market. Asia-Pacific may grow at a high CAGR owing to the increasing population suffering from chronic conditions along with the rise in investment toward healthcare infrastructure. The growing adoption rate of highly advanced technology may act as a significant growth propeller.

Report Scope

Competitive Landscape:

The global healthcare augmented and virtual reality market is led by players like Google Inc., Microsoft Corporation, HTC Corporation, Alphabet Inc., 3D Systems Corporation, Intuitive Surgical Inc., Samsung Electronics Co. Ltd., AccuVein Inc., CAE Healthcare, Siemens Healthcare GmbH, Orca Health Inc., Philips Healthcare, Medtronic plc, Osso VR, ImmersiveTouch Inc., EON Reality Inc., and Magic Leap Inc.

Recent Developments:

• In December 2022, The Mayo Clinic, a globally renowned medical institution, announced its partnership with MediView, a growing company that deals in augmented reality medicine technology. The partnership aims to transform healthcare delivery
• In November 2022, GE Healthcare announced its partnership with MediView where the collaboration will work toward integrating medical imaging and mixed reality with the aid of OmnifyXR™ Interventional Suite System

The global healthcare augmented and virtual reality market is segmented as follows:

By End-User

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

By Component

• Software
• Hardware
• Services

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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