Market Overview
The global virtual and Augmented reality in healthcare market reached US$ YY billion in 2022 and is expected to reach US$ YY billion by 2030 growing with a CAGR of YY% during the forecast period 2024-2031.
The virtual and augmented reality in healthcare market trends show rising services launches owing to the rising technological advancements and usage of AI. In a 360-degree virtual reality experience, users can interact with and alter their surroundings. Over concrete reality, it adds an interactive layer that enables several chances for event advertising.
Furthermore, rising adoption of products for virtual and augmented reality in healthcare due to the rising availability of technology, application and component and increase in the number of software in the market, and an increase in the research and development is driving up the virtual and augmented reality in healthcare market size.
The market is experiencing a growth demand for products from North American areas as a result of the rising advancements in this field. With significant competitors like Real Response, Microsoft, Laerdal Medical, and Koninklijke Philips N.V. actively operating in the market.
Market Scope
| Metrics | Details |
| CAGR | YY% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2023-2030 |
| Data Availability | Value (US$) |
| Segments Covered | Component, Application, Technology, End User |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Increasing adoption of Virtual Reality for Simulation Training Drive the Growth of the Virtual and augmented Reality in Healthcare Market
The use of AR/VR technologies has grown significantly in the healthcare industry. With the use of VR simulation, surgeons may plan operations in advance, anticipate situations that might endanger patients, and frequently do less invasive treatments. Additionally, breakthroughs have been made in the use of VR and AR for tele-health services and for the management of post-traumatic stress disorder, respectively.
Tourism and marketing have seen a growth in the usage of AR technologies, which allow users to scan a QR code to access more content or media. These codes are now present in brochures, advertisements, as well as on the edges of artworks. The market is predicted to take the lead throughout the forecast period as a consequence of the aforementioned claims.
Rising Advancements and Applications of VR in Healthcare Creates Opportunities for the Growth of the Market
Several researches are being conducted by researchers for discovering novel applications utilizing virtual reality. On June 22, 2023, the cutting-edge surgical planning technology from ImmersiveTouch, which generates augmenteded and virtual reality 3D models of patients' anatomies for improved visualization, personalized surgical solutions, and enhanced patient communication, is being used for the first time by Northwell Lenox Hill Hospital in New York State.
The FDA-approved system imports common imaging files, such as CT and MRI images, to instantly create a virtual 3D model of a patient's anatomy. These developments shorten the interval between preoperative preparation and surgery by streamlining the production of personalized digital blueprints, surgical guidance, and reconstructive hardware. These kind of research and advancements will lead to growth of virtual and augmented reality in healthcare.
Technical limitations Associated with Virtual and augmented Reality in Healthcare will hamper the growth of the market
Several challenges are linked with the virtual and augmented reality in healthcare one of them is technical limitations. Responses to this large category, which covers a wide range of use cases, reflect this. The size of VR devices may prevent some people from using them in specific healthcare contexts. Others may find that a pocket-sized PC can only offer so much immersion through mobile VR platforms.
Some medical centers may additionally face restrictions due to device resolution and computer constraints. Members of the VRARA Digital Health Committee are developing short-term solutions to these problems. We are certain that as a result of Moore's law and market competitiveness, both size and power will advance over time in this field as well.
Market Segment Analysis
The global virtual and augmented reality in healthcare market is segmented based component, application, technology, end user and region.
Owing to High Demand, the Services from Component Segment Accounted for Approximately 57.7% of the Virtual and augmented Reality in Healthcare Market Share
The services category from components held the largest market share in 2022 and is expected to maintain its dominance over the forecast period due to a growth in surgical or medical simulation training worldwide, amongst the population. Numerous services are currently available in the market including medical or educational training for students , nurses or doctors specially on simulation training platform services. In order to provide students and healthcare providers with access to the virtual training.
For instance on March 7, 2023, an innovative virtual reality program for orthopedic training was announced by PrecisionOS, a top provider of medical education simulation. A comprehensive reference designed for all residency schemes in North America and abroad has been created by the company. The curriculum, developed with collaboration from several surgeon educators, is intended to improve the way surgical fellows are trained while also making it more current and supportive of skill development and milestones in surgical training.
Source: DataM Intelligence Analysis (2023)
Geographical Penetration Share
North America Accounted for Approximately 38.5% of the Market Share in 2022, Owing to the Strong Presence of Major Players and Increasing Healthcare Infrastructure Investment
Due to the rising need for virtual and augmented reality in healthcare for knowledge purpose in healthcare, manufacturers in North America have chances of increasing their operations. There are many producers and suppliers in North America and owing to the quick economic growth of the region, industrial production has expanded, driving the demand for virtual and augmented reality in healthcare for treatment.
Increasing expenditure on healthcare and rising adoption among end users, advancement of technologies for component or technology, and increase in pharmaceutical business establishment across the region are also contributing to the growth of virtual and augmented reality in healthcare market share of this region.
It is also anticipated that the main healthcare organizations' and enterprises' collaborative research projects as well as new product development, which constantly seeks to improve available simulation training alternatives, will contribute to the expanding demand. Individuals are becoming more aware of various advanced products that are being utilized for providing better services, leading to the expansion of the market in this region. The above-mentioned factors further proves the dominance of North America on a global scale.
Source: DataM Intelligence Analysis (2023)
Competitive Landscape
The major global players in the virtual and augmented reality in healthcare market include Real Response, Microsoft, Laerdal Medical, CAE Healthcare Inc., GE HealthCare, Koninklijke Philips N.V., Fundamental Surgery, ImmersiveTouch, Inc., PrecisionOS and Atheer, Inc among others.
COVID-19 Impact Analysis
Russia Ukraine Conflict Analysis
Due to the low prevalence as well as absence of major market participants in this region, it is predicted that the Russia-Ukraine conflict will not have a significant effect on the worldwide virtual and augmented reality in healthcare market. The growth of the global virtual and augmented reality in healthcare market, however, is anticipated to be relatively unaffected by the import and export of raw materials over the forecast period.
Key Developments
- On January 19, 2023, the creation of vrClinicals for Nursing, a fully immersive virtual reality (VR) nursing training experience aimed at enhancing practice preparedness, was announced by Wolters Kluwer, Health, and Laerdal Medical. The National League for Nursing (NLN) created evidence-based scenarios for vrClinicals that imitate a genuine hospital setting and include demanding components like multiple patient scenarios and interruptions in order to better prepare students for providing high-quality patient care.
- On May 18, 2023, PrecisionOS is proud to announce the release of their new shoulder simulation module. PrecisionOS is an established supplier of virtual reality orthopedic surgery education. This instructional module, which is sponsored by CONMED, intends to inform students of the pertinent theories relating to rotator cuff restoration. Medical institutions can provide residents and fellows with the chance to learn arthroscopic double-row rotator cuff restoration in a realistic, risk-free setting with the help of this module.
- On January 17, 2020, in its first training solutions for Microsoft HoloLens 2, CAE Healthcare says it would incorporate holographic, model-based physiology in its patient simulators. By presenting 3D, interactive cardiac, circulatory and respiratory systems that help learners visualize human anatomy, mixed reality applications will speed up learning.
Why Purchase the Report?
- To visualize the global virtual and augmented reality in healthcare market segmentation based on component, application, technology, end user and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of virtual and augmented reality in healthcare market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global virtual and augmented reality in healthcare market report would provide approximately 53 tables, 54 figures and 195 Pages.
Target Audience 2023
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
