Product Code: RP-ID-10352264 |
Published Date: 21 Mar 2025 |
Region: Global |
Category: Healthcare & Pharmaceuticals |
Report ID: 10352264
Market Overview:
Healthcare Augmented Reality & Virtual Reality Market Segmentation by Technology (AR Technology, and VR Technology); by Offering (Hardware, Software, and Services); by Device Type (AR Devices, and VR Devices); by End-User (Hospitals & Other Medical Facilities, Research Organizations & Pharmaceutical Companies, Diagnostics Laboratories, and Others); and by Application-Global Demand Analysis & Opportunity Outlook 2020-2030
Global Healthcare Augmented Reality & Virtual Reality Market Highlights Over 2020 - 2030
The global healthcare augmented reality & virtual reality market is estimated to garner a revenue of USD 39083.4 Million by the end of 2030 by growing at a CAGR of 35.0% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 2010.2 Million. The growth of the market can primarily be attributed to the growing concern for chronic diseases worldwide, such as cancer, heart diseases, diabetes, and stroke among others, and therefore the need for early diagnosis of these diseases by the use of advanced technologies, such as augmented reality and virtual reality. According to the statistics by the World Health Organization (WHO), in the year 2020, deaths caused due to cancer registered to around 10 Million. Moreover, the most common causes of cancer deaths in the same year were lungs with 1.80 Million deaths, colon & rectum with 935000 deaths, and liver with 830000 deaths. Augmented reality in healthcare can have a wide range of uses and benefits. Some of them include helping individuals find automated external defibrillators (AEDs), or helping new mothers struggling with breastfeeding by the use of aided devices, or helping patients with central vision loss to understand the specific condition from which they are suffering. On the other hand, virtual reality in healthcare can help healthcare professionals provide medical training to their team members, raise awareness for diseases, or even use the tool for medical marketing or treatment of patients.
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The role of augmented reality in healthcare is also to re-create real-world images of anatomical structures virtually by using head-mounted displays (HMDs). Besides this, the surge in the adoption of digital health or mhealth, along with the rise in awareness for tele-health services are also expected to create numerous opportunities for market growth. In addition to this, the rise in the adoption of the internet of medical things (IoMT) is also projected to display significant business opportunities in the near future. Additionally, the growing expenditure on healthcare is also anticipated to boost the market growth during the forecast period. According to the statistics by the World Bank, the current health expenditure as a share of GDP increased from 9.418% in the year 2013 to 9.858% in the year 2018.
Current Health Expenditure (% of GDP), World, 2013-2018
Global Healthcare Augmented Reality & Virtual Reality Market Regional Synopsis
Regionally, the global healthcare augmented reality & virtual reality market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is projected to display the largest revenue of USD 16004.6 Million by the end of 2030, up from a revenue of USD 868.4 Million in the year 2020. The growth of the market in the region can be attributed to the growing need amongst individuals for advanced diagnosis of chronic diseases, backed by the rising incidences of these diseases, especially in the United States. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), out of 10 adults in the U.S., 6 adults are known to have a chronic disease. On the other hand, the market in the Asia Pacific is expected to grow with the highest CAGR of 36.8% during the forecast period and attain a revenue of USD 8676.5 Million by the end of 2030. The market in the region is further segmented by country into China, Japan, India, South Korea, Australia, Singapore, and the Rest of APAC. Out of these, the market in China is anticipated to register the largest revenue of USD 2299.3 Million by the end of 2030, up from a revenue of USD 109.9 Million in the year 2020.
Growth Drivers and Challenges Impacting the Growth of the Global Healthcare Augmented Reality & Virtual Reality Market
Growth Drivers
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Surge in Investments and Developments in AR and VR in the Medical Industry
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Growing Penetration of Connected Devices in the Healthcare Industry
Challenges
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Concern for Data Breach
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High Cost of the Setup
Global Healthcare Augmented Reality & Virtual Reality Market Segmentation Synopsis
The global healthcare augmented reality & virtual reality market is segmented by technology into AR technology and VR technology. Out of these, the VR technology segment is anticipated to grow with the highest CAGR of 35.8% during the forecast period, while the AR technology segment is anticipated to grab the largest revenue of USD 2452.5 Million by the end of 2022. By offering, the market is segmented into hardware, software, and services. Out of these, the software segment is anticipated to garner the largest revenue of USD 20361.2 Million by the end of 2030, up from a revenue of USD 1056.6 Million in the year 2020. By device type, the market is segmented into AR devices and VR devices. Out of these, the VR devices segment is projected to grow with the highest CAGR of 35.8% during the forecast period. Moreover, by end-user, the market is segmented into hospitals & other medical facilities, research organizations & pharmaceutical companies, diagnostics laboratories, and others. Out of these, the hospitals & other medical facilities segment is anticipated to garner the largest revenue of USD 20663.7 Million by the end of 2030, up from a revenue of USD 1022.9 Million in the year 2020. The market is further segmented by application into surgery, fitness management, patient care management, pharmacy management, medical training & education, and others. Out of these, the medical training & education segment is projected to register the largest revenue of USD 10627.7 Million by the end of 2030, up from a revenue of USD 544.6 Million in the year 2020.
Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global healthcare augmented reality & virtual reality market that are included in our report are Medical Realities Ltd., Osso VR, Inc., Orca Health, Inc., Psico Smart Apps, S.L., Surgical Theater, Inc., Vuzix Corp., CAE Inc., EchoPixel, Inc., Firsthand Technology Inc., MindMaze, Inc., Google LLC, Augmedics, Koninklijke Philips N.V., Microsoft Corp., Atheer, Inc., and others.
Latest Developments in the Global Healthcare Augmented Reality & Virtual Reality Market:
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May 13th, 2021: CAE Inc. announced that it has launched its ultrasound simulator that is aided with 3D/4D scanning and multiplanar reconstruction (MPR) technology. The advanced software, known as CAE Vimedix 3.2, which is also the industry's first of its kind, offers improved fidelity, ultrasonography realism, MPR, and 3D/4D ultrasound across the entire simulation platform
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June 11th, 2020: Augmedics announced that the Johns Hopkins University in the United States, used the xvision Spine System of Augmedics in spinal fusion surgery. The device is the first Augmented Reality Guidance system that had been successfully used by surgeons for spine surgery.
Key Reasons to Buy Our Report
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The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
- Medical Realities Ltd.
- Osso VR, Inc.
- Orca Health, Inc.
- Psico Smart Apps, S.L.
- Surgical Theater, Inc.
- Vuzix Corp.
- CAE Inc.
- EchoPixel, Inc.
- Firsthand Technology Inc.
- MindMaze, Inc.
- Google LLC
- Augmedics
- Koninklijke Philips N.V.
- Microsoft Corp.
- Atheer, Inc.
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