Global Augmented Reality & Virtual Reality Market By Component By Technology as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2023-2032
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Report Overview
The global Augmented reality & Virtual reality market size is expected to be worth around USD 26.38 Billion by 2031 from USD 2.5 Billion in 2022, growing at a CAGR of 26.8% during the forecast period from 2022 to 2032.
Key factors anticipated to drive the adoption and growth of AR and VR technologies in healthcare are technological advancements and the digitalization of the healthcare sector. These technologies are widely used in the healthcare segment, including surgeries, diagnosis, rehabilitation, education, and training.
This market report gives a detailed analysis of the timber market size, share, growth, key trends, and other factors.
Global Augmented Reality & Virtual Reality Market Scope:
Component Analysis
The largest share of the virtual reality market share, 68.5%, was accounted for by the hardware segment in augmented reality and virtual realities in the healthcare industry. AR & VR in healthcare is dominated by devices such as head-mounted displays, smart glasses, and 3D sensors. Smart glasses and head-mounted devices are used extensively in training and simulation, diagnostics, telementoring, and other applications. The AR/VR hardware segment was the market leader in 2021. It has a large commercialized product base and high adoption rates, particularly in developed countries. Additionally, using single hardware in multiple applications is a key factor that is expected to increase in usage and impact the market for AR/VR in healthcare. The software segment is also slated to grow rapidly over the forecast period due to technological advances in in-app design, including apps like EyeDecide, which measures various parameters to detect eye conditions. Apps such as Applied VR can also be used to help patients overcome anxiety during surgery. There has been a lot of progress in interconnectivity and network service that has allowed patients to access these platforms.
Technology Analysis
Based on technology, the augmented and virtual reality market segmentation dominated the healthcare market and accounted for 60.3% of total revenues in 2021. Augmented reality lets users see 3D objects and the surrounding environment through wearables like smart manufacturing glasses and head-mounted display devices. Technological advancements increase in demand for efficient treatment, rising public & private investments, and a surge in mergers & acquisitions are some factors driving the demand for head-augmented realities. However, many other factors are slated to fuel the market for virtual reality. A virtual environment allows users to interact with a 3-dimensional environment. It also offers significant potential for pain management and rehabilitation. Virtual environment reality exposure therapy can treat phobias like fear of heights, driving, claustrophobia, and other post-traumatic stress disorders. This market continues to grow because of factors such as a spike in neurological disorders and a growing demand for more diagnostic methods.
Key Market Segments:
Component :
- Hardware
- Software
- Services
Technology :
- Augmented Reality
- Surgical Application
- Rehabilitation
- Training & Medical Education
- Virtual Reality
- Simulation
- Diagnostics
- Others
Market Dynamics:
Surgery and diagnostics are increasingly using virtual and augmented reality techniques. Systems such as touch surgery use virtual reality to show the anatomy and physiology of patients. This will allow surgeons to understand the anatomy better and provide opportunities for them to perform their surgeries effectively. In recent years, one of the main factors behind market growth has been the increasing adoption of augmented reality and virtual reality technologies in medical surgery to improve surgical procedures and increase efficiency. Augmedics, for example, launched the Augvision Spine AR guidance system in the U.S. in December 2019. This allows surgeons to see the 3D anatomy of patients during surgery. The U.S. FDA also approved Augmedics for Xvision in December 2019. AR is also being used by medical personnel for training and education purposes. AR-based learning modules offer anatomical simulation and visualization, which gives medical professionals a richer learning experience. These learning modules can also help patients understand treatment flows and how to manage them. AR-based image visualization aids surgeons by enhancing their precision and accuracy during complex operations. In February 2019, Philips Healthcare partnered with Microsoft and Azurion to create a mixed-reality concept that provides a 3D environment. It is derived from multiple images to aid surgeons.
Regional Analysis
According to region, North America was the fastest-growing regional market for Augmented Reality (AR) and Virtual tour Reality (VR) in the healthcare industry. It accounted for 41.2% of total revenues in 2021. major Factors driving this region’s growth include higher adoption of these technologies and investments toward R&D activities. The National Institute of Health of the United States offers funds to support research into the virtual tour reality industry and its use in healthcare. Due to increasing pressure from payers and healthcare providers to lower treatment costs, North American healthcare IT services are on the rise. This has positively impacted the revenue growth opportunity of virtual tour reality and augmented reality in the healthcare market in North America. The Asia Pacific is slated to be the fastest-growing market due to increased awareness and improved healthcare infrastructure. To outsource services related to AR and VR advanced technology in healthcare, developing markets like India, Brazil, China, and Mexico are fast-becoming attractive destinations for these services. Due to a lack of awareness and lower adoption of these technologies by the populace, Latin America, the Middle East, and Asia Pacific remain at a very early nascent stage of development. Countries like Israel and UAE are indexing an increase in healthcare spending and high-quality healthcare services. This is anticipated to further propel regional market growth over the forecast period.
Key Regions and Countries Covered in This Market Report:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- MEA
- GCC
- South Africa
- Israel
- Rest of MEA
To counter the competition, the market for augmented reality/virtual reality in healthcare is registering a spike in investments toward R&D activities and a growing number of mergers & acquisitions being secured. Mindmaze and Bio flight VR are two of many startups that have introduced new applications for these technologies to the healthcare sector. Some of the most prominent players in the augmented and virtual reality market for healthcare are as follows.
Market Key Players:
- Mindmaze
- Eon Reality Inc.
- TheraSim Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Magic leap, inc.
- Vuzix Corporation
- HTC Corporation
- Nokia Corporation
- Boyd corporation
- Intuitive Surgical
- Facebook inc.
- karuna labs inc.
- Blippar group limited
- Cyberglove Systems inc.
- Apple inc.
- CAE
- Layar
- Google LLC
- sony corporation
- Other Key Market Players
For the Augmented Reality and Virtual Reality Market research study, the following years have been considered to estimate the market size:
Attribute Report Details Market Size in 2022
USD 2.5 Billion
Growth Rate
26.8%
Forecast Value in 2032
US$ 26.38 Billion
Historical Years
2016-2020
Base Year
2021
Estimated Year
2022
Short Term Projection Year
2028
Projected Year
2023
Long Term Projection Year
2032
Report Coverage
Competitive Landscape, Revenue analysis, Company Share Analysis, Manufacturers Analysis, Volume by Manufacturers, Key Segments, Key company analysis, Market Trends, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis, strategy for existing players to grab maximum market share, and more.
Regional Scope
North America, Europe, Asia-Pacific, South America, Middle East & Africa
Country Scope
United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Frequently Asked Questions (FAQ)
Q. What is the size of the augmented reality & virtual reality market in 2021?
The augmented reality & virtual reality market size was USD 2,544 million in 2021.
Q. What is the projected CAGR at which the augmented reality & virtual reality market is expected to grow?
The augmented reality & virtual reality market is expected to grow at a Compound Annual Growth Rate (CAGR) of 26.8% (2023-2032)
Q. List the key industry major players of the augmented reality & virtual reality market.
Mindmaze, Eon Reality Inc., TheraSim Inc., magic leap inc., GE Healthcare, Boyd Corporation, Koninklijke Philips N.V., HTC corporation, sony corporation, google LLC, Blippar group limited, Intuitive Surgical, CAE, Apple inc., Facebook inc., Nokia corporation, vuzix corporation, cyberglove systems inc., Karuna labs inc., and Layar, among Other Major Players.
Q. Which region is the largest share more appealing for vendors employed in the augmented reality & virtual reality market?
North America was the healthcare industry's dominant market for Augmented Reality (AR) and Virtual Reality (VR). It accounted for 41.2% of total revenues in 2021.
- account_circleAbout Me
- ondemand_videoVideos
- Mindmaze
- Eon Reality Inc.
- TheraSim Inc.
- GE Healthcare
- Koninklijke Philips N.V.
- Magic leap, inc.
- Vuzix Corporation
- HTC Corporation
- Nokia Corporation
- Boyd corporation
- Intuitive Surgical
- Facebook inc.
- karuna labs inc.
- Blippar group limited
- Cyberglove Systems inc.
- Apple Inc. Company Profile
- CAE
- Layar
- Google LLC
- sony corporation
- Other Key Market Players
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