Augmented and Virtual Reality (AR & VR) in Healthcare Market Insight
Market Research Future (MRFR) envisions substantial gains for the AR & VR in healthcare market 2020, as it is all set to procure a robust CAGR of 30.2% between 2018 and 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the key developments since the coronavirus disease outbreak.
Augmented and Virtual Reality (AR & VR) in Healthcare Market Drivers and Restraints
The COVID-19 outbreak has thrown the spotlight on AR/VR, as the healthcare industry is fast adopting these interactive, hands-free technologies to bolster patient care. Augmented and virtual reality’s use cases have increased significantly following the pandemic, as the lockdown has boosted the need for technologies with remote capabilities. The post SARS-CoV-2 era has seen a surge in live video consultations and telehealth for no risk and efficient patient care delivery. The AR and VR in healthcare market can emerge even stronger in the coming period as remote-care and at-home medical care become more prevalent.
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Another factor boosting the demand for AR & VR in healthcare is the rising need for immersive technologies that can help patients process the psychological aspects of the trauma, while learning how to better understand the key novel coronavirus related triggers.
AR and VR are helping the healthcare staff and physicians to become more aware with regard to the COVID-19 impact and how to effectively handle the situation. These technologies are also transforming the healthcare sector, given their extensive applications in 3D operating room simulations, virtual training of surgeons, chronic pain management, mental health treatment and more. On the downside, the low expertise level among medical professionals with respect to the AR and VR solutions can deter the growth rate of the market in the following years.
However, the silver lining could be the accelerated deployment of AR and VR technologies in fitness management, escalating use of connected devices within the healthcare industry, and the growing awareness regarding VR therapy. Vigorous R&D activities and product launches are a few key strategies employed by renowned firms to capture a bigger share in the global market.
A case in point, in August 2020, Hoag Memorial Hospital Presbyterian together with BehaVR launched NurtureVR, which is an advanced program that makes use of VR for pregnant women. The program aims to boost prenatal education, mindfulness, pain management, and provide patients with efficient postpartum care, backed by an immersive technology like virtual reality.
Augmented and Virtual Reality (AR & VR) in Healthcare Market Segmental Outlook
The Augmented and Virtual Reality (AR & VR) in Healthcare Market can be segmented with respect to technology, offering, device type, application and end user.
The market for AR & VR in healthcare, depending on technology, comprises AR technology as well as VR technology.
Offering-based key segments are hardware and software.
The device types considered in the market study are VR device type and AR device type.
Key applications outlined in MRFR report are medical training and education, patient care management, fitness management, pharmacy management, surgery, and more.
Research and academic institutes, surgical centers, pharmaceutical companies, hospitals & clinics, and others are the top end-users in the worldwide market.
Augmented and Virtual Reality (AR & VR) in Healthcare Market Regional Insight
The primary markets for AR & VR in healthcare across the globe are Europe, MEA/Middle East & African along with Asia Pacific/APAC and the Americas.
The American market is currently in the lead, given the region’s high focus on technological innovations in the healthcare sector and the increasing cases of psychological and neurological disorders. The sophisticated and well-developed healthcare infrastructure present in the region also adds to the market lucrativeness. The constant advancements in the information technology sector along with the government support to boost the use of AR/VR technologies in the medical field have also catapulted the Americas to the top. The most profitable market in the region remains the US, as a result of the high adoption rate of the technologies, higher spending on healthcare, and the growing number of government initiatives and funding.
Europe remains the second in lead in the global AR & VR in healthcare market, on account of the increasing spending on innovations and the surge in technological developments. To illustrate, EU’s Horizon 2020 program has allocated close to USD 91.51 billion for the next seven years in research and innovation.
APAC is presumed to be the fastest advancing market in the years to follow, because of the expanding patient pool suffering from chronic diseases and the remarkable spike in the use of the internet and smartphones. The APAC market also profits from the increasing spending on healthcare and the surging government support for the adoption of digital technologies in the healthcare industry.
Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.4 Macroeconomic Indicators
4.5 Trends & Assessment
Chapter 5. Market Factor Analysis
LIST OF TABLES
Table 1 AR & VR In Healthcare Market Synopsis, 2018–2023
Table 2 AR & VR In Healthcare Market Estimates And Forecast, 2018–2023 (USD Million)
Table 3 AR & VR In Healthcare Market, By Region, 2018–2023 (USD Million)
Table 4 AR & VR In Healthcare Market, By Technology, 2018–2023 (USD Million)
Table 5 AR & VR In Healthcare Market, By Offering, 2018–2023 (USD Million)
Table 6 AR & VR In Healthcare Market, By Device Type, 2018–2023 (USD Million)
LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For AR & VR In Healthcare Market
Figure 3 Market Dynamics For AR & VR In Healthcare Market
Figure 4 AR & VR In Healthcare Market Share, By Technology, 2017
Figure 5 AR & VR In Healthcare Market Share, By Offering, 2017
Figure 6 AR & VR In Healthcare Market Share, By Device Type, 2017
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