July 21, 2021
According to the research report titled ‘Global Augmented Reality and Virtual Reality in Healthcare Market Size study, by Component (Hardware, Software and Services), by Technology (Augmented Reality and Virtual Reality), and Regional Forecasts 2021-2027’, available with Market Study Report LLC, global augmented reality and virtual reality in healthcare market size was remunerated USD 2 billion in 2020 and is expected to multiply at a CAGR of 27% over 2021-2027, subsequently reaching USD 10.66 billion by the end of the forecast period.
As per the report findings, rising pervasiveness of chronic diseases, surging demand for cardiovascular surgeries, and shifting preference from by-pass surgeries to robotic surgeries are the key factors propelling global augmented reality and virtual reality in healthcare market growth. Besides, technical advancements by key participants is also projected to promote the industry expansion.
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Statista report of 2018 cites that 60% of adults aged 55 to 64 years and 64% of adults aged 75 years & above preferred robot-assisted surgery to traditional surgery in the United States. Increasing inclination towards such advanced surgeries is further enhancing the overall market outlook.
Notably, augmented and virtual reality is used in the medical field as it helps deeply investigate the affected part, and aids doctors plan critical surgeries.
Speaking of factors restraining global augmented reality and virtual reality in healthcare industry expansion, hefty cost of equipment is posing a challenge.
Based on component type, the market is split into services, software, and hardware. As per technology, the industry is bifurcated into virtual reality and augmented reality.
Citing the regional landscape, Asia Pacific, North America, Europe, and Latin America are the key contributors to the overall market growth. Of these, North America leads industry share presently, attributable to constant innovation by major organizations in the region.
On the other hand, Asia Pacific industry is projected to generate modest revenue through 2025, owing to rapid development in healthcare sector.
Leading organizations in global augmented reality and virtual reality in healthcare marketplace are TheraSim Inc., WorldViz VR, BioFlight VR, Layar, Eon Reality Inc., Siemens Ltd., Intuitive Surgical Inc., Koninklijke Philips N.V., GE Healthcare Systems, and CAE Inc.