According to market research report “Augmented Reality and Virtual Reality Market in Healthcare Industry by Type (Augmented Reality, Virtual Reality), by End User Industry (Surgical Applications, Rehabilitation, Training, 3D Operation Room Simulations, Simulations, Diagnostics, Virtual Reality Exposure Therapy) – With Forecast (2015 – 2020)”, published by IndustryARC, the market is set to reach $2.54 Billion by 2020.
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Augmented Reality is a combination of the real world and the virtual world which provides the user a real yet illusionary experience. The system works in a three-dimensional environment. The human intuitions and behavior can be connected with the computer software to provide a virtual experience while being present in the real world.
Virtual Reality is based on a three-dimensional world which can be visualized through a host of computer devices. The Virtual Reality works on the orientation of the body and eyeball movements of the user. Based on these criteria, a virtual environment is created in which the user can enter and have an experience which is not real.
Augmented Reality and Virtual Reality Equipment manufacturers have utilized mergers and acquisitions as well as product launches to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in high growth markets.
According to a recent study from IndustryARC, the global market value of Augmented Reality and Virtual Reality was around $1.2 Billion in 2014, where “Dental Simulator” based on virtual reality is the dominant segment among healthcare applications, generating revenue of $223 Million in 2014. Dental stimulator provides three dimensional models of the human oral cavity and teeth and is creating huge market for the Virtual reality applications. Robotic surgery is the fastest growing market, moving at a CAGR of 40.2% followed by virtual rehabilitation segment, growing at a CAGR of 27.4%. Robotic surgery market is expected to increase in future due to increase in safety, efficacy and rise in minimal invasive procedures.
Augmented Reality and Virtual Reality market in healthcare report gives an in-depth segmentation of the market by product types like spatial AR, Vision AR, semi-immersive VR, and fully-immersive VR.
The Market is analyzed by the following End User Verticals:
Augmented Reality in Healthcare Applications
- Surgical Applications
- Training and Continuing Medical Education
Virtual Reality in Healthcare Applications
- Fully Immersive 3D Operation Room Simulations
- Virtual Reality Exposure Therapy (VRET)
- Pain Distraction
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The overall market is also presented from the perspective of different geographic regions and the key countries for this industry. Competitive landscape for each of the product types is highlighted and market players are profiled.
Google Glass and the Oculus Rift VR are the most popular AR based products currently in the market. Both of which have tremendous application potential in the healthcare industry. Hologic in collaboration with VirtaMed recently launched a virtual reality simulator for the Myosure procedure, an incision less system for removal of intrauterine tissue. WorldViz also launched a product with full scale immersive 3D virtual patient room simulation.
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