Augmented Reality and Virtual Reality Market in Healthcare poised to grow $2.54 Billion by 2020

Augmented Reality & Virtual Reality Market in Healthcare – IndustryARC
Demand from Simulation training and rehabilitation segments to drive the global augmented reality and virtual reality market in healthcare to reach $2.54 Billion by 2020. North America is the largest market followed by Europe.

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 augmented and virtual reality market in healthcare to reach $2.54 Billion by 2020.

Browse 34 Market Tables, 52 Figures spread through 240 Pages and an in-depth Table of Contents on “Augmented Reality and Virtual Reality Market in Healthcare”:

North America is the largest market followed by Europe. North America is the biggest market for augmented reality and virtual reality in healthcare with nearly 52% share in 2014 and it is estimated to grow at compound annual growth rate (CAGR) of 18.8% from 2013 to 2020. Asian countries are slated to register the highest growth of 22.3% during the forecast period, primarily due to increasing investments by major players in the region.

The major players in Augmented and Virtual Reality Market in Healthcare include

  • Laerdal Medical (Norway)
  • Simulaids, Inc.  (U.S.)
  • Hologic Corporation (U.S.)
  • WorldViz, LLC. (U.S.)
  • TheraSim, Inc. (U.S.)

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 compound annual growth rate (CAGR0 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.

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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.

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.

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.

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.

The market is analyzed by the following End User Verticals:

Augmented Reality in Healthcare Applications

  • Surgical Applications
  • Rehabilitation
  • Training and Continuing Medical Education

Virtual Reality in Healthcare Applications

  • Fully Immersive 3D Operation Room Simulations
  • Simulation
  • Diagnostics
  • Virtual Reality Exposure Therapy (VRET)
  • Rehabilitation
  • Pain Distraction 

The overall market is also presented from the perspective of different geographic regions and the key countries for AR & VR in healthcare industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.

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