A recent report published by Infinium Global Research on AR/VR/MR in healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional AR/VR/MR in healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AR/VR/MR in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of global AR/VR/MR in healthcare market. According to the report, the global AR/VR/MR in healthcare market is projected to grow at a CAGR of 30% over the forecast period of 2020-2026.
AR/VR/MR technologies have revolutionized the healthcare industry with their adoption in virtual training of surgeons for challenging surgeries, 3D operating room simulations, phobia buster in mental health treatment, chronic pain management, and many others. Further, VR technology has also played a substantial role in Eye Movement Desensitization and Reprocessing (EMDR) therapy that allows reframing traumatic memories through certain eye movements. Moreover, AR/VR/MR technologies deliver benefits in numerous areas of care management: autism & depression therapy, cancer therapy, and assisted living. Additionally, AR is useful for training and education in the healthcare sector. AR-based apps are utilized to provide improved care to patients. Whereas, mixed reality (MR) is a combination of both virtual reality (VR) and augmented reality (AR) by amalgamation the real-life environment with digital elements.
Additionally, the current concern over the spread of novel coronavirus is also anticipated to have a moderate impact on the AR/VR/MR in the healthcare market for the short term. The novel coronavirus (COVID-19) endures spreading worldwide at an alarming rate. The exceptional burden of the COVID-19 outbreak on healthcare systems internationally has important implications for patient care. The patients with different diseases appear to be more susceptible to worse outcomes from the infection, containing a greater need for ventilator support and raised mortality rates. Furthermore, diagnosis may be postponed as screening programs and diagnostic services have been abridged or deferred in numerous countries, and patients, cautious of exposing themselves to the risk of infection, have been more unwilling to present to healthcare services. However, numerous hospitals are adopting digital health solutions, to tackle these problems which are relatively evident in recent market movements.
The major factors driving the AR/VR/MR in healthcare market growth consist of increasing usage of augmented reality and virtual reality in diagnostic imaging, surgical simulation, rehabilitation, and patient care management. Moreover, a growing number of AR-based start-ups and increasing investment in these technologies are anticipated to further boost the growth of AR/VR/MR in the healthcare market across the world. On the other hand, concerns regarding data privacy and the absence of proper healthcare infrastructure are some of the foremost barriers hindering market growth. On the contrary, increasing private investments and rising government support for the incorporation of these technologies into the healthcare system are likely to provide newer opportunities for the growth of the AR/VR/MR in the healthcare market in the upcoming future.
Among the geographies, the North American region is expected to hold the largest share in the global AR/VR/MR in the healthcare market as countries such as the U.S. and Canada are the front-runners of the adoption of new healthcare technologies. Further, factors such as constant technological advancement of associated products, the prevalence of neurological & psychological disorders, augmented adoption of such advanced technologies, and presence of a sophisticated healthcare infrastructure drives the market growth in the region. Moreover, the Asia Pacific region is anticipated to witness a high growth rate in the AR/VR/MR in the healthcare market over the forecast period due to the high prevalence of chronic diseases and remarkable increase in internet & smartphone users using AR apps, which is, in turn, anticipated to boost the demand for AR/VR/MR in healthcare in this region.
The report on global AR/VR/MR in healthcare market covers segments such as component, device types, end user, and application. On the basis of component, the sub-markets include hardware, software, and services. On the basis of device types, the sub-markets include augmented reality (AR) devices, and virtual reality (VR) devices. On the basis of end user, the sub-markets include hospitals, clinics, and surgical centers, research organizations and pharma companies, government and defense institutions, research and diagnostics laboratories, and others. On the basis of application, the sub-markets include surgery, fitness management, patient care management, pharmacy management, medical training and education, and others.
The report provides profiles of the companies in the market such as Microsoft Corporation, Philips Healthcare, Intuitive Surgical, CAE Healthcare, 3D Systems, Inc., Hologic Inc., Laerdal Medical, Augmedix, Firsthand Technology, and Medical Realities.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of AR/VR/MR in the healthcare market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.