AR & VR Healthcare Market to reach USD 6141.78 million by 2025. AR & VR Healthcare Market valued approximately USD 748.3 million in 2017 is anticipated to grow with a healthy growth rate of more than 30.1% over the forecast period 2018-2025. Increasing investments in emerging technologies and growing adoption in of Augmented Reality and Virtual Reality in the medical field are the major driving factors of AR & VR Healthcare market.
The market is driven mainly by applications in surgical simulation, diagnostic imaging, patient care management, rehabilitation and health management. Increase in quantity of startups has led to higher demand for investments to fund development of AR & VR technologies therefore market is witnessing an increase in private investments by various investors which is expected to boost the growth of AR & VR Healthcare market. One of the major restraining factor of AR & VR healthcare market is the lack of expertise among medical practitioners to adopt new technologies.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries.
According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
Increase in private investment by various investors creates various opportunities in the AR & VR Healthcare market. Augmented Reality is an interactive experience of a real-world environment whereby the objects that reside in the real-world are “augmented” by computer-generated perceptual information, sometimes across multiple sensory modalities, including visual, auditory, haptic, somatosensory, and olfactory whereas Virtual reality is an interactive computer-generated experience taking place within a simulated environment, that incorporates mainly auditory and visual, but also other types of sensory feedback like haptic. The consumption of augmented reality & virtual Reality saves time and reduce extra time taking. The AR & VR can significantly improve the quality of treatment in the healthcare field and receive from their healthcare provider. Therefore, both AR & VR play an important role in the field of healthcare market. It has witnessing that it is the best solution for surgery and for healthcare market.
The regional analysis of AR & VR Healthcare Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share.
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North America dominated the global market for AR and VR due to greater adoption of advanced technology and sophisticated infrastructure. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025. Asia-Pacific contributes 33% growth rate in AR & VR Healthcare market.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By component:
§ Hardwar
§ Software
§ Services
By Technology;
§ Augmented Reality
§ Virtual Reality
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By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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