Augmented and Virtual Reality in Healthcare Market 2021: Industry and Geography Insights, Size, Share, Opportunity Analysis and Industry Forecast till 2030

In a recent published report, Kenneth Research has updated the market report for Augmented and Virtual Reality in Healthcare Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Augmented and Virtual Reality in Healthcare Market  products.

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Kenneth Research, in its repository of market research reports, have recently added a report on Augmented and Virtual Reality in Healthcare Market  which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Augmented and Virtual Reality in Healthcare Market  is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.

According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.

The Global Augmented and Virtual Reality in Healthcare Market was valued at USD 510.36 million in 2016 and is projected to reach USD 8,313.29 million by 2025, growing at a CAGR of 36.35% from 2017 to 2025.

Virtual reality (VR) is a computer technology that uses virtual reality headsets or multi-projected environments, sometimes in combination with physical environments or props, to generate realistic images, sounds and other sensations that simulate a user’s physical presence in a virtual environment, whereas Augmented reality (AR) is a live direct or indirect view of a physical, real-world environment whose elements are augmented by computer-generated or extracted real-world sensory input such as sound, video, graphics or GPS data. VR and AR benefits the healthcare sector in many ways including – medical education and training, corporate communication, enhanced patient care and treatment, managing lifestyle and wellness, surgical planning, telementoring, and more.

The Final Report will cover the impact analysis of COVID-19 on this industry:

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Sample Infographics:

Market Dynamics:
1. Market Drivers
1.1 Growing use of VR and AR in fitness management
1.2 Rising demand and investments in healthcare VR and AR
1.3 Incorporation of connected devices in healthcare sector
1.4 Need to reduce healthcare costs

2. Market Restraints
2.1 Concerns for data privacy
2.2 Poor interoperability and compatibility between AR and VR solutions by offered by different vendors
2.3 Issues in deployment of AR and VR solutions
2.4 Lack of technical expertise among medical team to adopt new technologies

Market Segmentation:
The Global Augmented and Virtual Reality in Healthcare Market is segmented on the end user, offerings, device type, application, and region.

1. End User:
1.1 Government and Defense Institutions
1.2 Hospitals, Clinics, and Surgical Centers
1.3 Research and Diagnostics Laboratories
1.4 Research Organizations and Pharma Companies

2. By Offerings:
2.1 Software
2.2 Hardware

3. By Device Type:
3.1 Projectors and Display Walls
3.2 Virtual Reality in Healthcare Market
3.3 Augmented Reality in Healthcare Market

4. By Application:
4.1 Patient Care Management
4.2 Surgery
4.3 Medical Training and Education
4.4 Fitness Management
4.5 Pharmacy Management

5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa

Competitive Landscape:
The major players in the market are as follows:
1. Microsoft
2. Mindmaze
3. Google
4. Psious
5. Daqri
6. Augmedix
7. Medical Realities
8. Firsthand Technology
9. Atheer
10. Oculus VR
11. Samsung Electronics
12. Osterhout Design Group
13. Orca Health
14. Echopixel

These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.

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Research study on the Global Augmented and Virtual Reality in Healthcare Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.

To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team

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