WASHINGTON, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Augmented and Virtual Reality in Healthcare Market finds that increasing awareness among consumers is expediting market growth. Primarily driven by increasing penetration of connected devices in the healthcare sector, the total Global Augmented and Virtual Reality in Healthcare Market is estimated to reach USD 18.7 Billion by 2028, up from USD 1.5 Billion in 2021, at a compound annual growth rate (CAGR) of 30.2%.
Furthermore, the increasing technological advancements is also anticipated to augment the growth of the Global Augmented and Virtual Reality in Healthcare Market, states Vantage Market Research, in a report, titled “Augmented and Virtual Reality in Healthcare Market by Offering (Hardware, Software), by Device Type (Augmented Reality,Virtual Reality), by End User (Hospitals,Clinics, Surgical Centers, Research Organizations and Pharma Companies, Research and Diagnostics Laboratories), by Application (Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training and Education), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)”.
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Market Dynamics:
Increasing Penetration of Connected Devices in the Healthcare Sector to Fuel Global Augmented and Virtual Reality in Healthcare Market
The increasing penetration of connected devices in the healthcare sector is anticipated to augment the growth of the Augmented and Virtual Reality in Healthcare Market during the forecast period. The growing implementation of IoT applications in healthcare with the use of different sensors owing to its reduced total cost and minimum size, and industrial developments is anticipated to increase the demand for Augmented and Virtual Reality.
Various healthcare organizations are converging on opting for various IoT sensor solutions to apply in their industries in a proficient manner to provide just-in-time services. Furthermore, rising adoption of smart devices and smart solutions in numerous sector due to the increased awareness of the benefits of these devices and solutions is anticipated to augment the market growth over the forecast period. Major companies such as NXP Semiconductors, Texas Instruments, TE Connectivity Ltd., and others are focusing on manufacturing more of such devices to increase their throughput and augment their service offerings.
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Increasing Technological Advancements to Stimulate the Market Growth
Augmented Reality (AR) and Virtual Reality (VR) offers a number of possibilities for healthcare. AR and VR give an image of the real world and provide digital information onto the existing surroundings. Augmented reality applications can be used to save lives by showing defibrillators nearby. For instance, the AED4EU app helps users to add places where automated external defibrillators are situated and this database can be accessed through this application.
Furthermore, augmented reality helps nurses to find veins easily. With augmented reality, the organizations can help medical professionals get better at taking out blood, using a handheld scanner which is projected over the skin and helps nurses and doctors to find the exact position of veins in the patients’ bodies. Thus, the increasing augmented reality technologies in healthcare are expected to open new avenues in near future.
Important questions answered in this report:
- What is the estimated market size and growth rate of the Augmented and Virtual Reality in Healthcare Market?
- Which segments are included in the Augmented and Virtual Reality in Healthcare Market?
- Which top companies are active in the Augmented and Virtual Reality in Healthcare Market?
- What are the major driving factors for the growth of the Augmented and Virtual Reality in Healthcare Market?
- How can I get free sample reports or study of Augmented and Virtual Reality in Healthcare Market?
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the healthcare industry.
Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Augmented and Virtual Reality in Healthcare Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Dominates the Global Augmented and Virtual Reality in Healthcare Market
North America has dominated the Global Augmented and Virtual Reality in Healthcare Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing adoption of these technologies and rising investment in R&D activities across the region. Furthermore, favourable government initiatives and offering of funds for research is also expected to support the regional growth of the market.
Asia Pacific is likely to witness fastest growth in the Augmented and Virtual Reality in Healthcare Market during the forecast period. This is attributable to the improving healthcare infrastructure in economies like the India, and China in the region. Additionally, the increasing awareness among the population and increasing healthcare expenditure are also expected to support the growth of the Augmented and Virtual Reality in Healthcare Market in near future.
List of Prominent Players in the Augmented and Virtual Reality in Healthcare Market:
- Microsoft (US)
- Google (US)
- Oculus VR (US)
- Psious (Spain)
- DAQRI (US)
- Mindmaze (Switzerland)
- Medical Realities (UK)
- Firsthand Technology (US)
- Atheer (US)
- Augmedix (US)
- CAE Healthcare (US)
- 3D Systems (US)
- Philips Healthcare (Netherlands & US)
- VirtaMed (Switzerland)
- Siemens Healthineers (Germany)
- HTC (Taiwan)
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Augmented and Virtual Reality in Healthcare Market by Offering (Hardware, Software), by Device Type (Augmented Reality,Virtual Reality), by End User (Hospitals,Clinics, Surgical Centers, Research Organizations and Pharma Companies, Research and Diagnostics Laboratories), by Application (Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training and Education), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)" View detailed Table of Content here - https://www.vantagemarketresearch.com/press-release/augmented-and-virtual-reality-in-healthcare-market-769225
Recent Developments:
December, 2021: Philips announced the expansion of Augmented Reality Surgical Navigation – ClarifEye – to two new international sites with successful clinical outcomes. The sites in Spain and Oman complement the growing international ecosystem of innovation partners that have adopted this new solution.
This market titled “Augmented and Virtual Reality in Healthcare Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 1.5 Billion |
| Projected Market Size in 2028 | USD 18.7 Billion |
| CAGR Growth Rate | CAGR of 30.2% from 2021–2028 |
| Base Year | 2021 |
| Historic Years | 2016 – 2020 |
| Forecast Years | 2022 – 2028 |
| Segments Covered | Offering: - Hardware, Software, {Augmented Reality} Device Type: - Augmented Reality, Virtual Reality, {Virtual Reality} End User: - Hospitals, Clinics, and Surgical Centres Application: - Surgery, Fitness Management, Patient Care Management |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Advantages of this Research:
- Evaluate market share for commercial Augmented and Virtual Reality in Healthcare Market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
- Develop tactics and strategies to take advantage of opportunities in the Augmented and Virtual Reality in Healthcare Market.
- Latest Trends and Market Events and analyze essential events in Augmented and Virtual Reality in Healthcare Market.
- Develop an in-depth knowledge of competition and analyze sales data to update your brand planning trackers.
- Answer vital business questions; supports decision making in R&D to long term marketing strategies
- Develop economic models, forecast models, and healthcare frameworks.
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