07 November 2019 | Analysis
Healthcare AR VR market to witness Stellar Growth Rate to enhance training experiences for Surgeons
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The high pace of expansion taking place in the global healthcare industry and adoption of advanced technologies is boosting the market for healthcare augmented reality (AR) and Virtual Reality (VR) devices. The healthcare industry has shown increasing adoption of AR VR technologies and incorporated these in routine operations.
Global Healthcare AR VR Market: Snapshot
Virtual reality enables a person to experience and interact with a 3D environment. Whereas augmented reality provides digital information in the form of sound, audio and graphics.
These technologies are in much demand in hospitals and clinics for medical training, research processes, and in diagnostic centres. The market is expected to grow exponentially given the growing preference of people towards advanced technologies. The healthcare industry is also evolving to become an advanced sector, providing better services to treat severe health issues and to provide advanced health-related assistance. The incorporation of advanced technologies is also a result of growing competition among market companies. Top companies are vying with one another to introduce the latest technologies before the competition, which is intended to help them stay ahead in the race. According to the report forecasts, the global healthcare AR VR market is expected to hold a market value of over US$ 600 Mn in 2018, which may reach a market value of over US$ 15,000 Mn by the end of 2026. The market is anticipated to grow at an exceptionally high CAGR of 49.1% during the forecast period 2018 – 2026.
Healthcare AR VR Market: Competitive Landscape
There are a number of companies outshining in the global market. Most of these companies are ahead in making huge investments and entering into acquisitions and mergers. This research report combines a brief profile of all such leading companies and their strategic planning for the coming years. Some these key players included in the report are Samsung Electronics Co. Ltd, Google Inc., DAQRI LLC, Oculus VR, LLC, Magic Leap, Inc., ImmersiveTouch, Inc., FIRSTHAND TECHNOLOGY INC., HTC Corporation etc.
The research report highlights the forecast for the healthcare AR VR market based on key factors impacting the market and also the trends that are prevailing in the market. There has been a growth in the adoption of smartphones among individuals due to the increasing usage of digital technologies in healthcare AR VR such as surgery planning, medical treatment and others. This has increased revenue contribution to GDP especially in developing regions such as Africa, APAC, and MEA. North America is expected to hold the highest revenue share of over US$ 5,000 Mn by the end of 2026 in the global healthcare AR VR market. Furthermore, SEA and other APAC regions are also expected to be the most lucrative regions for companies looking for emerging opportunities in the market.
However, it is yet to be seen whether the developing regions will be capable enough to hold a decent share of the healthcare AR VR market in the coming years.