Both VR and AR have the ability to change healthcare sector for the better in the succeeding years. While VR technology is helpful not only for the doctors but for patients as well, it provides huge convenience to the patients by facilitating them to see doctors virtually. However, the AR technology is created as a visual world but does not aid in any communication with this world.
The worldwide market for healthcare AR VR is projected to capture a market estimation of more than US$ 600 Million by the end of the year 2018 that might touch a market estimate of more than US$ 15,100 Million towards the end of the year 2026. The global market is projected to expand at a remarkably high 49.3% CAGR all through the assessment period of 2026.
The worldwide market based on the technology type is segmented into (VR) virtual reality and (AR) augmented reality. The VT is in advance of AR owing to the superior offerings of VR technology. The VR technology is widely utilized by the healthcare industry, thus directing towards a remarkable expansion of the VR segment that is projected to account for a market estimation of more than US$ 9,920 Million towards the end of the year 2026. However, the AR technology is likely to touch an estimate of about 2,000 Million towards the end of 2026. On the basis of growth rate as well, VR is like to see a higher CAGR of more than 51% over the calculated period 2018-2026.
On the basis of the component, the market is bifurcated into services, software and hardware. With the abilities of transformation in healthcare sector, the AR VR is majorly applicable into medical training, patient care management, rehabilitation, surgery planning and others. On the other hand, in terms of the end user the overall market includes diagnostic centers, medical research organizations, hospitals & clinics and others. Both the technologies are largely in demand in hospitals and clinics for research processes, medical trainings along with diagnostic centers.
In terms of the region, the emerging regions, for example, MEA, APAC and Africa will be witnessing increased revenue contribution to the GDP. However, North America will be capturing maximum revenue share of above US$ 5,000 Million by 2026 end in the global market. Moreover, SEA along with other APAC regions is as well likely to remain largely lucrative regions for market players seeking for developing opportunities in the market.
The major market players operating in the global market include Samsung Electronics Co. Ltd, Microsoft Corporation, DAQRI LLC, Google Inc., Magic Leap, Inc., Medical Realities Ltd, Oculus VR, LLC, FIRSTHAND TECHNOLOGY INC., ImmersiveTouch, Inc., SURGICAL THEATER, LLC., HTC Corporation, EchoPixel, Inc., Psious, AppliedVR, Inc., Osso VR and others.