Healthcare Augmented & Virtual Reality Market - Global Industry Analysis

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Healthcare workers have been quick to realize the benefits of AR technologies. Education is an obvious application of augmented reality in healthcare. AR allows one to take useful information from a digital realm. Alternatively, virtual reality (VR) creates a completely different world. Healthcare provision is one of the key foundations of modern society. Being able to sufficiently meet the growing demand is a key challenge that the medical profession faces. Out of all the various technologies that are now being applied to healthcare delivery, augmented reality (AR) is one of the most exciting. The ability to seamlessly blend the direct sensory experience of the real world with all the power and potential of digital information technology is groundbreaking. In medical treatment, VR plays an important role in patient education, robotic surgery, mental health and psychological therapy, and pain management and physical therapy. The high demand to decrease various healthcare complexities and technological advancements are anticipated to propel the growth of the healthcare augmented & virtual reality market in the future. The growing workload of healthcare professionals and inflexible regulatory compliances in laboratory testing and clinical trials are boosting the demand for well-equipped healthcare infrastructure with IT solutions.

Based on product type, the market includes augmented reality and virtual reality. The augmented reality product segment is sub-segmented into AR displays, AR sensors, AR input devices, AR semiconductor components, and others. The virtual reality segment is sub-segmented into VR displays, VR sensors, and others. By technology, the market includes augmented reality and virtual reality. The augmented reality technology segment is classified into head-mounted and handheld. The virtual reality technology segment is segmented into head-mounted, gesture-tracking, and projector and display walls. By end-user, the healthcare augmented & virtual reality market includes hospitals and clinics, research laboratories, and others.

By region, the North American healthcare augmented & virtual reality market is estimated to dominate over the forecast time period. This can be attributed to the high prevalence of diseases and the adoption of advanced and digital technologies. Europe was also a major market in 2018 for healthcare augmented & virtual reality market globally. The Asia Pacific healthcare augmented & virtual reality market is estimated to show at the highest CAGR in the upcoming years, owing to the increasing burden of chronic diseases, rising population, growing awareness, and favorable government initiatives. The Latin American and the Middle Eastern and African markets are slated to experience moderate growth in the years to come.

Some key players of the global healthcare augmented & virtual reality market are Vuzix, Qualcomm Incorporated, Augmented Pixels, Inc., Koninklijke Philips NV, CAE HEALTHCARE, Layar, Intuitive Surgical, 3D Systems, Inc., Hologic, Inc., and GE Healthcare among others.