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NEW YORK, Dec. 14, 2021 /PRNewswire/ -- Some of the primary growth drivers for the augmented and virtual reality in healthcare market are the growing demand for healthcare services, improved quality of products and services in healthcare, and advantages of augmented and virtual reality in healthcare, according to a senior analyst at Technavio.
Attractive Opportunities in Augmented and Virtual Reality in Healthcare Market by Component and Geography - Forecast and Analysis 2021-2025
The rise in the aging population and the increase in disposable incomes globally are expected to lead to an increase in the adoption of and access to modern healthcare services during the forecast period. There is a dire need for healthcare services and personnel to deal with the rising number of patients effectively. This has led to the advent of mobile applications and systems that deploy augmented and virtual reality in the healthcare industry. The shortage of skilled personnel in the healthcare industry is encouraging the implementation of advanced and upgraded technologies. The growing demand for healthcare services will result in an increase in the adoption of augmented and virtual reality solutions in healthcare. This will help in reducing human effort, achieve operational efficiencies, and improve the overall quality of services.
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The size of the augmented and virtual reality in healthcare market is expected to grow by USD 4.49 bn from 2020 to 2025. The year-over-year growth rate of the market in 2021 is 23.39%.
Market Segment Highlights
- By component, augmented and virtual reality in healthcare market has been classified into two segments, namely hardware and software
- The hardware segment will have significant market share growth during the forecast period.
- The hardware segment is expected to grow at a faster rate than the software segment.
- Considering the intense competition in developing augmented and virtual reality solutions, manufacturers are engineering technologically advanced devices that can be synchronized with other devices.
Regional Analysis
- By geography, the market has been classified into five regions, namely North America, Europe, APAC, MEA, and South America.
- 34% of the growth will originate from Europe.
- The UK and Germany are the key countries for augmented and virtual reality in healthcare market in Europe.
- Market growth in this region will be faster than the growth of the market in North America, Europe, APAC, MEA, and South America.
- The high healthcare expenditures and increasing initiatives by public and private organizations to increase the adoption of augmented and virtual reality in healthcare facilities will drive the augmented and virtual reality in healthcare market growth in Europe over the forecast period.
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Notes:
- The augmented and virtual reality in healthcare market size is expected to accelerate at a CAGR of 30.44% during the forecast period.
- The market is fragmented due to the presence of many vendors holding significant market share.
- The research report offers information on several market vendors, including 3D Systems Corp., AccuVein Inc., General Electric Co., Intuitive Surgical Inc., Koninklijke Philips NV, Microsoft Corp., Orca Health Inc., Siemens Healthineers AG, Wipro Ltd., and WorldViz Inc.
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| Augmented And Virtual Reality In Healthcare Market Scope |
| Report Coverage | Details |
| Page number | 120 |
| Base year | 2020 |
| Forecast period | 2021-2025 |
| Growth momentum & CAGR | Accelerate at a CAGR of 30.44% |
| Market growth 2021-2025 | USD 4.49 billion |
| Market structure | Fragmented |
| YoY growth (%) | 23.39 |
| Regional analysis | North America, Europe, APAC, MEA, and South America |
| Performing market contribution | Europe at 34% |
| Key consumer countries | US, China, UK, Germany, and Japan |
| Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
| Companies profiled | 3D Systems Corp., AccuVein Inc., General Electric Co., Intuitive Surgical Inc., Koninklijke Philips NV, Microsoft Corp., Orca Health Inc. , Siemens Healthineers AG, Wipro Ltd., and WorldViz Inc. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected] Website:
SOURCE Technavio
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