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It has been seen the possibility of growth of the global market of augmented reality and virtual reality in healthcare by a CAGR of 17.2% in the forecast period of 2015 to 2022.
AR and VR are advanced innovation in the healthcare industry. The application of Augmented Reality and Virtual Reality in the healthcare sector has significantly reduced the chances of surgical errors. The enhanced patient experience and wide application in advanced medical processes and for training sessions of medical students lead to the growth of the global market of AR as well as VR.
The top leading players of the augmented reality and virtual reality in the healthcare market are Siemens Healthcare, Artificial Life Inc., Philips Healthcare, Layar B.V, CAE Healthcare, and Intuitive Surgical Inc. Other key players include Onstar, EON Reality, Vuzix Corp, GE Healthcare, Medtronic, Vital Images Inc., Laerdal Medical, Immersion Corp, Aruba Networks and Gowalla, and Oculus VR, LLC.
Segmental Market Analysis
The global market of augmented reality and virtual reality is divided basing on the application, technology, product, end-user, and region.
By application, the global market includes fitness management, education, pharmacy benefit management, rehabilitation and therapeutics, diagnostics, and medical training. It further includes surgical and diagnostic imaging, simulation, pain distraction, Virtual Reality Exposure Therapy, and patient care management.
Depending on the technology, the augmented reality market is divided into a Vision-based AR system, Wearable AR system, Spatial AR system, and Mobile Device-based AR system. Technology-wise, the global market of virtual reality is compartmented as a fully-immersive VR system, semi-immersive VR system, and none-immersive VR system.
Based on product type, the global augmented reality market is subdivided into AR sensors, AR Input devices, AR displays, and AR semiconductor components. The global virtual reality market based on product type is segmented into VR sensors, VR devices, and VR semiconductor components.
Depending on end-users, the global market is compartmented into hospitals and clinics, community pharmacy, advertising agencies, research laboratories, academic institutes unit, pharmaceutical and biotechnology companies, government agencies as well as other end users.
Potential Driving Factors and Potential Barriers
The evolving devices and technologies for better healthcare, the increase in the private funds and the growing significance of efficient healthcare delivery are some of the potential driving factors for the market growth of augmented reality and virtual reality in healthcare.
The regulatory guidelines for the application of augmented reality as well as virtual reality in the healthcare industry stand as a potential barrier limiting the growth of the global market.
The important regions included in the global market of AR and VR are North America, Europe, and the Asia Pacific regions. The global market of North America includes Canada, the US, and Mexico. Europe region encompasses France, UK, Italy, Germany, and others. The region of Asia Pacific involves China, India, Australia, and others. North America holds the largest share in the global, regional scenario and Europe positions itself as the second. The better technological access and enhanced distribution channels play an important role in North America being the leading market.