The size of the European augmented reality and virtual reality in the healthcare market is forecasted to be growing at a CAGR of 30.24% from 2021 to 2026.
The growing penetration of virtual devices in the healthcare sector, the increase in investments for augmented and virtual reality (AR & VR) in healthcare, and the growing need to decrease the expenses of healthcare are the major drivers for AR & VR technology in the healthcare market in the European region.
Patient care management uses AR & VR in the healthcare sector, and the applications of AR and VR in healthcare therapy & rehabilitation are further expected to promote the European market growth. Rehabilitation includes brain damage, stroke, and physical therapy, among other applications. According to World Bank estimates, the geriatric population (aged 65 and over) in the UK has grown from 11,806 million in 2018 to 15,231 million in 2020. The augmented reality market is expected to grow by significant growth in healthcare spending associated with the increasing number of surgeries in various market parts.
The headsets segment is expected to get a boost in AR & VR sector in the healthcare market. Headsets mounted devices (HMD) are the most promising devices to drive the growth of AR & VR in the European healthcare market. The use of HMD in sectors such as pharmacy & patient care management, medical education, and training is expected to be the primary driver for the growth of HMD in the market. Technological innovations help health centers improve service quality by providing low-cost care with less service time.
The major restraints faced by the market are data management issues and clinical operations management with AR & VR technology in hospitals and clinics due to the growing number of patients with chronic diseases and the demand to improve their outcomes.
Impact of COVID-19 on the European AR & VR in the Healthcare Market:
The COVID-19 pandemic is expected to positively impact the demand for HMD VR / AR in the healthcare industry; thus, HMD VR for healthcare applications is expected to exhibit a high CAGR. As a result, many market players are receiving orders for virtual reality HMDs. For example, in 2020, Vuzix Corporation received a refurbishment order for the M400 smart glasses from an invaluable solution provider, Gemvision, for service, maintenance, and healthcare professionals. The goal of the replenishment order is to support the company Gemvision's efforts to meet the remote healthcare needs of COVID-19 in the Netherlands.
This research report on the European AR & VR in the healthcare market has been segmented and sub-segmented into the following categories.
Geographically, the European regional market is one of the most promising regional markets globally. Growing technological advancements and increased funding for innovation are primarily supporting the market. For example, the European Union's Horizon program allocates nearly $ 95.51 billion in funding over seven years for research and innovation.
In Europe, the German AR & VR in the healthcare market is expected to be the leader in Europe AR & VR in the healthcare market during the forecast period. Increasing research and development and growing acceptance of new technologies drive AR & VR in the European healthcare market. France is one of the fastest developing countries in Europe due to technological advances such as medical imaging and high-tech surgical systems. The VR and AR market in the country is influenced by a strong research base, new technological developments, and a strong framework. On the other hand, in countries like Italy, the AR and VR market is not as developed as in other countries due to the lack of resources such as VR headsets, AR displays, and motion sensors and a lack of awareness.
In Germany, the virtual reality market is growing thanks to Spinlab equipment and Leica microsystems, benefiting the market with equipment such as a 3D scanner, video camera, and headsets. The market is also determined by the growing number of emerging companies in the country, hence growing with the promise of steady growth in the future.
KEY MARKET PLAYERS:
Google, DAQRI, Microsoft, AppliedVR, Mindmaze, Oculus VR, HTC Corporation, Firsthand Technology, Psious, Atheer, Medical Realities, Hologic, Inc, Augmedix, 3D Systems, Alphabet, Inc, SAMSUNG, Orca Health LLC, and CAE HEALTHCARE are some of the notable players in the European AR & VR in the healthcare market.