The size of the North American augmented reality and virtual reality in the healthcare market is expected to showcase a healthy CAGR during the forecast period.
The increase in adoption for clinical trials, treatment for psychological disorders, advancements in diagnostics and surgical interventions, along body mapping are estimated to drive the market growth. The AR technology solutions are widely used in surgeries, fitness management, patient education and training, care management, medical imaging, and many other features. Recent developments in AR technology components have decreased the cost of augmented reality solutions and hence improved the customer experience.
The growth of the geriatric population in many parts of North America is expected to be a major driver of market growth during the forecast period. For example, the WHO predicted a 55% increase in annual cardiovascular disease events between 2015 and 2030 based solely on the growth of the geriatric population in a developing country like the United States, among the driving forces.
Medical education and AR technology solutions are also evolving rapidly and are expected to help market growth. Virtual reality (VR) technology is expected to be the fastest-growing in the North American region during the forecast period due to the rapid integration of technology into healthcare services. VR technology solutions are extensively used in telemedicine, visualization for anatomy, and clinical diagnostics. Further, it provides hands-on experience in medical education, which is expected to aid in the market's growth.
The high cost of the product and devices and the lack of trained professionals, privacy, and data security concerns will constrain and further challenge the growth of augmented reality and virtual reality in the healthcare market in North America during the forecast period mentioned above.
Impact of COVID-19 on the North American AR & VR in the Healthcare Market:
The COVID-19 pandemic has presented new challenges for the health sector. As healthcare industries across countries focus on tackling this particular pandemic, other areas of care are suffering. As a result, the industry is looking for technological solutions that help improve efficiency by providing adequate care to patients under various constraints. Therefore, the COVID-19 pandemic positively impacted the AR & VR applications in the healthcare market across the North American region. Due to various technological advancements, augmented reality and virtual reality have gained importance in the healthcare industry despite the COVID-19 pandemic.
This research report on the North American AR & VR in the healthcare market has been segmented and sub-segmented into the following categories.
By Component:
By Technology:
By Country:
Geographically, North America holds a significant share in the global market due to the early adoption of the technology and the presence of major market players. In addition, increasing technological advancements in information technology, coupled with extensive R&D activities in the United States, are expected to generate growth opportunities in the region in the years to come. As a result, the U.S. AR & VR in the healthcare market dominates the North American market due to higher market share and revenue and will maintain its position during the forecast period; the increase in public and private funding for the development of these technologies, the presence of the main manufacturers and suppliers in the region are the dominant factors.
In addition, Canada is expected to experience exponential growth during the forecast period. Factors such as increasing healthcare spending and favorable government initiatives to attract foreign investment in the healthcare sector further boost the market growth in the region. The U.S. has dominated the North American market for augmented reality and virtual reality in healthcare due to the increasing demand to reduce the cost of healthcare. Innovators are recognized in the form of increased investments from venture capitalists and collaborative opportunities from established players. For example, in 2020, OssoVR increased its funding to $ 14.0 million and planned to use the funding to develop training modules for virtual reality-based surgical and medical devices. Moreover, by using the AR navigation system, nearly $ 298 million can be saved on minimally invasive surgeries in the United States.
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 a few of the promising participants in the North American AR & VR in the healthcare market.
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