A Market Assessment and Forecast Report on the State of Virtual and Augmented Realities in the Healthcare Industry
The SA-Business Research & Consulting Group released a report in 2015 that discussed observations and predictions about the state of virtual reality (VR) and augmented reality (AR) in the healthcare industry. Entitled “Global Healthcare Virtual Reality and Augmented Reality Systems Market Assessment & Forecast: 2016-2020,” it mainly talked about how the market for virtual reality and augmented reality in the global healthcare industry is predicted to increase at a compound annual growth rate (CAGR) of 29.2 percent during the four-year period between 2016 and 2020 and to account for a value share of 43.7 percent. According to the predictions made in the report, North America will lead the continents when it comes to the combined virtual reality and augmented reality software and hardware market, with 41.7 percent share in 2015. The report focused mainly on six major areas: North America, Latin America, Africa, Middle East, Europe, and Asia-Pacific.
Report on the Growth of Virtual Reality and Augmented Reality
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The analysis in the report featured a comprehensive view on several subjects such as political, social, economic, legal, technological, and environmental aspects as well as adoption and awareness. Referred to as the PESTLE analysis, the report highlighted the best possible market index, and it was confirmed by the SA-BRC survey that conducted a panel of key stakeholders and industry experts. Several factors have enabled North America to get ahead of the other continents in the VR & AR race: purchase, power, high awareness, and the availability of top-notch VR/AR technicians and integrators.
In light of the recent political and economic upheaval in Brazil at present, Latin America’s biggest economy is expected to bring about some changes in the growth of the global healthcare industry in the next few years; however, growth potentials are predicted to be high. On the other hand, countries like the United Arab Emirates and Israel have been the leading powers when it comes to healthcare expenditures in the Middle East. In addition, Israel is among the top 5 countries in the region in terms of infrastructure and healthcare quality. Moreover, it is also considered as highly progressive when it comes to research in life sciences.
Upon seeing not just the potential of VR but also its anticipation in the region, numerous European healthcare VR companies are now forging partnerships with Middle Eastern companies with a goal to expand and take advantage of an expanding market that’s experimenting with exciting new age technologies. As an example of this, a VR health care company by the names of VirtaMed AG in Swiss and Leader Healthcare FZCO have signed a distribution contract that covers the Gulf Cooperation Council (GCC) countries, particularly Oman, Kuwait, Saudi Arabia, Bahrain, the United Arab Emirates, and Qatar.
The company provided a press release, in which it was announced that Leader Healthcare will take charge of the widespread distribution of its VR simulators like VirtaMed HystSim™, VirtaMed UroSim™, and VirtaMed ArthroS™ throughout the entire region.
Other Companies in the Field
The report also features thirty other companies in the world that are also operating in the virtual reality and augmented reality healthcare industry, particularly the software and hardware domains. Some of those companies are Hewlett-Packard, MindMaze, SimQuest, Immersion Medical, VirtaMed, Ossim Technologies, Barco Electronic Systems Pvt. Ltd. Simulated Surgical Systems LLC, Dassault Systems, SeeMe, eoSurgical, Mindflux, VRMagic, Simulab Corporation, Viscira, Laerdal, Mentice, Surgical Science Sweden AB, EchoPixel, Intuitive Surgical, GE Healthcare, Voxel-Man, Epona, Swemac, EON Reality Inc., Simulab Corporation, Mimic Technologies, SimSurgery, Psious, 3G Systems, Engineering Systems Technologies AG, Brainlab AG, Philips Healthcare, CAE Healthcare, and Immersive Touch.