The head-mounted display (HMD) market is expected to reach a valuation of US$ 104.53Bn by 2031.Growing need for augmented reality/virtual reality (AR/VR) technologies in the gaming industry is securingthe demand for head-mounted displayand othersolutions.Reduced pricing of micro-displays will bode well for the market. Besides this, the increasing demand for mobile-based AR solutions will pave way for growth in the coming years.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for head-mounted displayproducts. The report tracks the global sales of head-mounted display productsin 20+ high-growth markets, along with analyzing the impact of COVID-19 on the global adoption of head-mounted display solutions, along with the pre-COVID and post-COVIDmarket growth analysis.
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Thanks to evolving technology, head mounted displays are making inroads into the healthcare and education sectors. The pace at which the change is happening has accelerated amid COVID-19 outbreak when several schools and institutions around the world were compelled to retreat indoors for a couple of months to contain the spread of the virus.
Sales of both head mounted displays and eyewear surged exponentially amid lockdown and the trend is unlikely to slow down in the near future. According to the report, head mounted displays accounted for maximumsales in the market. The head-mounted segment is estimated to register a CAGR of 24.8% during the forecast period owing to increasing need for fast and reliable evolution between gaming sectors, aerospace, defense and healthcare industry
Key Takeaways: Head-Mounted Display Market
- .Driven by the rising demand for evolving technology, the head mounted displays market will register over 16% y-o-y growth in 2021
- The U.S. will emerge as the leading market in North America, accounting for over 79% of sales
- Demand in the U.K. will rise considerably, enabling y-o-y growth at above 13% in 2021
- Inclination for advanced technologies and expansion of gaming sector will support growth in Germany and France
- East Asia will emerge as a highly lucrative market with China at the forefront, followed by Japan and South Korea
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“In response to the rising demand forhead-mounted display, HMD vendors are making numerous updates into their pre-existingmodels in order to offer greater immersive experience to users and ensure maximum productivity”says FMI Analyst.
COVID-19 Impact Analysis on head mounted display Market
The effects of the COVID-19 outbreak will extend well beyond health and the threat to human lives. There are already signs that the virus will significantly impact head-mounted displays and AR/VR industry. The epidemic has postponed or cancelled various sporting events for the safety of people and prevention of the COVID-19.
On the flip side,it could positively affectthe demand for VR/AR HMDs in the healthcare sector. Amid the pandemic, various global vendorshave continued to focus on developing and innovating in AR/VR technologiesby launching advanced products like smart glasses, such as by Google and Microsoft.
In COVID 19 pandemic most of the countries went for lockdown. The people got stuck at home for certain period of time and all the sporting events were postponed or cancelled for the same reason. People found AR/VR gaming more entertaining and attractive, as they remained confined at their homes.Thus, the continued innovation in head-mounted displays in AR/VR technologies has resulted in significant growth in the market.
Increasing Demand inHealthcare SectorDriving Growth
HMDs are being used in the healthcare industry for the purpose of medical training, patient treatment, medical marketing, disease awareness.
Using VR headsets, doctors can see the fine details of any part of body in 360° CGI reconstruction & create training scenarios accordingly. VR headsets enable doctors to access the inside view of the body, which is difficult to reach.
According to eInfochips, AR and VR industry will further reachUS$35 billion by 2025, due to its adoption in gaming, education, fashion, healthcare, and entertainment industries.
In healthcare industry the HMDs applications are used for providing surgery training, dentistry simulation, treatment of depression and Post-Traumatic Stress Disorder (PSTD), pain management, addictions, telemedicine, rehabilitation in stroke and in dementia and many more.
With the help of AR/VR headset technology, doctors can able to perform surgeries without getting inside a body of human. The technology increases the level of accuracy and reduce the risk of trauma and complications. VR has major effects on anxiety and PTSD patients. The use of VR headsets helps decreasing the stress level of the patients by giving them the experience of virtual reality.
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Head-Mounted Display Market Report Scope
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & Units for Volume|
|Key Regions Covered||North America, Latin America,Europe, East Asia, South Asia & Pacific, and Middle East & Africa|
|Key Countries Covered||U.S., Canada, Germany, Italy, France, U.K., Spain, GCC and South Africa|
|Key Segments Covered||Product Type,HMD Type,Applications, and Region|
|Key Companies Profiled||