Press release
Global AR and VR Lens Market Insights and Forecast to 2028
The global AR and VR Lens market size is estimated to be worth US$ 441.8 million in 2022 and is forecast to a readjusted size of US$ 1006 million by 2028 with a CAGR of 14.7% during the review period. Key drivers of the AR and VR lens market include the rising gaming industry.
AR and VR lenses are proliferating in the healthcare industry. It will completely revolutionize the medical space in the upcoming years which will drive the growth of the AR, and VR lens market.
The manufacturing and industrial sector will boost the market forward due to the rapid application of augmented reality and virtual reality which will ultimately surge the growth of the market during the review period.
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AR and VR Lens Market Trends
Gaming and Entertainment Application
VR( Virtual reality) recreates a computer-simulated 3D environment with numerous settings. It includes auditory impact and sensory inputs like haptics. Online avatars of players for social interaction can be made. These lenses have eye-tracking sensors and controllers which change the field of vision as a person turns their head giving out a truly immersive experience. While AR uses a mobile device's attached lens and camera to replicate the world around you in a colorful animation. Many key players are innovating and launching newer AR and VR-based gaming apps which are expected to bolster the growth of the AR and VR lens market during the review period.
Usage in the healthcare industry
VR headsets come with a head strap, display lenses, and earphones attached to the strap. It drastically improves the visualization of human anatomy with video, audio, and 2d media that increases interactivity for both patients and practitioners. It also helps in drug development, learning, and surgical procedures. Furthermore, AR lenses can create 3D models of organs, and tumors with hands-free headsets. Remote guidance, virtual training, thermal imaging, full-body scan, report collection, etc can be initiated smoothly with these modern technologies. This will augment the growth of the AR and VR lens market during the forecast period.
Industrial sector
Visual representation of designs, shapes, and sizes can be made efficiently for prototype design. Computer-aided manufacturing and digital models are being used to detect any deviations or errors in the entire assembly line. The work of engineers and manufacturers has been streamlined significantly as they can now detect possible clashes long before they occur and fix them to maintain production efficiency. Such factors will bolster the growth of the AR and VR lens market in the coming years.
Huge costs
VR and AR headsets with lenses attached are very costly. Content needs to be customized further. Moreover, they have limited capabilities in terms of field vision. They have to be developed even more for full-time use in everyday situations. This in turn is expected to hamper the growth of the AR and VR lens market in the upcoming years.
AR and VR Lens Market Share Analysis
Based on application, the gaming and entertainment industry is expected to dominate in the AR and VR lens market share as mixed reality games are becoming hugely popular owing to their immersive experience in the physical world. Many gaming companies are launching AR and VR-based gaming apps.
Based on type, AR lens will maintain the lead in the AR and VR lens market share due to numerous product innovations and rapid application in various end-user industries.
Based on region, North America is expected to offer lucrative opportunities for growth in the AR and VR lens market share due to technological advancements, developed infrastructure, and the presence of big players.
AR and VR Lens Market by Type
AR Lens
VR Lens
AR and VR Lens Market by Application
Games and Entertainment
Medical
Industrial
Others
AR and VR Lens Market by Regional and Country-level Analysis
North America
United States
Canada
Asia-Pacific
China
Japan
South Korea
India
Southeast Asia
Australia
Rest of Asia-Pacific
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Rest of Europe
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
Turkey
Saudi Arabia
UAE
Rest of MEA
Major Players in the AR and VR Lens Market
Sunny Optical Technology
Goertek
Carl Zeiss
Jiangxi Lianchuang Electronic
Radiant Vision Systems
Deep Optics Ltd
SIMILAR REPORT
https://reports.valuates.com/market-reports/QYRE-Othe-2A191/virtual-reality
https://reports.valuates.com/market-reports/QYRE-Auto-38S13351/global-ar-and-vr-display
https://reports.valuates.com/market-reports/QYRE-Othe-1P227/augmented-reality
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