Market Scope
MRFR also mentions in its report that the virtual retinal display market is poised to scale from USD 2.68 million (2017) to USD 23.84 million by 2023. High resolution offered by virtual retinal display technology, makes it desirable across different industries. MRFR identified this, likely to be the principal driver for its market.
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Industry Update
December 2018 The U.S. Patent Office approved Oculus’s, an American technology company of Facebook, new technology for a virtual reality headset. The technology tracks people’s vision, in order to focus on certain parts of a virtual retinal simulation
Key Players
Some of the potent vendors that are operating in the worldwide virtual retinal display market are Google Inc (US), Avegant Corporation (US), Magic Leap (US), Occulus VR (US), Human Interface Technology Laboratory (New Zealand), Sony Corp. (Japan), Microvision Inc (US), Texas Instruments (US), Brother Industries Ltd. (Japan), HTC Corp. (Taiwan), Innovega Inc. (US), and Vuzix Corp (US).
Market Insights
The rising need for advanced healthcare services is expected to boost the growth of the global virtual retinal display market. The growing patient population is demanding effective diagnostic solutions that would streamline deciding a proper treatment regime. In diagnostic solutions and surgeries, the need for high resolution image is surging. The high degree of accuracy, with which a medical aid can be delivered to a patient, obtained by deploying virtual retinal display technology is likely to gain momentum for the market. The rise in need to combat the increase in incidences of critical disorders, due to changing lifestyle, is likely to favor the market.
High adoption of virtual retinal display technology has been noted owing to developments in the automobile, the aerospace and defence, and the consumer electronics sectors. This, in turn, is anticipated to gain momentum for its worldwide market. Cost-effectiveness and optimum power consumptions are other factors that are expected to amplify the expansion of the global virtual retinal display market.
Segmental Outline
The worldwide virtual retinal display market has been segmented on the basis of component and vertical.
On the basis of component, the market has been segmented into driver and controller electronics, optics, light source, and others.
On the basis of vertical, the market has been segmented into healthcare, automotive, aerospace & defense, consumer electronics, and others. The healthcare segment is anticipated to show remarkable growth over the evaluation period owing the high demand for virtual retinal display technology in therapeutics, diagnostics, radiology, and surgery.
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Regional Outlook
The virtual retinal display market has been segmented into Europe, North America, Asia-Pacific, and the Rest of the World (RoW).
North America is likely to hold superiority in the virtual retinal display market due to their advanced technical infrastructure. In addition, the residence of tech-giants such as Microsoft and Goggle is likely to gain traction for the regional market. Also, the emerging of start-ups such as MagicLeap and Occulus that are primarily targeting display technologies for innovations is expected to augment the North America market growth in the review period.
In the Asia pacific region, the virtual retinal display market is likely to grow fast paced over other regions. Surge in demand for consumer electronics and increased inclination of youngsters towards virtual games are factors that are expected to benefit the regional market. In the developing economies of APAC such as China, India, South Korea, and Japan, increase in adoption of virtual retinal display in the cash-rich healthcare sectors is expected to favor its market expansion over the coming years.
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