Virtual Retinal Display Market Estimated to Expand at USD 33.74 Billion at a CAGR of 42.62% by 2030 - Report by Market Research Future (MRFR)
Rising Smart Glass Technology Equipped With a Retinal Display Drives Market Demand
New York, US, July 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Virtual Retinal Display Market Analysis by Component (Optics, Driver and Controller Electronics, Light Source, Others), Vertical - Forecast till 2030” valuation is poised to reach USD 33.74 billion by 2030, registering an 42.62% CAGR throughout the forecast period (2022–2030).
Virtual Retinal Display Market Overview
The global virtual retinal display market is expected to perceive significant growth in the next few years. Innovations in virtual reality and advances in expertise escalate the market to ascended levels on the global platform.
Virtual Retinal Display Market Report Scope:
|Market Size in 2030||USD 33.74 Billion|
|Growth Rate (2022 to 2030)||30.25% CAGR|
|Forecast Period||From 2022 to 2030|
|Key Vendors||Google Inc (US), Avegant Corporation (US), Occulus VR (US), Human Interface Technology Laboratory (New Zealand), Magic Leap (US), Texas Instruments (US), Microvision Inc (US), Vuzix Corp (US), Sony Corp. (Japan), HTC Corp. (Taiwan), Brother Industries Ltd. (Japan), and Innovega Inc. (US)|
|Key Market Opportunities||The potential to provide low cost display options|
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The Virtual Retinal Display (VRD) technology creates visual images by scanning low-power laser light directly onto the retina. Retinal projection plays a causal role where most wearable displays demand crude & fixed optics. The VRD-created images are bright, with high contrast and high resolution. Over recent years, VRD is garnering vast prominence due to its potential medical applications, such as surgical displays and displays for people with low vision.
Virtual reality headsets are increasingly becoming popular. The wide adoption of VR headsets across industries indicates its ability, which is not limited to enabling 3D experience in gaming, music, movies, or traveling but also stretches to defense and healthcare sectors.
However, traditional wearable displays create some degree of eye strain due to focusing on a display that's fairly close to the eyes. With retinal display, there is no display, allowing eyes to completely relax and let the optics do the work of focusing. Resultantly, virtual retinal displays are garnering vast market prominence.
Virtual Retinal Display Market Segments
The market is bifurcated into components, verticals, and regions. The component segment is sub-segmented into optics, driver & controller electronics, light source, and others. The vertical segment is sub-segmented into healthcare, aerospace & defense, consumer electronics, automotive, and others.
Among these, the healthcare segment accounts for the largest market share, owing to the benefits of this display technology in radiology, therapeutics, and surgery. The region segment is sub-segmented into North America, Europe, Asia Pacific, and rest-of-the-world.
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Virtual Retinal Display Market Regional Analysis
North America dominates the global virtual retinal display market. The availability of well-developed healthcare infrastructure and high spending capability of North American countries on healthcare supports the market growth. Also, the aggressively growing gaming & entertainment industry substantiates the market size. Besides, the higher adoption of augmented and virtual reality in the gaming & entertainment industry positively impacts this region's market growth.
The presence of key providers of optics, driver & controller electronics, light sources, and other technologies, such as Microsoft, Google, Avegant, and Oculus, influences market revenues. The increasing adoption of VR solutions in various verticals to enhance production efficiencies, eliminate safety incidents and increase profitability drives market growth.
Increasing adoption in aerospace & defense sectors worldwide drives the market growth. Moreover, rising uses of virtual retinal displays in the gaming & entertainment sector create significant market demand. Proliferating online gaming industry positively impacts the growth of the market. Technology upgrades have created opportunities for companies to integrate virtual reality solutions in the automotive and consumer electronics industries, enhancing production efficiencies and increasing profitability while eliminating safety incidents.
Virtual retinal displays are used in various critical surgeries in the healthcare sector. Additionally, increasing investments in healthcare, gaming, and automotive companies accelerate market growth. Investments in cloud-based infrastructure to gain enhanced control over the whole learning management gamut boost the market size.
Many developing economies still lack awareness about virtual retinal display technology, which is a major factor restraining the growth of the market. Additionally, the lack of IT infrastructure poses significant challenges to market growth. Simultaneously, budget constraints and limited expertise obstruct the market's growth.
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Virtual Retinal Display Market Competitive Analysis
The highly competitive virtual retinal display market appears to be fragmented due to several large and small-scale players forming a competitive landscape. Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and technology/product launch to gain a competitive advantage in this market. Makers employ a continuous improvement strategy to analyze and update their systems. Implementing improvements and launching new technologies, they try to meet the changing consumer needs.
The market would witness the entry of several new players who are technologically advanced and will capture a major portion of this fast-moving market in the coming years. This, in turn, is expected to intensify the competition in the market. The virtual retinal display market is anticipated to witness major developments, and major market players are expected to be seen making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 20, 2022, Meta unveiled ultra-realistic VR display prototypes called Half Dome 3, developed using the metaverse. Meta has been spending colossally to develop high-end displays for virtual reality experiences. Half Dome 3 creates the retinal resolution with 60 pixels per degree.
At a press event, alongside the high-end prototype Half Dome 3, the company also revealed its headsets dubbed Butterscotch, Holocake 2, Starburst, and Mirror Lake, demonstrating its seriousness in delivering the metaverse. Designed to demonstrate a unique experience of retinal resolution in VR, Butterscotch retinal resolution prototypes create the near retinal resolution in VR experience at 55 pixels/degree, which is about 2.5 times more than the resolution of the Meta Quest 2.
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Dominant Key Players on Virtual Retinal Display Market Covered are:
- Google Inc (US)
- Avegant Corporation (US)
- Occulus VR (US)
- Human Interface Technology Laboratory (New Zealand)
- Magic Leap (US)
- Texas Instruments (US)
- Microvision Inc (US)
- Vuzix Corp (US)
- Sony Corp. (Japan)
- HTC Corp. (Taiwan)
- Brother Industries Ltd. (Japan)
- Innovega Inc. (US)
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