The global AR & VR in Healthcare Market size is expected to reach USD 11.49 Billion in 2028 and register a revenue CAGR of 24.3% over the forecast period, according to the latest report by Reports and Data. Rapid digitalization and a rise in government initiatives for modernization of healthcare sector are driving market revenue growth.
Adoption of AR-VR in healthcare is growing as more and more healthcare organizations are preparing to upgrade their digital solutions with advanced technologies to improve data analysis and healthcare procedures. Implementation of advanced technologies has enabled healthcare organizations to establish connection with patients during COVID-19 pandemic, providing them with remote and personalized care. These technologies provide feasible solutions to various healthcare challenges like problems in precision surgeries and offer numerous benefits for its implementation in medical training and general diagnostics.
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Some Key Highlights from the Report:
- In October 2021, Sumitomo Dainippon Pharma Co. announced that it has signed a partnership agreement with BehaVR, which is a behavioral health company based in the U.S., for development and marketing of general wellness products and VR-based prescription digital therapeutics for treating major mental health disorders. Sumitomo will provide funds for development and commercialization of three innovative VR-based therapies intended for generalized anxiety disorder, social anxiety disorder, and major depressive disorder.
- Hardware segment accounted for largest revenue share in 2020. AR & VR hardware like smart glasses, head-mounted displays, 3D sensors have registered increased adoption as this technology improves clinical outcomes and helps in providing advanced care. High rate of adoption of AR & VR hardware devices in developed countries is driving revenue growth of the segment.
- Augmented reality is increasingly used in healthcare for minimally invasive surgery and surgical preparation. Rising demand to reduce medical procedure complexity and technological advancement is resulting in increased adoption of augment reality technology. As AR matures and becomes user-friendly and affordable, more healthcare organizations are adopting it as an important tool to educate, communicate, and engage patients.
- There is a vast potential for AR & VR application in medical imaging across different stages such as diagnosis, detection, and treatment. AR & VR can be used for tumor imaging during chemotherapy. Use of AR & VR technologies in imaging applications can offer insights on changes in tumor sizes and track its growth during treatment. 3D imaging with AR & VR can enhance visualization of tumors and other additional details such as microcalcification which is a tiny abnormal deposit of calcium salts.
- Hospital segment accounted for significant revenue share in 2020. AR & VR tools are being rapidly adopted in hospitals for diagnosis, surgeries, post operative services, and other medical training procedures. Various hospitals are incorporating advanced digital devices to gain efficiency and bring down overall costs during the forecast period. Government initiatives to modernize hospitals in developing countries are also driving segment revenue growth.
- Due to improvement in healthcare infrastructure, market in Asia Pacific is expected to grow at fastest revenue CAGR over forecast period. Emerging technological advancements in information technology and government support for integration of these technologies in medical field contribute to the large revenue share of market.
Major players in the market include Microsoft Corporation, MindMaze, Psious, Medical Realities, Firsthand Technology, Augmedix, Inc., Siemens Healthineers, Philips Healthcare, GE Healthcare and FundamentalVR.
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Key Questions Addressed in the Report:
- What is the expected revenue growth rate the global AR & VR in Healthcare market is expected to register during the forecast period?
- What are the key growth driving factors of AR & VR in Healthcare market?
- Who are the leading players in the market?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis?
- Which region is expected to account for the largest market share in the global AR & VR in Healthcare
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Component Outlook (Revenue, USD Billion; 2018–2028)
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Augmented Reality
- Virtual Reality
Application Outlook (Revenue, USD Billion; 2018–2028)
- Simulation & diagnostics
- Patient care management
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Surgical centers
- Research organizations
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Key Points Addressed in the Report:
- A detailed analysis of the global AR & VR in Healthcare market through assessment of key market aspects such as technology, product type, application, end-use, and overall industry dynamics.
- Qualitative and quantitative analysis of the market estimation and CAGR calculation for the forecast period.
- All-inclusive assessment of market dynamics with emphasis on drivers, restraints, opportunities, and limitations.
- Extensive profiling of key companies operating in the market including company overview, financial standing, product offerings, product portfolio, recent product and technological advancement, and business expansion plans.
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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