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 problem in precision surgeries and offer numerous benefits for its implementation in medical training and general diagnostics.
Virtual reality and augmented reality technology are being used by healthcare companies to improve consumer experiences by effectively engaging customers in healthcare operations. This will drive AR & VR in healthcare market growth in the coming years. For example, healthcare companies and their clients can arrange the sequence of procedures and observe the results using VR apps for cosmetic medicine and orthodontia. Healthcare professionals in the field of ophthalmology can supply their patients with an app that helps patients with eye screening and quick diagnosis.
Top Companies Profiled in the AR & VR in Healthcare Market report Include :
- Microsoft Corporation
- Medical Realities
- Firsthand Technology
- Augmedic Inc.
- Siemens Healthineers
- Philips Healthcare
- GE Healthcare
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Some Key Highlights From the global AR & VR in Healthcare Market report :
- In October 2021, Sumitomo Dainippon Pharma Co. announced that it has signed a partnership agreement with Beha VR, 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.
AR & VR in Healthcare Market Overview :
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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Key Regional Markets Studied in the Report :
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Additionally, the report consists a detailed analysis of the segmentation of the AR & VR in Healthcare Market based on product types and end-use/application offered in the AR & VR in Healthcare Market.
Component Outlook (Revenue, USD Billion; 2018–2028)
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Augmented Reality
- Head-Mounted Display (HMD)
- Handheld Device
- Virtual Reality
- Head-Mounted Display (HMD)
- Gesture Tracking Devices
- Projectors and Display Walls
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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