AR & VR in Healthcare Market Size to Reach USD 11.49 Billion in 2028, Says Reports And Data
Rapid digitalization and rise in government initiatives for modernization of healthcare sector are driving market revenue growth
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. Rising prevalence of complex surgeries and increasing adoption of digital technology in healthcare sector are driving market revenue growth.
Augmented Reality (AR) is being adopted for training and education of medical personnel. AR-based modules offer anatomical visualization and simulation and provides medical personnel with complete learning experience. These modules are also being used to train patients and help them understand treatment procedure and care management. AR-based visualization assists surgeons in improving accuracy and precision during complex surgeries.
The healthcare industry has transformed with the adoption of technology for virtual training of surgeons for complicated surgeries, phobia buster in mental health treatment, 3D operating room simulations, and chronic pain management. They also play an essential role in EMDR (Eye Movement Desensitization and Reprocessing) therapy that allow reframing traumatic memories through specific eye movements. Also, VR-based organ models help surgeons prepare for delicate and complex operations that need higher accuracy, fewer complications, and decreased trauma.
In addition, AR & VR technology offer advantages in several areas of care management like cancer therapy, autism & depression therapy, and assisted living. AR & VR are being used to help patient with Post-Traumatic Stress Disorder (PTSD) and reduce anxiety in children undergoing blood test or other painful procedures. Virtual reality exposure therapy (VRET) is an exposure therapy which is being used to treat anxiety disorders, including specific phobias. Virtual Reality (VR) allow better planning to support safety of patients by reducing exposure to radiation dose. It saves time with enhanced precision and fewer side effects.
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Some Key Highlights From the Report
- In March 2021, DJO, which is a subsidiary company of Colfax Corporation, made an announcement about entering into a strategic collaboration with Insight Medical Systems, which is a technology firm dealing in wearable surgical navigation in field of orthopedics. As part of collaboration, DJO would invest in Insight Medical Systems whose flagship product, ARVIS (Augmented Reality Visualization and Information System) will deploy tracking cameras with both handsfree and 3D display interface in an integrated eyepiece for aiding surgeons in total joint arthroplasty procedures.
- Software segment is expected to grow at a high revenue rate during the forecast period owing to technological advancement in in-app designing. Apps such as Applied VR help patients to overcome anxiety during surgical procedures. Development in network services and interconnectivity help patients gain access to platform which is driving segment revenue growth.
- Virtual reality is a powerful tool which helps physicians and doctors to carry out precise and effective diagnosis. VR is used along with MRI/CT scans, which eliminates the need for invasive techniques, making it painless for patients. VR is helpful in various simulation techniques and allows doctors to interact with others. The technology engages in different training sessions in 3D environment.
- AR & VR are most frequently used in dental and orthognathic surgeries. Virtual planning improves accuracy of inserting dental implants using dynamic navigation. Intraoperative navigation and prediction planning are main application of virtual reality in orthognathic surgery. First AR enabled surgery was performed in June 2020 at Baltimore. Six screws were place in patient’s spine for spinal fusion surgery to relieve pain.
- North America accounted for largest market revenue share in AR & VR in healthcare market in 2020. Higher adoption of these technologies, investment in R&D efforts, and favorable government measures are driving market growth in this region. Due to constant technological advancement of related products, prevalence of neurological & psychological disorders, and presence of sophisticated healthcare infrastructure, demand for AR & VR in healthcare is growing in North America region.
- Companies profiled in the global market report includes Microsoft Corporation, Mindmaze, Psious, Medical Realities, Firsthand Technology, Augmedix, Inc., Siemens Healthineers, Philips Healthcare, GE Healthcare and FundamentalVR.
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For the purpose of this report, Reports and Data has segmented the AR & VR in healthcare market based on component, technology, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Hardware
- Software
- Services
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
- Surgeries
- Patient care management
- Education
- Others
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Surgical centers
- Research organizations
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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