AR/VR in Healthcare Market Size to Reach USD 11.6 Billion by 2028, Noted Reports and Data
Rising demand for innovative diagnostic techniques, neurological disorders, and increasing awareness for diseases are the major factors driving market growth.
The AR/VR in Healthcare Market size is estimated to reach USD 11.6 Billion by 2028, registering a CAGR of 28.3% during the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth are healthcare digitalization, government initiatives for technological advancement in medicine, increasing healthcare expenditure, and improved medical training.
In 2021, there will be a lot of interest in VR and AR from a variety of industries, including healthcare. More and more healthcare organisations are preparing to upgrade their digital solutions with virtual reality and augmented reality (VR/AR) technologies to improve data analysis and healthcare procedures. Some businesses have discovered new ways to engage with their patients during the pandemic by using these technologies, enabling them to provide remote and individualised care. Others employ AR/VR to enhance medical training or prepare for pre-surgery activities.
VR and AR 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 stimulates the eyesight of patients with specific disorders such as cataracts or AMD, among others. Patients will gain a better understanding of the problem and will be more engaged in their treatment.
Growth is predicted to be fueled by lower healthcare costs, fast digitalization, and enhanced delivery of effective health services. Due to extensive adoption in telemedicine, medical training & education, patient care management, and medical marketing during the COVID-19 epidemic, AR/VR in healthcare market has gained considerable traction in 2020-2021.
The AR/VR in healthcare market is restrained by a lack of expertise in the deployment of AR and VR solutions, as well as a lack of skill among medical practitioners to accept new technology.
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Further key findings from the report suggest
- On the basis of technology, the augmented reality segment accounted for the larger revenue share in 2020.
- Hardware components accounted for the larger revenue share in 2020. Hardware AR/VR devices like smart glasses have registered increasing adoption as this technology improves clinical outcomes and provide advanced care.
- AR/VR has applications are diverse and include simulation & diagnostics, surgeries, patient care management and education.
- Hospitals and clinics end use segment is expected to grow at a rate of 28.3% during the forecast period. This segment is expected to register an improvement in the adoption of VR.
- North America accounted for the largest market share in AR/VR in healthcare market in 2020. Higher adoption of these technologies, investment in R&D efforts, and favourable government measures are all driving market growth in this region.
- Due to rising popular awareness and improved healthcare infrastructure, Asia Pacific is projected to be the fastest-growing AR/VR in healthcare market over the coming years.
- Key participants include Microsoft, Google, Mindmaze, DAQRI, Psious, CAE Healthcare, Medical Realities, Atheer, Augmedix , Oculus VR, Firsthand Technology, Siemens Healthineers, Philips Healthcare, 3D Systems , VirtaMed , Virtually Better.
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For the purpose of this report, Reports and Data has segmented global AR/VR in healthcare market on the basis of component, technology, application, end use and region:
Technology Outlook (Revenue, USD Billion; 2018 – 2028)
Component Outlook (Revenue, USD Billion; 2018 – 2028)
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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Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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