Augmented And Virtual Reality In Healthcare Market Size To Hold USD 19.6 Bn By 2030

The global augmented and virtual reality in healthcare market size was exhibited at USD 2.92 billion in 2022 and it is expected to hold around USD 19.6 billion by 2030, growing at a CAGR of 26.88% from 2022 to 2030.

It will be tremendously advantageous to use virtual and augmented reality in the healthcare industry. The best solutions for healthcare education have been made available by this. Surgery orders aid in the visibility of the veins. The patients can be greatly calmed with the aid of augmented reality and virtual reality. The speed at which patients recuperate has been accelerated through the usage of augmented reality and virtual reality in the healthcare industry. In order to improve the atmosphere of the actual world, Google Glass uses augmented reality. However, this procedure is immersive when it comes to virtual reality. We can use virtual reality (VR) glasses as an illustration, which completely encloses the eyes and offers an immersive experience. In the healthcare industry, augmented reality and virtual reality can be utilized to describe the symptoms that patients are experiencing.

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Market Growth

In the upcoming years, there will likely be an increase in demand for augmented reality and virtual reality because of the significant investments being made in the healthcare sector to improve infrastructure and leverage technology. A lot of medical personnel are trained using augmented reality and virtual reality, and they are even employed during specific surgical procedures. The delivery of health care education, rehabilitation, performing procedures, training, and the diagnosis of various ailments all make use of augmented reality and virtual reality. The use of augmented reality and virtual reality during surgeries is very advantageous because it increases productivity and streamlines the procedures. These are a few of the variables that will support the market’s expansion in the upcoming years.

Augmented and Virtual Reality in Healthcare Market Report Scope

Regional Analysis

Asia Pacific, Europe, North America, the Middle East, and Africa, as well as Latin America, make up the regional component. Due to an increase in R&D spending, greater acceptance of AR & VR technology for surgical training and practice, and supportive government initiatives, North America generated the greatest market revenue of over 42.5% in 2021. During the projection period, the Asia Pacific area is also anticipated to have considerable expansion. In terms of revenue, the major economies in the Asia Pacific area, including China, Japan, and India, are predicted to lead the augmented reality and virtual reality markets in healthcare.

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Market Dynamics

Drivers: Affluent reimbursement practices and the digitalization of the healthcare industry

Augmented reality and virtual reality will be used more frequently in operations and treatments for different ailments as a result of favorable reimbursement rules offered by various countries across the world. Constant research and development efforts have led to technological advancements that will aid in the market’s growth in the years to come. Additionally, numerous initiatives taken by governments of various countries around the world have been helpful in the introduction of cutting-edge approaches that will aid and benefit the healthcare sector to a great extent. Augmented reality and virtual reality in healthcare are developing due to causes like greater usage of AR technology for medical staff training, increased adoption of AR techniques in diagnostics and procedures, and rising visualization and simulation preferences in the medical industry.

Restraints: Lack of medical personnel and technical skills

The development of augmented reality and virtual reality in the healthcare industry is anticipated to be constrained by concerns over privacy and data security, as well as a higher likelihood of erroneous augmentation due to image lag. Additionally, sociological difficulties including public acceptance and low adoption in neighborhood clinics that rely on manual systems, as well as medical personnel’s lack of technical skill, limit the use of augmented reality and virtual reality in the healthcare industry.

Opportunities: Improves the procedure’s graphics and increases diagnostic precision

Virtual reality is employed because it gives doctors pictures of the patient’s anatomy and physiology, which is very helpful for many surgeries they conduct. In the next years, this is anticipated to present a sizable number of chances for the market’s expansion. In the upcoming years, there will likely be an increase in demand for augmented and virtual reality techniques for performing invasive procedures and disease detection. Since they are so helpful for surgeons, augmented reality and virtual reality platforms have become increasingly popular in operating rooms in recent years.

Component Insights

According to the component, the hardware sector is anticipated to rule the market in the upcoming years. This sector has previously dominated the market in terms of revenue and will continue to expand in the upcoming years. The demand for smart glasses, head-mounted displays, and 3D sensors will have a significant share of the market. Due to ongoing research and development methods that have contributed to breakthroughs in technology, the software industry is also anticipated to rise strongly. Applications that have recently been developed can be used to find eye problems. The patient’s anxiety during surgery is lessened by using other virtual reality platforms. These elements will all contribute to market expansion.

Technology Insights

Based on technology, the augmented reality market sector previously held a lion’s share of the industry in terms of revenue. This market is anticipated to expand well in the upcoming years as a result of head-mounted devices and the growing use of smart glasses that assist in presenting a 3D image or view of various things in the surroundings. The need for augmented reality has grown recently due to the need for better therapies for various diseases, and technological improvements have also been crucial to the market’s expansion.

Application Insights

The utilization of augmented reality and virtual reality in the healthcare industry varies depending on the application. Even minimally invasive operations, which are among the most challenging surgeries, can be completed with its assistance. Augmented reality will be more in demand in the healthcare industry as a result of technological improvements and rising consumer desire for simplified medical procedures. The healthcare sector’s virtual reality platforms will present any growth potential. Robotic procedures, training, surgery simulation, and other uses of virtual reality are possible. The market for virtual reality in the healthcare industry is anticipated to grow as a result of ongoing advances.

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Recent Development

• In the year 2020, OssoVR raised funding totaling around $14 million USD for the development of virtual reality-based medical and surgical devices as well as for the provision of training modules for medical devices.
• In 2019, Vuzix and VSee partnered to develop smart glass for use in telemedicine.

Competitive Landscape

There is some competition in the market for augmented reality in healthcare. The market is driven by a number of variables, including the rise in investments made by the major market players, technological development, and an increase in joint ventures among the participants. Siemens Healthineers, Koninklijke Philips N.V., AccuVein Inc., Vuzix Corporation, Augmented Pixels Inc., and Surgical Theater are a few of the major competitors in this sector.

Key Market Players

• Eon Reality, Inc
• Layar
• Bioflight VR
• WorldViz
• TheraSim Inc
• CAE
• GE Healthcare
• Koninklijke Philips N.V.
• Intuitive Surgical
• Siemens Ltd
• Mindmaze

Segments covered in the report

By Component

• Hardware
  • Sensors
    • Accelerometer
    • Gyroscope
    • Magnetometer
    • Proximity Sensor
  • Semiconductor Component
    • Controller/processor
    • Integrated Circuits
  • Displays and Projectors
  • Position Tracker
  • Cameras
  • Others
• Software
• Services

By Technology

• Augmented Reality
  • Surgical Application
  • Rehabilitation
  • Training & Medical Education
• Virtual Reality
  • Simulation
  • Diagnostics
  • Virtual Reality Exposure Therapy (VRET)
  • Rehabilitation
  • Pain Distraction

By End User

• Hospitals, Clinics, and Surgical Centers
• Research Organizations and Pharma Companies
• Research and Diagnostics Laboratories
• Government and Defense Institutions
• Others

By Application

• Surgery
• Therapy
• Education and training
• Rehabilitation
• Pain management
• Others

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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