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Augmented and Virtual Reality Paving the Way in Healthcare Sector

The Augmented and Virtual Reality in Healthcare Market accounted for USD USD 1.5 Billion in 2021 and is estimated to reach USD USD 18.7 Billion by 2028 with a CAGR of 30.2%% during the forecast period. Augmented reality (AR) based learning modules provide a more comprehensive learning experience for medical practitioners. These learning modules are utilized to educate patients and assist them in better understanding how therapy works and how to manage their care. During difficult procedures, Augmented reality-based visual viewing supports surgeons and improves their accuracy and precision. Furthermore, virtual reality (VR) technology is widely used in telemedicine, anatomical visualization, and diagnostics.

Augmented and virtual reality have become increasingly useful in surgical and diagnostic treatments. Virtual reality is used in technologies such as touch surgery, to offer surgeons a view of the patient's anatomy and physiology in the operating room, providing them with more choices. As an outcome, the usage of augmented and virtual reality technologies to improve patient experience is predicted to boost the growth of augmented and virtual reality in the healthcare industry. Virtual reality headsets and other gear might test the healthcare industry's technical limitations. The size of the system may limit the functioning in some clinical contexts. Similarly, the available resolution and computer specifications may be a limiting issue for some healthcare facilities. Technological improvements and digitization in healthcare, favorable government efforts, rising healthcare spending, increased use in surgical operations, and medical training are all likely to support the growth of augmented and virtual reality in the healthcare market.

The hardware segment topped the market over the software segment for augmented reality and virtual reality in healthcare in 2020, accounting for 67.6% of total revenue. The hardware sector consists of sensors like accelerometer, gyroscope, magnetometer, proximity sensor and semiconductor components like a controller, integrated circuits along with display and projector, position tracker, camera, and others. While the software sector consists of software development kits and cloud-based services. The market for Augmented and Virtual Reality in Healthcare is dominated by devices head-mounted displays, while handheld devices and gesture tracking devices like data gloves show stable growth. Head-mounted devices are widely utilized in training and simulation, surgery, diagnostics, telementoring, and a variety of other applications. Furthermore, the ability to use a single piece of hardware in different applications such as surgery, medical training and education, patient care management, fitness management, pharmacy management, is one of the key aspects that is likely to increase its adoption and influence the market for Augmented and Virtual Reality in Healthcare.

North America is predicted to be the most profitable region over the projection period, based on region. Higher use of these technologies, investment in R&D, and favorable government policies are all propelling this area forward. The National Institute of Health of the United States of America is financing virtual reality research with an emphasis on healthcare applications. In addition, due to rising demand from healthcare providers and payers to lower treatment costs, there is a growth in the outsourcing of healthcare IT services in North America. Following right behind are the regions of Europe and the Asia Pacific where a market has started blooming.

Original equipment manufacturers for augmented reality and virtual reality devices, software providers, and application developers are all part of the augmented and virtual reality value chain in the healthcare business. Microsoft (US), Google (US), and Oculus VR (US), Psious (Spain), DAQRI (US), Mindmaze (Switzerland), Medical Realities (UK), Firsthand Technology (US), Atheer (US), Augmedix (US), CAE Healthcare (US), 3D Systems (US), Philips Healthcare (Netherlands & US), VirtaMed (Switzerland), Siemens Healthineers (Germany), HTC (Taiwan) are some of the key players in the market.