Augmented and Virtual Reality in Healthcare Market

Augmented and Virtual Reality in Healthcare Market: By Offering, Devices Type, Application, End User, and Region

Market Synopsis

Global Augmented and Virtual Reality in Healthcare market is projected to attain a value of USD 18.7 Billion by 2028 from USD 1.5 Billion at a CAGR of 29.90%during the forecast period, 2021–2028. The use of virtual and augmented reality (VR/AR) in healthcare has been on the rise due to the potential benefits that they offer. VR and AR can be used across several medical fields such as therapies, education, surgical procedures and diagnostics. Medical students are exposed to surgeries for real-life training through VR which helps them gain confidence prior to hands-on practicing. The platform also allows a noninvasive method to study complex procedures in a less risky environment.

Segmentation

The global Augmented and Virtual Reality in Healthcare market is segmented into, by offering, by device type, by end user, and by application. The offering segment is fragmented into, hardware and software. Device type segment is fragmented into, augmented reality in healthcare market, virtual reality in healthcare market. End User segment is fragmented into, hospitals, clinics, and surgical centers, research organizations and pharma companies, research and diagnostics laboratories, government and defense institutions, others. Application segment is split into, surgery, fitness management, patient care management, pharmacy management, medical training and education, others.

Increasing Use of AR and VR In Surgery to Drive Growth of the Market

The ongoing research in the area of using VR in surgery is focused on simulating virtual surroundings surrounding a trainee surgeon in order to improve their skills in a safe environment with minimal risks. In addition, advanced technologies such as eye tracking have been proposed to assist surgeons in assessing the depth of knowledge in specific areas. Several studies have demonstrated that the use of VR for surgical training is beneficial with advantages such as reduction of simulation costs, risk to patients and trainees, time required during real-life surgeries, possibility of conducting procedures that are not possible with real surgical methods. Virtual reality is also widely used in physiotherapy or rehabilitation purposes. For example, extensive research was carried out on cataract surgery which found significant benefits for using these technologies to improve patient rehabilitation process after surgery.

Growing Adoption of AR and VR in Healthcare Interactive Training

Healthcare industry has been one of the major adopters of this technology since its invention due to several benefits it brings along with it. In simple words, augmented and virtual reality allows the patient to visualize the operation before actually going into real surgery or medicine using simulation systems. The other key advantages that these technologies bring along are highly effective during training sessions for medical students, doctors and nurses.

For instance, it is used for interactive training in the medical field to increase the speed of learning through visualizing things before actually doing them. For example, surgeons can use these technologies to train themselves with performing complex procedures by removing virtual tumors or replacing an organ in VR environment. This reduces the risk of mistakes greatly than just observing someone else practicing it on a real patient.

North America to Dominate the global Augmented and Virtual Reality in Healthcare Market

The major players of this market are focusing on increasing their business in the North American region due to its high adoption rate of AR/VR technologies. The availability of skilled workforce and modern infrastructure is further boosting the growth rate of the augmented and virtual reality industry in North America. The key driving forces behind this growth are growing investments by healthcare institutions, universities, hospitals etc., use of new techniques for analyzing key data points on AR/VR devices which can be used for treating patients on large scale across various hospitals.

Asia Pacific has been witnessing a steady growth since it has one of the leading manufacturers for VR headsets such as HTC Vive, Oculus Rift who are making big investments into this technology.

Vendor Landscape

Microsoft (US) are some of the key players in the global Augmented and Virtual Reality in Healthcare market.

Augmented and Virtual Reality in Healthcare Market Has Been Segmented As Follows: