Augmented and Virtual Reality in Healthcare Market to Reach Valuation of USD 18.7 Billion by 2028 – Increasing Technological Advancements in the Healthcare Sector is Driving the Market

In terms of revenue, the Global Augmented and Virtual Reality in Healthcare Market is expected to reach USD 18.7 Billion by 2028, growing at a CAGR of 30.2% from 2022 to 2028. Increasing technology advancements in healthcare sector along with using advanced solutions to speed up recovery are the driving factors for Augmented and Virtual Reality in Healthcare Market.

Key Findings:

• Under the technology segment augmented reality sub-segment is anticipated to dominate the segment for Augmented and Virtual Reality in Healthcare Market and growing at a substantial CAGR. The increasing demand for this segment is due to the novel technological advancement conducted in the field of medicine.
• Hardware sub-segment held a market significant share in 2021. This is the fastest segment growing in AR and VR market as it is helpful for setting up the VR and AR machines and high accuracy is obtained with the help of quality hardware tools used.
• North America is the largest regional segment. This is due to its high demand and extraordinary R&D facility provided by the key market players.

Some of key players in augmented and virtual reality in healthcare market include - 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).

Recently, by using augmented reality, the major key players in VR and AR technology can help medical professionals get better at drawing blood, using a handheld scanner that projects over the skin and shows nurses and doctors where veins are in the patient’s bodies. Such technologies could assist healthcare professionals and extend their skills.

Augmented reality and virtual reality are currently extensively used in education institutes as it is believed this technology could help cure diseases and surgeries fast and with accuracy. For instance, patients often struggle when they have to describe their symptoms to their doctors accurately and VR can help to find the exact symptoms and analyses on the diagnostics with less time and this could be helpful for healthcare professionals and surgeons.

North America is expected to emerge as potential market for augmented and virtual reality in healthcare market. As U.S has the major startups and key players working in AR and VR, it is anticipated those in coming years the market in this region will have huge potential in technological advancements in healthcare sector. Pharmaceutical companies are providing innovative drug information for VR and AR technologist to gather information on various treatments.