According to a recent report by Reports and Data, the global AR VR in Healthcare Market is predicted to reach USD 11.49 billion by 2028, with a revenue CAGR of 24.3% over the forecast period. The growth of the market is driven by the rapid digitalization of healthcare and an increase in government initiatives to modernize the healthcare sector.
Healthcare organizations are adopting AR VR technologies to improve data analysis and healthcare procedures. During the COVID-19 pandemic, these technologies provided feasible solutions to various healthcare challenges by offering remote and personalized care.
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Healthcare companies are using AR VR technology to enhance consumer experiences and engage them effectively in healthcare operations. For example, there are VR apps available for cosmetic medicine and orthodontics, which allow healthcare professionals and their clients to plan the sequence of procedures and see the expected outcomes.
Ophthalmology professionals can also offer their patients an app that helps with eye screening and speedy diagnosis. Additionally, vision training software has been shown to improve vision in adults with amblyopia, eye diseases, and visual impairments. These technologies have several advantages in medical training and general diagnostics. However, the high cost of installation and lack of expertise in deploying AR VR solutions are hindering market revenue growth.
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The report identifies key highlights from the market, including:
- BehaVR and Sumitomo Dainippon Pharma Co. have partnered to develop and market virtual reality-based prescription digital therapeutics for major mental health disorders as well as general wellness products.
- The hardware segment, including smart glasses, head-mounted displays, and 3D sensors, had the largest revenue share in 2020 due to increased adoption that improves clinical outcomes and provides advanced care.
- Augmented reality is being used more frequently in healthcare for minimally invasive surgery and surgical preparation due to the demand for reducing medical procedure complexity and the advancement of technology.
- There is significant potential for AR VR applications in medical imaging for different stages such as diagnosis, detection, and treatment.
- Hospitals accounted for a significant revenue share in 2020 due to the rapid adoption of AR VR tools for diagnosis, surgeries, post-operative services, and other medical training procedures.
- The Asia Pacific market is predicted to have the fastest revenue CAGR over the forecast period due to improvements in healthcare infrastructure and emerging technological advancements in information technology.
- Companies profiled in the report include Microsoft Corporation, Mindmaze, Psious, Medical Realities, Firsthand Technology, Augmedix, Inc., Siemens Healthineers, Philips Healthcare, GE Healthcare, and FundamentalVR.
The report segments the AR VR in healthcare market based on component, technology, application, end-use, and region. The component outlook includes hardware, software, and services. The technology outlook includes augmented reality and virtual reality. The application outlook includes simulation diagnostics, surgeries, patient care management, education, and others. The end-use outlook includes hospitals clinics, surgical centers, and research organizations. The regional outlook includes North America, Europe, Asia Pacific, Latin America, and the Middle East Africa.
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