Augmented and Virtual Reality in Healthcare Market Overview
The Augmented and virtual reality in healthcare market is anticipated to register a healthy CAGR of over 27.30% during the forecasted era. Virtual reality technology is beneficial to doctors and patients; it enables patients to visit doctors that are very useful virtually. The Augmented and virtual reality in healthcare market has registered a praiseworthy spike in the growth rate in the last few years. The market’s growth is mainly owned by the growing connected devices penetration in the healthcare sector.
Furthermore, the factors such as the rising awareness regarding virtual reality exposure therapy, growing implementation in fitness management, and surging government proposals are also expected to boost up the Augmented and virtual reality in healthcare market growth over the assessment era. On the other hand, the dearth of skill in AR and VR solutions and the fears related to data privacy are projected impede the market’s growth.
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Augmented and Virtual Reality in Healthcare Market Segment Analysis
The global market for AR & VR in healthcare has been fragmented into several segments based on technology, offerings, end-user, device type, application, and region.
Based on technology, the Augmented and virtual reality in healthcare market is fragmented into AR technology and VR technology.
By application, the AR & VR in the healthcare market is bifurcated into pharmacy management, medical training and education, patient care management, surgery, fitness management, and others.
The global Augmented and virtual reality in healthcare market is divided into hardware and software based on offerings.
Based on the device type, the AR & VR in the healthcare market is split into AR device type and VR device type.
Based on end-users, the global market for AR & VR in healthcare is divided into pharmaceutical companies, research and academic institutes, hospitals & clinics, surgical centers, and others.
Augmented and Virtual Reality in Healthcare Market Regional Analysis
The global Augmented and virtual reality in healthcare market is studied across five major regions, including North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the research reports by MRFR, the North American region is anticipated to lead the global market for AR & VR in healthcare over the assessment era. The regional market’s growth is mainly credited to the growing demand for healthcare cost reduction. In addition, the growing demand for minimally invasive surgical procedures across the region is an additional vital parameter elevating the regional market’s growth.
On the other hand, in 2017, the European region secured the second position in the AR and VR in the healthcare market. The regional market’s performance is credited to the increased investment for innovation and consistent technological developments.
Augmented and Virtual Reality in Healthcare Market Competitive Analysis
The AR and VR in healthcare market has a strong and competitive landscape. The players in the global market are investing heavily in research and development activities to launch innovative products and strengthen their market position. The AR and VR in healthcare market has prominent leaders such as Osso VR Inc., Firsthand Technology, Augmedix, Daqri, 3D Systems, Inc., SURGICAL THEATER LLC, Orca Health, Inc., Microsoft, Medical Realities, EchoPixel, Inc., Atheer, Hologic Inc., Psious, Mindmaze, Oculus VR, Google, and several others.
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Recent Developments
- February 2022- VRKure has announced plans to build high-impact training VR modules to be used in the Healthcare sector. The company comprises technology leaders, nurses, senior surgeons, and physicians pledged to designing the advanced AR/VR medical solutions and providing superior patient results. VR/AR will offer extraordinary patient care with improved care delivery, diagnostics, and training.
- March 2022- The 140-unit residential and commercial painting franchise supported by the multi-brand franchisor Premium Service Brands, 360° Painting, has announced the launch of an innovative training program across all of its concepts with a new collaboration with a U.K.-based startup, Virti.
- February 2022 – A prominent player in the AI-led Digital Transformation in healthcare, GAVS Technologies, has disclosed its deliberate partnership with the NASSCOM. The alliance will provide a platform for intelligence-sharing, incubation, and technology collaboration to improve the execution of cutting-edge technology in the Indian healthcare industry.
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