While the gaming industry was the first to adopt AR and VR, other sectors, including healthcare, are now started to see the advantages of these technologies and are exploring their potential to be used in medical applications.
The global Augmented Reality (AR) and Virtual Reality (VR) in healthcare market is valued at ~$1.5 billion in 2020 and is expected to grow at a CAGR of >25% to cross $5 billion by 2025. This growth will be fueled by technological advancements and growing digitization, supporting government initiatives, a substantial number of start-ups entering this market, a broad range of applications, and rising partnerships/M&As, and funding levels.
Significant Potential for AR and VR in Healthcare Market
AR and VR in healthcare is presently a niche market but offers huge growth potential. Medical training, surgical planning, pain management, patient care management, and mental health treatment are some of the applications. The scope of application of AR and VR is quickly rising with growing number of startups entering into this space to offer variety of hardware and software targeting different areas of healthcare.
“The potential of AR and VR in healthcare is huge. Companies in this advanced technology field are constantly striving to surpass the challenges by developing accurate and explicit solutions that enable breakthroughs in the way treatment and diagnosis is done in the medical field.” - Chief Executive, Provider of AR Platform for Surgery Guidance, US
Surging VC/PE Investments and Regulatory Approvals Accelerating Growth & Innovation in AR and VR in healthcare market
The Covid-19 pandemic induced the world to go virtual. The past few years have been a turning point for healthcare technology, with some overhyped technologies like AR/VR finally becoming a reality due to surging VC investments and regulatory clearances.
For instance,
- in Nov 2021, the FDA approved AppliedVR’s EaseVRx, a prescription-use immersive VR system for chronic pain reduction.
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North America Leads the Adoption While EU is Not Far Behind
North America dominates the AR/VR in the healthcare market driven by supporting healthcare IT infrastructure, significant VC fundings, presence of large number of AR/VR companies/startups in the US and favorable government initiatives.
Lack of VR and AR skilled professionals is a challenge in Europe but this region is catching up fast and countries like France, Germany, UK, Sweden, Netherlands and Italy are likely to offer vast growth opportunities for AR/VR in healthcare.
Competitive Landscape Analysis of Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market
The global AR and VR in healthcare market is highly competitive and fragmented. Some of the key and emerging players in this market include CAE Healthcare, GE Healthcare, Philips Healthcare, Microsoft, Intuitive Surgical, Psious, MindMaze, Virtualis, Oxford VR, Augmedics, Surgical Theater, EchoPixel, Medivis, Health Scholars, Touch Surgery, Medical Augmented Intelligence and XRHealth.
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AR & VR in Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Global Forecast Till 2027Market HighlightsThe AR & VR in healthcare market is expected to grow at an approximate CAGR of 30.2% during forecast period, 2018–2023.Rising demand to reduce healthcare cost is one of the key factors driving the AR & VR in healthcare market.
For instance, with the use of AR navigation system nearly USD 288 million can be saved on minimally-invasive surgical procedures in the US.Various other factors such as rising government funding, high prevalence of chronic diseases, rising adoption of AR and VR in fitness management, increasing penetration of connected devices in the healthcare sector, and rising awareness about VR therapy are also expected to propel the growth of the market.However, concerns regarding data privacy, lack of expertise among medical practitioners, and lack of competence in deployment of the AR and VR solutions can hinder the market growth over the forecast period.Request Free Sample Copy at: https://www.marketresearchfuture.com/sample_request/7208SegmentationThe AR & VR in healthcare market is segmented based on technology, offering, device type, application, end user, and region.The global market for AR & VR in healthcare, by technology is segmented into AR technology and VR technology.
The AR technology segment is further classified as marker-based AR and markerless AR.
The sensors segment includes accelerometer, gyroscope, magnetometer, and proximity sensor.
The software segment is further classified as software development kits, and cloud-based services.Based on device type, the market is segmented into AR device type, and VR device type.
The AR device type segment is further classified as head-mounted display, and handheld device.
Market HighlightsThe AR & VR in healthcare market is expected to grow at an approximate CAGR of 30.2% during forecast period, 2018–2023.Rising demand to reduce healthcare cost is one of the key factors driving the AR & VR in healthcare market.
For instance, with the use of AR navigation system nearly USD 288 million can be saved on minimally-invasive surgical procedures in the US.Various other factors such as rising government funding, high prevalence of chronic diseases, rising adoption of AR and VR in fitness management, increasing penetration of connected devices in the healthcare sector, and rising awareness about VR therapy are also expected to propel the growth of the market.Request Sample Copy:https://www.marketresearchfuture.com/sample_request/7208However, concerns regarding data privacy, lack of expertise among medical practitioners, and lack of competence in deployment of the AR and VR solutions can hinder the market growth over the forecast period.Key PlayersSome of the key players in the AR & VR in healthcare market are Atheer, Augmedix, Daqri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc., SURGICAL THEATER, LLC, Orca Health, Inc., Hologic Inc., 3D Systems, Inc., and others.SegmentationThe AR & VR in healthcare market is segmented based on technology, offering, device type, application, end user, and region.The global market for AR & VR in healthcare, by technology is segmented into AR technology and VR technology.
The AR technology segment is further classified as marker-based AR and markerless AR.
The sensors segment includes accelerometer, gyroscope, magnetometer, and proximity sensor.
The software segment is further classified as software development kits, and cloud-based services.Based on device type, the market is segmented into AR device type, and VR device type.
The AR device type segment is further classified as head-mounted display, and handheld device.
The AR & VR in healthcare market HighlightsThe AR & VR in healthcare market is expected to grow at an approximate CAGR of 30.2% during forecast period, 2018–2023.Rising demand to reduce healthcare cost is one of the key factors driving the AR & VR in healthcare market.
For instance, with the use of AR navigation system nearly USD 288 million can be saved on minimally-invasive surgical procedures in the US.Various other factors such as rising government funding, high prevalence of chronic diseases, rising adoption of AR and VR in fitness management, increasing penetration of connected devices in the healthcare sector, and rising awareness about VR therapy are also expected to propel the growth of the market.Avail a Free Sample@ https://www.marketresearchfuture.com/sample_request/7208 However, concerns regarding data privacy, lack of expertise among medical practitioners, and lack of competence in deployment of the AR and VR solutions can hinder the market growth over the forecast period.SegmentationThe AR & VR in healthcare market is segmented based on technology, offering, device type, application, end user, and region.The global market for AR & VR in healthcare, by technology is segmented into AR technology and VR technology.
The AR technology segment is further classified as marker-based AR and markerless AR.
The marker-based AR segment includes passive marker, and active marker.
The VR technology segment is further classified as nonimmersive technology, and semi-immersive and fully immersive technologies.Based on offering, the market is segmented into hardware components and software.
The sensors segment includes accelerometer, gyroscope, magnetometer, and proximity sensor.
Augmented and Virtual Reality In Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Global Forecast Till 2023 The Augmented and Virtual Reality In Healthcare market is predicted to grow at a 30.2% CAGR over the forecast period (2018-2023), states the new Market Research Future (MRFR) report.
AR & VR in the healthcare sector is widely used to improve surgery methods, treating psychiatric and neurological conditions, and also as a part of hospice care.
Augmented and Virtual Reality In Healthcare Market Key Players Leading players profiled in the Augmented and Virtual Reality In Healthcare market report include 3D Systems, Inc., Orca Health, Inc., Hologic Inc., Osso VR Inc., SURGICAL THEATER, LLC, EchoPixel, Inc., Oculus VR, Mindmaze, Psious, Medical Realities, Microsoft, Firsthand Technology, Augmedix, Daqri, Atheer, Google, and others.
September 2019: XRHealth has entered into a partnership with Allscripts to offer an integrated virtual reality/augmented reality platform.
Augmented and Virtual Reality In Healthcare Market Segmentation The MRFR report provides a complete segmental analysis of the Augmented and Virtual Reality In Healthcare market report on the basis of end user, application, offering, device type, and technology.
Based on technology, the Augmented and Virtual Reality In Healthcare market is segmented into AR and VR technology.
