New York, USA, May 01, 2023 (GLOBE NEWSWIRE) -- AR and VR in Healthcare Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), AR and VR in Healthcare Market Information By Technology, Offering, Application, And Region - Forecast till 2030, the market size was valued at USD 0.41 billion in 2021 and is projected to grow from USD 0.58 Billion in 2022 to USD 6.94 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 42.42% during the forecast period (2022 - 2030).
Market Synopsis
Growing penetration of connected devices and rising application in the treatment and medical training are the key market drivers enhancing the market growth. Systems like "touch surgery" give operating room doctors a view of the patient's physique and physiology using virtual reality. The augmented reality and virtual reality marketplaces are anticipated to grow more quickly. Technology that uses virtual reality is advantageous to both patients and doctors. As a result, the patient has direct contact with a doctor, which is incredibly practical. Furthermore, the growing trend of storing patient data and medical images on the AR/VR platform reduces the need for expensive screens and extra staff. Additionally, AR is increasingly being used for medical staff education and training. The medical staff can learn more thoroughly and comprehensively because AR-based learning modules offer anatomical visualization and simulation.
Additionally, patients are trained using these learning modules, which helps them better understand the course of treatment and care coordination. AR-based image visualization helps surgeons improve their accuracy and precision during complex surgeries. AR-based learning modules give medical professionals a more comprehensive learning experience because they offer anatomical visualization and simulation. Additionally, patients are trained using these learning modules, which helps them better understand the course of treatment and care coordination. AR-based image visualization helps surgeons improve their accuracy and precision during complex surgeries.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6.94 Billion |
| CAGR | 42.42%% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Offering and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Application of AR & VR has been growing rapidly |
| Rapidly adopting augmented reality and virtual reality technologies in surgeries |
AR and VR in Healthcare Market Competitive Landscape:
The essential contenders in the AR and VR in healthcare market are:
- Daqri
- Atheer
- EchoPixel Inc
- Osso VR Inc
- Microsoft
- Augmedix
- Medical Realities
- Firsthand Technology
- Mindmaze Oculus VR
- Orca Health Inc.
AR and VR in Healthcare Market Trends:
Market Drivers:
Some key elements anticipated to drive growth and acceptance in the healthcare sector include medical education, developments in technology and digitalization in healthcare, supportive government efforts, rising healthcare spending, growing usage of surgical procedures, and rising healthcare expenditure. The pandemic has caused a sharp shift in the shopping culture toward online shopping. Since many websites disabled their return policies during the pandemic, virtual try-ons for jewelry and make-up enabled customers to see if the products suited them. Their shopping experience was made more convenient as a result. The convenience will lead to increased demand in this industry, which will support the growth of the augmented reality market. Augmented reality technologies help to facilitate customer satisfaction. Applications for these technologies in healthcare are numerous and include operations, rehabilitation, instruction, and education. Virtual reality technology producers and system integrators struggle to incorporate these innovations into low-end devices, which prevents middle-class or low-income groups from using them.
Market Restraints:
The reach of these technologies on luxurious desktops, laptops, mobile phones, and computers presents the biggest test for customers. Because of this, it is more difficult, disadvantageous, and undetected by the usage of new technologies for the average user when using these technologies. To concentrate on market growth, addressing this decrease in the availability of these augmented reality technologies is necessary. Since most people live in middle-class or low-income households, the industry faces a challenge because of the lack of equitable access to these methods on low-end devices, which could impede market expansion.
COVID 19 Analysis
Given the current situation, COVID-19 has left a historically severe worldwide health crisis that has affected almost every industry, and its long-term effects are anticipated to impact industry growth over the forecast period. With the growing popularity of virtual training, education, and shopping, COVID-19 has been forced to change the world to work from home culture, whether in businesses, universities, or schools. This has caused an upsurge in the AR and VR markets. Devices with AR and VR have been used in the sector for supervision and training. However, it additionally has a detrimental impact. As a result of these technological improvements, AR & VR in healthcare saw a positive impact during the COVID-19 pandemic. Growth is also anticipated to be fueled by declining healthcare costs, rapid healthcare digitalization, and enhanced delivery of efficient health services. Due to the widespread use of telemedicine, medical education and training, patient care management, and medical advertising during the COVID-19 pandemic, AR and VR in healthcare are gaining traction.
Browse In-depth Market Research Report (90 Pages) on AR and VR in Healthcare: https://www.marketresearchfuture.com/reports/ar-vr-in-healthcare-market-7208
AR and VR in Healthcare Market Segmentation
By application, the market includes fitness, patient care, and pharmacy management.
By technology, the market includes AR and VR technology.
By offerings, the market includes hardware and software.
AR and VR in Healthcare Market Regional Insights
Due to its high market share and revenue, North America dominates and will continue to do so throughout the forecast period. Other factors contributing to this dominance include the presence of major manufacturers and vendors in the region and increased public and private funding for developing these technologies. When offering forecasting analysis of the country data, it also takes into account the presence and accessibility of international brands as well as the difficulties they face due to strong or weak competition from regional and domestic companies, the impact of domestic tariffs, and trade routes. Due to a few countries in the region, including China, Japan, and South Korea, focusing on training, medical assistance, and e-learning for consumers using virtual reality technology, the Asia-Pacific region has experienced the most lucrative growth.
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From 2022 to 2030, the AR and VR in Healthcare Market are anticipated to expand at the fastest CAGR in the APAC. This is brought on by rising public and private investment in the healthcare sector, the development of the healthcare infrastructure, and the expanding use of connected devices. India's AR and VR in the healthcare market were anticipated to grow fastest in the Asia-Pacific region, while China's AR and VR held the biggest share.
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