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Augmented and Virtual Reality in Healthcare Market size was valued at over USD 1.9 billion in 2020 and is estimated to grow at a CAGR of more than 35.8% between 2021 and 2027. Adoption of the augmented reality (AR) & virtual reality (VR) technologies in medical surgeries to optimize surgical procedures is one of the fundamental factors anticipated to foster the market growth. Also, these technologies have wide applications in healthcare including diagnostics and rehabilitation among others. Furthermore, technological advancements along with increasing interest of investors in healthcare augmented & virtual (AR/VR) is another favoring factor that is boosting the market expansion.
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During the COVID-19 outbreak, the healthcare AR/VR applications gained momentum due to widespread acceptance in medical training & education, telemedicine, and patient care management among others. Also, the augmented & virtual reality in healthcare was influenced positively attributed to the technological advancements in this space. For instance, in April 2020 XRHealth extended its application by raising USD 7 million to expand its telehealth platform. Similarly, AR/VR technologies can be used for improved self-diagnostics especially in remote areas where visiting clinics is challenging, and people have to use telehealth services instead. Moreover, the market is poised to grow exponentially during the pandemic owing to usage of AR/VR technology to efficiently managing the treatment schedules, treatment delivery, and plans, thereby positively effecting the market to certain extent.
Augmented & virtual reality is being widely adopted for education and training purposes for medical personnel. Since AR/VR-based learning modules provide anatomical visualization and simulation, it gives the medical personnel a more wholesome complete learning experience. For instance, Imperial College and St. Mary’s Hospital in London are using augmented reality glasses to visualize 3D imaging of blood vessels during reconstructive surgeries. Thus, widespread use of AR/VR in training of medical personnel will impel the industry growth. Increasing practice of storing medical images and patient data on the AR/VR platform helps in reducing requirements for expensive screens and unnecessary staff, thereby supporting the industry expansion.
Report Coverage | Details |
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Base Year: | 2020 |
Market Size in 2020: | 1,953.0 Million (USD) |
Forecast Period: | 2021 to 2027 |
Forecast Period 2021 to 2027 CAGR: | 35.8% |
2027 Value Projection: | 16,242.1Million (USD) |
Historical Data for: | 2016 to 2020 |
No. of Pages: | 150 |
Tables, Charts & Figures: | 229 |
Segments covered: | Technology, Component, Application, End-user and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Healthcare augmented & virtual reality is a technology-oriented market, and therefore the efficiency of these product can vary depending upon the advancements in technology. However, despite the efficiency of these products is high, the increasing costs coupled with change in technologies will be a major hindrance in the industry progression. In addition, lack of awareness about the benefits of healthcare augmented and virtual reality technologies will affect the market value negatively.
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Augmented reality segment exceeded USD 1.4 billion in 2020. High adoption of augmented reality in various surgical procedures will upsurge the product demand in the market. AR-based image visualization assists the surgeons and enhances their accuracy and precision during complex surgeries.
Hardware segment is expected to expand at 35.5% growth rate through 2027 led by the availability of devices such as 3D sensors, head-mounted displays and smart glasses. These devices are widely used in surgeries, telemonitoring, training & simulation and diagnostic among many other applications. Healthcare AR/VR hardware has a huge commercialized product base with a high rate of acceptance especially in developed countries, which accounts for its largest market share. Additionally, usage of single hardware in multiple applications is also one of the pivotal factors that will to accelerate its usage and affect the industry revenue.
Surgery segment in the augmented and virtual reality in healthcare market will reach USD 4.6 billion by 2027. Healthcare AR/VR technology is used in various fields of medical sciences such as surgical preparation and minimally invasive surgery. These devices allow surgeons to incorporate data visualization into treatment and diagnostic procedures to improve work efficiency along with safety. Such devices also cut down the cost and result in enhanced surgical procedures, thereby driving the industry growth. Market leaders operating in AR/VR technology are entering into partnerships with domestic players to expand their product reach and launch new products.
Hospital segment captured 43.2% of the market share in 2020. Hospitals are the early adopters amongst all the end-users. Training medical professionals in areas such as anatomy, operative & postoperative services, and various medical training procedures have majorly resulted to high adoption of healthcare AR/VR tools in hospitals setting, thereby fostering the market growth. Various hospitals across the world are planning to incorporate healthcare AR-based products to gain more efficiency and trim down costs that will further augment the industry demand during the forecast period.
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North America augmented and virtual reality in healthcare market size was USD 775 million in 2020 impelled by the growing investment in healthcare AR/VR products/tools coupled with usage of latest technology. For instance, The National Institute of Health of the U.S. government is been offering funds for research in virtual reality with its application in healthcare. Also, there is a rise in outsourcing healthcare IT services in North America due to increased pressure by healthcare providers and payers to reduce treatment costs. Such factors have positively impacted the regional growth. Furthermore, presence of key players in the region will further fuel the industry value.
Prominent companies operating in the market include Augmedics, Augmedix, FundamentalVR, Holologic, Inc., Intuitive Surgical, Inc. among others. New service launch, partnerships and collaboration are the most adopted business strategies to sustain market position.
Market, By Technology
Market, By Component
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries: