Healthcare Augmented & Virtual Reality Market size worth over $16.2bn by 2027
Published Date: August 23, 2021 Authors: Sumant Ugalmugale, Rupali Swain
Healthcare Augmented & Virtual Reality Market size is set to surpass USD 16.2 billion by 2027, according to a new research report by Global Market Insights Inc.
Healthcare augmented & virtual reality market growth is attributed to the rising demand of AR-based apps that are used in multiple spaces such as training & education modules and patient care management tools. In addition, innovators are receiving recognition in the form of increased investments by venture capitalists and collaboration opportunities by established leaders.
Healthcare AR/VR is anticipated to witness robust growth due to growing usage of such technologies in various medical field
Augmented and virtual reality technology provides medical practitioners the ability to interact and visualize three-dimensional depiction of human anatomy. Therefore, doctors and healthcare specialists benefit from AR/VR technologies by using them in operating rooms and classrooms. For instance, before performing an operation, surgeons can use healthcare AR/VR technologies to walk through the organs they need to operate or view 3D models of challenging surgical cases. Also, 3D organ models can be used for illustrative purposes at conferences in the learning process, or to explain to patients the surgery process and its related outcomes.
Virtual reality has widespread applications in diverse areas that will spur the segment growth
Virtual reality segment in the healthcare augmented & virtual reality market accounted for USD 450.2 million in 2020 led by the widespread applications in diverse areas such as robotic surgery, surgery simulation and skills training among others. Also, recent innovations in healthcare IT is a key factor driving the industry growth. Furthermore, the advantage of the ease in performing and learning surgical procedures that virtual reality offers to medical professionals and trainees is expected to boost the adoption of virtual reality technology in the market expansion.
Technological advancements in in software to detect multiple conditions will foster the segment expansion
The healthcare augmented & virtual reality market for software segment will showcase 37.3% growth rate through 2027. Increasing technological advancements in development of software to detect various medical conditions will boost the segment revenue. For instance, the development of EyeDecide app enables the detection of various eye conditions by measuring numerous parameters that enables users to monitor eye disorders. Also, the apps that use applied VR software help the patient overcome anxiety during any surgical procedure.
Browse key industry insights spread across 150 pages with 211 market data tables & 18 figures & charts from the report, “Healthcare Augmented & Virtual Reality Market Size By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging) By End-use (Hospitals, Clinics, Academic Institute), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Various application associated with AR/VR technology in medical imaging will foster the segment value
The medical imaging segment captured 18.8% of the healthcare augmented & virtual reality market share in 2020. With the increase in medical imaging operations, a lot of oncology specialists are adopting digital reality technologies that include AR and VR since there are enormous potential application across different stages such as detection, diagnosis, and treatment. For instance, with the use of healthcare AR/VR imaging, a detailed mapping can be done for pre-operative mark-up of tumor boundaries. It helps during lumpectomies for tumor resection and surgeons can make sure that no residual tumor is left.
Growing usage of AR/VR technologies in academic institutes coupled with rising funding are the major contributing factor
Academic institute segment in the healthcare augmented & virtual reality market held for 23.9% of revenue share in 2020. Rising acceptance of healthcare AR/VR technologies in academic institutes coupled with rising funding are the major contributing factor. For instance, Nanyang Technological University (NTU) launched a 5-year plan, USD 75 million project in TEL (Technology Enhanced Learning) to further enhance its strength in the AR/VR technology space. Additionally, in 2017, EON Reality software company was selected to provide the needed AR/VR infrastructure to NTU. The infrastructure includes a scalable software platform with a wide range of AR/VR systems.
Presence of key industry participants along with increasing development of various AR/VR solutions will influence the growth for European region
Europe healthcare augmented & virtual reality market is estimated to attain over 35.1% CAGR till 2027 owing to the presence of key companies along with rising development of various healthcare AR/VR solutions as well as growing number of complex surgeries in the region. For instance, Oncomfort, a Belgian company, develops VR experiences to reduce patient pain and anxiety before, during and after interventions and treatments. Similarly, The Dutch company InMotion VR, created VR treatments for physical rehabilitation. Therefore, VR/AR help in healing mental illnesses, physical conditions or in reducing dependency on pain medication. Furthermore, medical education & training using augmented reality technological solutions is also emerging rapidly and thereby is projected to support the industry revenue.
Companies are developing new AR/VR technologies to strengthen their business portfolio and revenue
Eminent players operating in the market include Augmedics, Augmedix, FundamentalVR, Holologic, Inc., Intuitive Surgical, Inc., among others. These industry leaders focus on strategies such as innovative service development & launches, mergers & acquisitions and collaboration to garner more revenue and sustain market competition.
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