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Augmented & Virtual Reality in Healthcare Market size to exceed $18.5 billion by 2032
- Published Date: December 14, 2022
Augmented & virtual reality in healthcare market size is predicted to surpass USD 18.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
Several reputed companies are increasing their R&D investments in augmented and virtual reality (AR/VR) to offer novel solutions and strengthen their product offerings in the healthcare domain. Venture capital firms, such as Andreessen Horowitz, Lux Capital, KPCB Edge, and BlueRun Ventures, have also invested in organizations operating in the AR/VR space.
Diverse application scope in complex surgical procedures may fuel use of VR in healthcare
Virtual reality (VR) technology accounted for more than 25% share of augmented and virtual reality in healthcare market in 2022. VR has showcased a variety of applications in diverse areas of the healthcare sector, such as robotic surgery, surgery simulation, and skills training, among others.
VR is being adopted on a large scale in the healthcare domain, as it plays a vital role in medical procedures. The technology allows doctors to run simulations of various health conditions and consequently, gain better insight into complex surgical procedures. Furthermore, VR makes it easier for medical professionals and trainees to perform and learn surgical operations, thereby fueling the use of the technology in healthcare.
Browse key industry insights spread across 154 pages with 203 market data tables and 19 figures & charts from the report,“ Augmented & Virtual Reality in Healthcare 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 (Academic Institutions, Hospitals, Clinics/Dentist), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Continuous technological advancements may accelerate AR/VR software installation
The software segment held over 35.5% share of augmented and virtual reality in healthcare market in 2022. The strong demand for cutting-edge AR/VR software can be attributed to the recent technological advancements introduced by various market players for designing applications to train healthcare professionals and assist in patient management.
AR/VR solutions gain traction as viable training tools in surgery applications
Global augmented and virtual reality in healthcare industry revenue from surgery applications was worth over USD 727.5 million in 2022. AR/VR solutions enable surgeons to visualize complex biological structures through the development of 3D images of human organs and tissues. Also, these technologies are commonly used in the training of surgeons for laparoscopic surgery, robotic and neurosurgery, among others, thereby accelerating the installation of AR/VR-powered devices in hospitals.
Academic institutions increase use of AR/VR technologies to train medical students
Augmented and virtual reality in healthcare market value from academic institutions was worth over USD 687 million in 2022. Various medical colleges across the world are adopting AR/VR technologies for education & surgery training purposes. For example, in June 2022, MediSim VR established an automated VR laboratory at the Puducherry Institute of Medical Sciences to train students in performing complicated surgeries. The adoption of these modalities also provides students with effective training to enhance their surgical skills. These factors will, in turn, encourage academic institutes to opt for augmented and virtual reality-based healthcare technologies.
Investments in healthcare AR/VR spur product development in North America
The North America region held over 40.5% share of the augmented and virtual reality in healthcare industry in 2022. Growing investment in healthcare AR/VR products & tools coupled with technological improvements and other supportive government initiatives will increase the adoption of AR/VR in healthcare. Also, the strong presence of major industry players in the region is facilitating consistent technological innovation. The rising need for advanced technologies to facilitate effective disease diagnosis and treatment will thus promote the development of AR/VR-based healthcare solutions across North America.
Regulatory certification of innovative AR/VR products to strengthen market outlook
Hologic, Inc., Augmedix, Inc., Intuitive Surgical, Inc., FundamentalVR, Karuna Labs Inc., Medical Augmented Intelligence (MAI), MindMaze, Amelia Virtual Care, and Surgical Theater, Inc., are some of the top participants in the augmented and virtual reality in healthcare market.
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