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Global AR & VR in Healthcare Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Component, Technology & Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)- Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 11601
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global AR & VR in Healthcare Market Size (2022 to 2027)

The global augmented reality & virtual reality in healthcare market is one of the rapidly growing sectors in the healthcare industry. The global AR & VR in healthcare market size is estimated to grow USD 9.02 billion by 2027 from USD 2.22 billion in 2022, registering a CAGR of 32.33% from 2022 to 2027.

One of the most exciting emerging health technologies is augmented reality and virtual reality. Augmented reality (AR) uses a smartphone's camera to add digital elements to a live view. A fully immersive environment that isolates users from the outside world is called virtual reality (VR). It wasn't long ago that Virtual Reality (VR) and Augmented Reality (AR) were only seen in the gaming industry. However, in 2021, there will be a lot of competition in VR and AR from various industries, including healthcare.

In healthcare and medicine, virtual and augmented worlds are increasingly growing rapidly. They may already provide high-quality support to doctors and medical professionals in inpatient care and educate healthcare consumers on how to take better care of their health. Businesses that realize the disruptive potential of these technologies are already looking for VR and AR development companies to help them construct their VR and AR-enabled healthcare digital solutions.

MARKET DRIVERS:

Y-O-Y growth in the usage of virtual reality and augmented reality in healthcare and medicine is majorly driving the global AR & VR in healthcare market growth.

The usage of AR & VR in medical education has seen rapid growth in the recent past. Medical students, doctors, and surgeons can learn how to better manage their patients or conduct complex operations without risking surgery errors. Robotic surgery is when robots perform high-precision surgeries under the supervision of a human surgeon using virtual reality technology. Additionally, the adoption of AR & VR in physical therapy is expected to grow enormously in the near future, which is estimated to boost the growth rate of the global AR & VR in healthcare market. When performing the physical treatment, VR assists patients in overcoming high pain levels and ensuring a speedier recovery. When a person is placed in a terrible circumstance and attempts to find a solution and overcome the crisis, this is known as post-traumatic stress treatment. Treatment for anxiety, phobias, and depression - patients can utilize virtual reality to meditate or relax in safe situations. People can locate medical centers, pharmacies, and other healthcare institutions using AR maps superimposed over reality.

Virtual Reality is further used in medical training, pain management and physical therapy, early disease detection and treatment, and assisting people with low vision. Uses of Augmented Reality in Healthcare-Augmented Reality is one of the hottest technologies that all industries seeking digital transformation are attempting to investigate and utilize. In today's society, augmented reality is being applied in healthcare. Augmented Surgery, Describing Symptoms, Nursing Care, and Pharmacy are just a few ways this technology can be employed in the healthcare business. An increase in the use of technologically advanced products and devices. Virtual reality is quickly becoming one of the most intriguing developments in the medical field. It has aided in the advancement of healthcare outcomes. AR is one of the most recent innovations, with gaming, health, automotive, and retail applications.

Rapid technological advancements in the healthcare sector are another significant factor accelerating the growth rate of the global AR & VR in healthcare market.

Despite numerous breakthroughs in the healthcare sector, augmented reality and virtual reality technologies are proving to be game-changers. Both AR and VR will play a big part in making all of this feasible, from teaching medical practitioners to virtual procedures, remotely consulting patients, to advanced diagnostics. As a result of technological improvements, various healthcare applications have been developed that provide far better and faster services. With just one click on our smartphones, we can receive any information from anywhere. From medical examination to treatment, surgery to patient care, virtual reality helps to improve the quality and efficiency of services. Virtual Reality technologies offer color to the medical business while also improving overall medical quality.  The use of technology has drastically improved communication, simulation, treatment, and healthcare research. In the near future, AR/VR will be widely used in healthcare for intraoperative surgery, healthcare professional training, physiotherapy, better diagnostics, anatomy, visualization, and much more.

Growing usage of the Internet and small phones across the globe and increasing mobile apps for healthcare based on virtual reality are further expected to drive AR & VR in healthcare market growth.

Mobile health is the creative use of developing mobile technology to offer and improve health practices. To improve public health and efficiency, mobile technology is being integrated into health care delivery. VR-based mobile applications aid in the treatment of various diseases and the resolution of various medical issues. Virtual medical games, for example, can assist patients overcome pain and phobias, speed up rehabilitation, improve patient understanding of the medical process, and make medical studies easier for students. The Royal College of Surgeons in Ireland (RCSI) has developed a virtual reality (VR) mobile app that allows anyone with or without a medical background to learn about medicine.

Y-O-Y growth in the usage of connected devices in healthcare is predicted to favor the AR & VR in healthcare market growth during the forecast period.

Healthcare changes dramatically because of technological developments, from Healthcare Connected Devices are applicable by utilizing IoT, mHealth, and Artificial Intelligence in the healthcare sector anesthetics and antibiotics to magnetic resonance imaging scanners and radiotherapy. When it comes to connectivity, there are two options: wired and wireless. The Internet of Medical Things (IoMT) is a network of medical devices, software applications, and health systems and services connected. Connected medical devices are already making their way into everyday life.

Increasing healthcare investments in AR & VR and increased adoption of the internet of things (IoT) are further estimated to support the global AR & VR in healthcare market.

The use of IoT, mHealth, and Artificial Intelligence in the healthcare sector makes Healthcare Connected Devices possible. The use of IoT, mHealth, and Artificial Intelligence in the healthcare sector makes Healthcare Connected Devices possible.

Additionally, opportunities in the emerging economies, Y-O-Y growth in the geriatric population, increased adoption of AR & VR in clinical trials, psychiatric treatment, improved diagnostics, and operations are expected to boost the growth rate of the global AR & VR in the healthcare market. AR and VR for Surgery Provide Preparation and Efficiency, VR Provides Medical Immersion for a Variety of Patient Needs.

MARKET RESTRAINTS:

High product and device costs, a shortage of experienced personnel, privacy concerns, and data security are some of the key factors expected to restrain the global AR & VR in healthcare market growth. The Internet of Medical Things (IoMT) is a networked infrastructure of medical devices, software applications, health systems, and services. Several businesses lack the digital skills necessary to implement these technologies properly. There's also the possibility of fragmentation and the dangers of competing capabilities across different hardware platforms and operating systems. With the use of VR or AR, there are risks to corporate operations.

Impact of COVID-19 on the global AR & VR in healthcare market:

As the pandemic spreads, some healthcare providers turn to virtual and augmented reality techniques to help them interact with patients and deliver more personalized care, particularly when physical contact is limited. It is strengthening its supply chain management and refocusing on its R&D. The COVID-19 crisis has placed the industry in a difficult position. The manufacturing industry as a whole is transforming. It is focusing on R&D and enhancing its supply chain management. Most crucially, due to the tremendous spike in demand, it is investing in skill development. Humanity is currently going through an unprecedented period all around the world. Multiple countries have been placed on lockdown as a result of the recent COVID-19 outbreak. Changed social connections and isolating situations are becoming prevalent. Patients are packed into hospital beds, making this period of testing more challenging.

Humanity is currently going through an unprecedented period all around the world. Multiple countries have been placed on lockdown as a result of the recent COVID-19 outbreak. Changed social connections and isolating situations are becoming prevalent. Patients are packed into hospital beds, making this period of testing more challenging. Virtual reality technology allows users to interact with a virtual environment. Computer hardware and software are used to generate this simulated world. Users can interact with any object in a fully immersive environment, just as they would in the real world. Virtual reality technology serves through mobile app and software. Virtual healthcare has emerged as one of the essential techniques for supporting patients impacted by the COVID-19 pandemic, thanks to social distance and lockdown measures to restrict viral propagation, as well as the introduction of AR and VR in healthcare market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Technology, Component, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global AR & VR in healthcare market has been segmented and sub-segmented based on technology, component, and region.

AR & VR in Healthcare Market – By Component:

  • Hardware
  • Software
  • Services

Based on the component, the hardware segment is predicted to dominate the global augmented reality and virtual reality in healthcare market during the forecast period. The market for AR and VR in healthcare is dominated by devices like head-mounted displays, smart glasses, and 3D sensors. Smart glasses and head-mounted devices are widely utilized in training and simulation, surgery, diagnostics, telementoring, and various other applications. AR/VR hardware now has a wide developed product base with a high adoption rate, particularly in developed nations, which accounts for the greatest market share in 2020.

Due to recent technical developments in in-app designing, such as applications such as EyeDecide, the Software segment is predicted to grow rapidly throughout the forecast period. It measures a variety of characteristics to detect eye problems. Interconnectivity and network services that let patients gain access to these platforms have advanced dramatically in recent years.

AR & VR in Healthcare Market – By Technology:

  • Augmented Reality
    • Surgical Application
    • Rehabilitation
    • Training & Medical Education
  • Virtual Reality
    • Simulation
    • Diagnostics
    • Virtual Reality Exposure Therapy (VRET)
    • Rehabilitation
    • Pain Distraction

Based on the technology, the augmented reality segment is estimated to lead the global AR & VR in healthcare from 2021 to 2026. With wearable head-mounted display devices and smart glasses, augmented reality generates a 3D picture of things and the environment around us.

During the forecast period, the virtual reality segment is predicted to increase significantly. Virtual reality allows users to engage with a three-dimensional environment, opening up new opportunities for rehabilitation and pain treatment. Virtual Reality exposure therapy is a therapeutic method for phobias like fear of heights, driving, claustrophobia, and posttraumatic stress disorder. Factors such as the increased need for innovative diagnostic procedures and an increase in the occurrence of neurological illnesses are driving the market forward.

AR & VR in Healthcare Market – By Region:

  • North America
    • The U.S.
    • Canada
    • Rest of North America
  • Europe
    • UK
    • Germany
    • Italy
    • Spain
    • France
    • Rest of EU
  • APAC
    • India
    • China
    • Japan
    • South Korea
    • ANZ
    • Rest of APAC
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Chile
    • Rest of Latin America
  • Middle East & Africa

Geographically, the North American AR & VR in the healthcare market is predicted to dominate the global market during the forecast period. Higher use of these technologies, investment in R&D efforts, and favorable government efforts are a few of the key factors driving the North American market. Factors contributing to this dominance include increased government and private funding for the development of these technologies and the presence of major manufacturers and vendors in the region. In addition, the US government is providing funding for virtual reality research with a focus on healthcare. The Americas have also risen to the top due to continuous improvements in the information technology industry and government backing to promote the use of AR/VR technologies in the medical industry. Because of the high acceptance rate of technology, more healthcare expenditures, and increasing government programs, the United States remains the most profitable market in the area.

Due to rising population awareness and improved healthcare infrastructure, the Asia Pacific AR & VR in healthcare market is predicted to be the fastest-growing market throughout the forecast period. Developing economies such as India, China, Brazil, and Mexico are attractive outsourcing destinations for AR and VR technology development and distribution in healthcare.

Due to increased investment in innovations and a boom in technological developments, the European AR & VR in healthcare market continues to lead the worldwide market.

KEY MARKET PARTICIPANTS:

Some of the notable participants in the global AR & VR in Healthcare market covered in this report are Google, DAQRI, Microsoft, AppliedVR, Mindmaze, Oculus VR, HTC Corporation, Firsthand Technology, Psious, Atheer, Medical Realities, Hologic, Inc, Augmedix, 3D Systems, Alphabet, Inc, SAMSUNG, Orca Health LLC, and CAE HEALTHCARE.

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FAQ's

How big is the global AR & VR in healthcare market?

As per our research report, the global augmented reality and virtuality reality in healthcare market will reach USD USD 9.02 billion by 2027.

Which region is predicted to play a dominating role for the AR & VR in healthcare in the global market in the coming future?

Between 2022 to 2027, the North American region is expected to lead the global augmented reality and virtual reality in healthcare market.

What are some of the leading companies in the global AR & VR in healthcare market?

Google, DAQRI, Microsoft, AppliedVR, Mindmaze, Oculus VR, HTC Corporation, Firsthand Technology, Psious, Atheer, Medical Realities, Hologic, Inc, Augmedix, 3D Systems, Alphabet, Inc, SAMSUNG, Orca Health LLC, and CAE HEALTHCARE are a few of the key players in the market.

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