The Latin American Augmented Reality (AR) and Virtual Reality (VR) market in the healthcare market is expected to grow at a CAGR of 15.02% during the forecast period.
The major drivers of the augmented reality and virtual reality in the Latin American healthcare market are the growing demand for robotic surgeries rather than bypass surgeries. The growing demand for cardiovascular surgeries is a major driver for the Latin American AR & VR healthcare market. The recovery time with the help of these technologies is much, far lesser than other surgeries. Improving the skills of trainees by learning surgical procedures using this technology is also a driver of virtual and augmented reality in the field of medicine. The increase in spine issues and brain-related issues is a driving factor in this market.
The increase in the number of startups has led to an increased demand for investments to finance the development of AR and VR technologies, so the market is experiencing an increase in private investments from various investors, which is expected to drive the growth of Latin America AR and VR in the health market. The extended reality in healthcare opens up new opportunities for clinicians and offers a bright future, especially for modern healthcare organizations. The use of extended reality technology in healthcare cuts costs and improves outcomes for people without risking patients' lives.
AR & VR technology can help surgeons explore target organs by imagining the intricacies of a patient's body before starting any medical procedure to make it a risk-free process, thus driving the market growth.
The biggest challenge in Latin America's augmented reality and virtual reality in the healthcare market is the lack of depth visualization, where there is the possibility of making mistakes in surgeries. The other challenge is the strain on the eyes from continuously viewing the screen for long periods of time. Furthermore, the low battery capacity only lasts for five hours where the battery needs to be recharged when the surgery takes a long time which is also a challenge in this market. The other big challenge is the cost of the equipment, which is very high where not all hospitals can use this equipment.
Impact of COVID-19 on the Latin American AR & VR in Healthcare Market:
The closure of several factories and factories has affected supply chains and negatively affected the manufacturing, delivery schedules, and sales of products in the Latin American market. Some companies have already stated delays in their product deliveries and a decrease in future sales of their products. In addition to this, global travel bans imposed by countries will affect business collaborations and partnership opportunities. In this pandemic, augmented reality and virtual reality in the healthcare market are positively impacted due to COVID-19.
This research report on the Latin American AR & VR in the healthcare market has been segmented and sub-segmented into the following categories.
By Component:
By Technology:
By Country:
The Latin America AR & VR in the healthcare market is expected to account for a substantial share in the global market during the forecast period. The increase in public and private funding for developing these technologies, the presence of large manufacturers and suppliers in this region, and the early adoption of these technologies are important factors driving the growth of AR and VR in the healthcare market.
The Brazilian Augmented Reality (AR) and Virtual Reality (VR) in the healthcare market represent the highest revenue share in the Latin American market. They are expected to experience tremendous growth over the next 10 years. Argentina is another contributor to the growth of the virtual and augmented reality market in Latin America. However, Mexico is expected to experience the highest growth rate during the forecast period, owing to the increase in adoption of technologically advanced solutions, increase in application areas among end-use industries, and increasing smartphone penetration in an emerging economy.
KEY MARKET PLAYERS:
Some of the noteworthy companies operating in the Latin American AR & VR in healthcare market profiled 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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