The Augmented and Virtual Reality in Healthcare market was valued at USD 3.3 billion in 2021 and is predicted to reach around USD 20.6 billion by 2030, growing at a compound annual growth rate (CAGR) of 27.98% from 2022 to 2030.
One of the most important domains to adopt virtual reality is healthcare, which includes surgery simulation, phobia treatment, robotic training, and expertise training. Virtual Reality (VR) is a diagnostic tool that helps doctors and surgeons reach a diagnosis by combining it with other methods such as Magnetic Resonance Imaging (MRI) scans. The concept promotes minimally invasive surgery and the abolition of invasive procedures.
This technology is most used in robotic surgery. Robotic surgery equipment under a human surgeon's supervision reduces time and the possibility of complications. Virtual reality has been used in distant telesurgery for training purposes, when the procedure is performed away from the patient.
Market Dynamics
Drivers:
Lucrative and Favorable reimbursement policies provided by various countries around the world will lead to increase in the use of augmented reality and virtual reality in surgeries and disease treatments.
Digitalization of the healthcare sector- Digitalization is expected to play an important role in the market's growth in the coming years. Persistent research and development activities have provided advancements in technology that will help in the market's growth in the coming years. Many initiatives taken by the governments of various nations around the world have been favorable in the exploring new innovative ways that will help and benefit the augmented and virtual reality In healthcare market.
Opportunities
Virtual reality is used because it provides visuals of the patient's physiology and anatomy, which is highly beneficial for various surgeries performed by surgeons. This is expected to provide a significant number of opportunities for augmented and virtual reality in healthcare market market growth in the coming years.
The demand for augmented and virtual reality techniques to diagnose diseases and perform invasive surgeries is expected to grow in the coming years. The demand for AR and VR platforms in the operating room has increased in recent years due to their benefits to surgeons.
Key players:
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Eon Reality, Inc
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Layar
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Bioflight VR
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WorldViz
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TheraSim Inc
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CAE
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GE Healthcare
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Koninklijke Philips N.V.
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Intuitive Surgical
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Siemens Ltd
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Mindmaze
Market Segmentation:
Augmented and Virtual Reality in Healthcare Market, By Component
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Hardware
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Software
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Services
Augmented and Virtual Reality in Healthcare Market, By Technology
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Augmented Reality
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Virtual Reality
Augmented and Virtual Reality in Healthcare Market, By End User
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Hospitals, Clinics, and Surgical Centers
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Research Organizations and Pharma Companies
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Research and Diagnostics Laboratories
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Government and Defense Institutions
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Others
Augmented and Virtual Reality in Healthcare Market, By Application
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Surgery
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Therapy
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Education and training
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Rehabilitation
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Pain management
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Others
Augmented and Virtual Reality in Healthcare Market, By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Regional Analysis:
North America is expected to lead the market for Virtual Reality (VR) in healthcare. Significant investments are being made in the region to incorporate modern technologies into medical procedures, such as immersive technology. This is likely to fuel market growth throughout the region. Similarly, increasing healthcare research and development would boost the regional Augmented and Virtual Reality in Healthcare Market market growth.
The Asia Pacific region is expected to grow at a healthy rate. In terms of revenue, major economies such as India, China, and Japan are expected to dominate the healthcare sector. China has made significant investments in telemedicine and digital healthcare. This is expected to hasten the adoption of virtual reality in the country's healthcare industry. Healthcare organizations are expected to invest more in virtual reality technology.
Scope of the Report:
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Report Coverage |
Details |
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Base year |
2021 |
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Forecast period |
2022-2030 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 27.98% |
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YoY growth (%) |
XX% |
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Regional analysis |
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Current Market size |
USD 3.3 billion |
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Companies Covered |
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User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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