The global Augmented Reality Virtual Reality (AR VR) in Healthcare Market is poised for substantial growth, with a projected market size of USD 11.49 billion by 2028 and an impressive revenue compound annual growth rate (CAGR) of 24.3% during the forecast period. This surge in market revenue can be attributed to the rapid digitalization of the healthcare sector and increased government initiatives aimed at modernizing healthcare practices.
The adoption of Augmented Reality (AR) and Virtual Reality (VR) in healthcare is on the rise, as healthcare organizations recognize the need to enhance their digital solutions with advanced technologies to improve data analysis and healthcare procedures. These technologies have proven invaluable during the COVID-19 pandemic, facilitating remote and personalized care for patients. Moreover, AR and VR offer practical solutions to various healthcare challenges, including precision surgeries, and deliver numerous benefits in medical training and diagnostics.
Get a free sample PDF of the report, visit @ https://www.reportsanddata.com/download-free-sample/1406
In the realm of medical education, AR is being harnessed to train and educate medical professionals. AR-based modules provide anatomical visualization and simulation, offering a comprehensive learning experience for medical personnel. These modules are also employed to educate patients about treatment procedures and care management, ultimately improving patient understanding. Surgeons benefit from AR-based visualization, which enhances accuracy and precision during complex surgical procedures.
Market Dynamics:
Driver: Increased application of AR VR in treatment of mental health AR and VR technologies are making significant contributions to mental health treatment, including cancer therapy, autism and depression therapy, and assisted living. They are employed to assist patients with Post-Traumatic Stress Disorder (PTSD) and alleviate anxiety in children undergoing painful procedures like blood tests. Virtual Reality Exposure Therapy (VRET) is gaining popularity as a method to treat anxiety disorders, including specific phobias. VR also aids in planning, reducing radiation exposure, saving time, and improving precision in various medical procedures.
Restraint: Lack of expertise in deployment of AR VR While the potential of AR and VR in healthcare is evident, certain challenges hinder their widespread adoption. Notably, there is a shortage of professionals trained to deploy these technologies effectively in healthcare settings. Additionally, the high cost of installing AR and VR technology poses a barrier to adoption, particularly in developing countries.
Component Insights:
The global AR VR in healthcare market is divided into three key components: hardware, software, and services. Hardware, which includes smart glasses, head-mounted displays, and 3D sensors, accounted for the largest share of revenue in 2020. The adoption of AR and VR hardware devices is on the rise, primarily in developed countries, as they improve clinical outcomes and enable advanced care.
Software is expected to experience high revenue growth during the forecast period, driven by technological advancements in app design. Apps like Applied VR assist patients in managing anxiety during surgical procedures. Developments in network services and interconnectivity are providing patients with access to platforms that enhance segment revenue.
Technology Insights:
The global AR VR in healthcare market encompasses two key technologies: augmented reality and virtual reality. Augmented reality is increasingly employed in healthcare for minimally invasive surgeries and surgical preparation. The demand to simplify medical procedures and technological advancements have led to increased adoption of augmented reality. As AR technology becomes more user-friendly and affordable, healthcare organizations are incorporating it to educate, communicate with, and engage patients effectively.
Virtual reality serves as a powerful tool for physicians and doctors in precise and effective diagnosis. VR is used alongside MRI/CT scans, eliminating the need for invasive techniques and making procedures painless for patients. VR is also valuable in various simulation techniques and allows doctors to engage in 3D training sessions.
To know more about the latest insights of the report, visit @
https://www.reportsanddata.com/request-latest-insight/1406
Application Insights:
The global AR VR in healthcare market finds applications in simulation and diagnostics, surgeries, patient care management, education, and other areas. One promising application lies in medical imaging, where AR and VR can be employed in diagnosis, detection, and treatment stages. For instance, these technologies can be used for tumor imaging during chemotherapy, offering insights into tumor size changes and growth during treatment. In the context of dental and orthognathic surgeries, virtual planning enhances accuracy in procedures like dental implant insertion and orthognathic surgery planning.
End-use Insights:
The end-use segment of the global AR VR in healthcare market comprises hospitals and clinics, surgical centers, and research organizations. Hospitals have been at the forefront of adopting AR and VR tools for diagnosis, surgeries, post-operative care, and medical training procedures. Many hospitals are integrating advanced digital devices to improve efficiency and reduce overall costs, with government initiatives in developing countries further driving segment revenue.
Regional Insights:
In 2020, North America led the AR VR in healthcare market, accounting for the largest share of market revenue. Factors contributing to the region's growth include high adoption rates of these technologies, substantial investments in Research and Development (RD), and supportive government measures. North America's constant technological advancements in related products, the prevalence of neurological and psychological disorders, and sophisticated healthcare infrastructure all contribute to the growing demand for AR and VR in healthcare.
In the Asia Pacific region, improvements in healthcare infrastructure are driving rapid revenue growth. The region is expected to experience the fastest revenue CAGR over the forecast period. Emerging technological advancements in information technology and government support for integrating AR and VR technologies into the medical field are significant drivers of market growth.
Competitive Landscape:
The competitive landscape of the global AR VR in healthcare market is consolidated, with a few key players operating globally and regionally. These players are actively engaged in product development and strategic alliances to expand their product portfolios and establish a strong presence in the global market. Notable market players include Microsoft Corporation, MindMaze, Psious, Medical Realities, Firsthand Technology, Augmedix, Inc., Siemens Healthineers, Philips Healthcare, GE Healthcare, and FundamentalVR.
Market players are taking strategic initiatives to drive market growth. For instance, DJO, a subsidiary of Colfax Corporation, announced a strategic collaboration with Insight Medical Systems to invest in wearable surgical navigation technology. Sumitomo Dainippon Pharma Co. partnered with BehaVR to develop VR-based therapies for mental health disorders.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/1406
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Browse for more reports:
Bovine-Based Collagen Biomedical Application Market
Breast Surgery Retractor Market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
