AR & VR in Healthcare Market Research Report: Device Type (AR & VR Device Type), By Technology (AR and VR technology), Offering (Hardware & Software), Application (Fitness, Patient Care, Pharmacy Management & Others), End User - Forecast 2027
|ID: VPR/HC/1073||Publishing Year: January 2022||Pages: 116||Format:|
AR & VR in Healthcare Market Overview:
The rising number of diabetics, HIV patients, and dementia patients, as well as the high prevalence of chronic diseases around the world, are driving up healthcare spending in the United States. Increasing use of internet analytics and information technology-driven innovations is accelerating the growth of the Augmented Reality and Virtual Reality Markets in the Healthcare Industry. The use of technological innovations can help to improve cost-effectiveness, improve communication between patients and doctors, make it easier to exchange reports, track the progress of a patient's health, and provide better workforce training.
The increasing amount of money being invested in the development of digital healthcare technologies is creating new opportunities for vendors in the Global Augmented Reality and Virtual Reality Markets in Healthcare. It is anticipated that the introduction of new and innovative technologies such as next-generation sequencing (NGS), 3D printing, immunotherapy, artificial intelligence (AI), point-of-care diagnostics, virtual reality (VR), augmented reality (AR), biosensors and trackers, convenient care, and telehealth will help to improve the consumer experience while also providing better patient care.
Some of the key players in the AR & VR in Healthcare Market are Atheer, Augmedix, Daqri, Firsthand Technology, Google, Medical Realities, Microsoft, Mindmaze, Oculus VR, Psious, EchoPixel, Inc., Osso VR Inc., SURGICAL THEATER, LLC, Orca Health, Inc., Hologic Inc., 3D Systems, Inc., and others.
One of the most important factors driving the AR and VR in Healthcare Market is an increase in government funding. Examples include a grant of USD 582,033 from the Digital Health Technology Catalyst (DHTC) programme in October 2018 to a collaboration between the University of Chester and Countess of Chester Hospital to work on a virtual reality project to assist stroke patients in their rehabilitation.
The market is also expected to benefit from a number of other factors, such as the increasing use of Augmented Reality and Virtual Reality (AR and VR) in fitness management, the increasing penetration of connected devices in the healthcare sector, and increased awareness about virtual reality exposure therapy.
The market for Augmented Reality and Virtual Reality in healthcare is segmented on the basis of component, technology, applications, and end-use. The growth amongst these segments will assist you in identifying meagre growth segments in the industries, as well as provide users with a valuable market overview and market insights to assist them in making strategic decisions for the identification of core market applications in the industries.
The AR and VR in Healthcare Market is segmented into three categories based on the components used: hardware, software, and services.
On the basis of technology, the Augmented Reality and Virtual Reality Markets in healthcare are divided into two categories: augmented reality and virtual reality.
Patient care management, medical training and education, pharmacy management, and surgery are the four main applications of Augmented Reality and Virtual Reality in Healthcare.
According to region, North America dominated the Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Markets and accounted for the largest revenue share of the total market revenue. Higher adoption of these technologies, increased investment in research and development activities, and favourable government initiatives are all factors that are propelling growth in this region. Virtual reality research in healthcare is being supported by the National Institutes of Health of the United States government, which is offering funds for such research. There is also an increase in the outsourcing of healthcare information technology services in North America as a result of increased pressure from healthcare providers and payers to reduce treatment costs. Consequently, the market for Augmented Reality and Virtual Reality in Healthcare in the region has experienced a positive growth trajectory.
However, the Asia Pacific market is expected to grow at the fastest rate over the forecast period, owing to rising public awareness and improved healthcare infrastructure in the region. Developing markets such as India, China, Brazil, and Mexico hold great potential as outsourcing destinations for services related to the development and distribution of Augmented Reality and Virtual Reality Technologies in the Healthcare Industry. Because of a lack of awareness and a lower rate of adoption among the general public, Latin America, the Middle East, and Asia Pacific are still in the early stages of development in terms of these technologies.
Because of technological advancements in this area, the use of augmented reality and virtual reality in healthcare was positively influenced during the outbreak of the COVID-19 pandemic. For example, in April 2020, XRHealth raised USD 7 million to expand its telehealth platform, allowing the company to expand its application. In a similar vein, Imperial College and St. Mary's Hospital in London are experimenting with Augmented Reality Glasses to help surgeons visualise 3D images of blood vessels during reconstructive surgeries. In healthcare, Augmented Reality and Virtual Reality assist in the efficient management of treatment schedules, treatment delivery, and plans, and as a result, it is expected to grow exponentially during the pandemic. Additionally, the expected decrease in healthcare costs, the rapid digitalization of healthcare, and the improved delivery of effective health services are all expected to contribute to the expansion of the industry. The use of Augmented Reality and Virtual Reality in Healthcare is gaining momentum as a result of widespread adoption in telemedicine, medical training & education, patient care management, and medical marketing during the COVID-19 pandemic, among other applications.
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