Augmented Reality (AR) & Virtual Reality (VR) in Healthcare Market Drivers, Industry Survey and Business Development Analysis till 2025

30th Nov 2020 - The global Augmented Reality (AR) & Virtual Reality (VR) in Healthcare Market size is expected to value at USD 5.1 billion by 2025. The augmented reality (AR) & virtual reality (VR) in healthcare industry is subject to witness a substantial growth due to the growing implementation of augmented reality (AR) and virtual reality (VR) in healthcare sector, increasing focus towards development of latest technologies, and recent infrastructural activities in healthcare sector.

Factors responsible for sustained market growth in the last few years include increasing focus on surgical simulations, diagnostic imaging, patient care management, rehabilitation, and pain management. Globally, the augmented reality & virtual reality in healthcare market is predicted to grow at CAGR of 29.1% in forecast period providing numerous opportunities for market players to invest in research and development in the augmented reality (AR) & virtual reality (VR) in healthcare industry.

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Increasing adoption of advanced technologies such as augmented reality (AR) & virtual reality (VR) are expected to revolutionize the healthcare sector due to their vast set of applications such as virtual training exercises for surgeons during complex surgeries, 3-D OPDs simulations, phobia buster in mental health treatment, and chronic pain management.

Virtual reality (VR) technology is widely adopted in Eye Movement Desensitization and Reprocessing (EMDR) therapy. Additionally, virtual reality (VR) technology aids in treatments such as autism therapy, depression therapy, cancer therapy and rehabilitation. Virtual reality (VR) technology based organ prototypes helps surgeons by preparing them for highly-sensitive and complex set of operations that require high accuracy, lessened complications and minimum trauma cases.

Growing popularity of augmented reality (AR) as a training and education tool is expected to widen the market reach in forecast period. Additionally, increasing use of augmented reality based apps include enhanced care for patients across the globe. Inception of highly advanced technology solutions such as vein visualization technology, which is implemented on a handheld scanner, helps healthcare professional, doctors and nurses to identify veins and valves accurately in time constrained environment to reduce pain during surgical procedures.

Various augmented reality (AR) android & iOS apps helps healthcare in aftercare of patients and aids elderly people to administer their medications intake. The rise in adoption of augmented reality (AR) & virtual reality (VR) is not only allows better patient care management but also offers real-time services, thus expanding market reach in the forecast period.

The key players in the augmented reality (AR) & virtual reality (VR) in healthcare market are Intuitive Surgical, Inc., CAE Healthcare Pvt. Ltd., 3D Systems Incorporations, Hologic Incorporations, and Laerdal Medical Corporations.

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The augmented reality (AR) & virtual reality (VR) in healthcare market is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the adoption of latest technologies in medicine and pharmaceutical sector, growing prevalence of neurological & psychological disorders, and existence of well-established healthcare infrastructure. Asia-Pacific region is predicted to hold major market share in the augmented reality & virtual reality in healthcare industry with massive growth in forecast period.

Countries such as India, China and Singapore are leading the Asia-Pacific market with rise in the prevalence of chronic diseases, and increase in number of internet & smartphone users, rise in government initiatives for adoption of digital & advanced technologies and significant investment by leading industry players considering potential growth opportunities in the region.

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