Reports And Data

Rising demand for innovative diagnostic techniques for treatment of complicated diseases are factors driving market growth

NEW YORK , NY, UNITED STATES, April 22, 2022 /EINPresswire.com/ -- The global AR & VR in healthcare market size is expected to reach USD 11.49 Billion in 2028 and register a revenue CAGR of 24.3% over the forecast period, according to the latest report by Reports and Data. Rapid digitalization and a rise in government initiatives for modernization of healthcare sector are driving market revenue growth.

Adoption of AR & VR in healthcare is growing as more and more healthcare organizations are preparing to upgrade their digital solutions with advanced technologies to improve data analysis and healthcare procedures. Implementation of advanced technologies has enabled healthcare organizations to establish connection with patients during COVID-19 pandemic, providing them with remote and personalized care. These technologies provide feasible solutions to various healthcare challenges like problem in precision surgeries and offer numerous benefits for its implementation in medical training and general diagnostics.

Virtual reality and augmented reality technology are being used by healthcare companies to improve consumer experiences by effectively engaging customers in healthcare operations. This will drive AR & VR in healthcare market growth in the coming years. For example, healthcare companies and their clients can arrange the sequence of procedures and observe the results using VR apps for cosmetic medicine and orthodontia. Healthcare professionals in the field of ophthalmology can supply their patients with an app that helps patients with eye screening and quick diagnosis. There is vision training software which has been proven to improve vision in adult amblyopia, eye diseases and visual impairments. Patients and their families gain a better understanding of the problem and will be more engaged in their treatment.

However, certain factors such as lack of expertise in deployment of AR & VR solutions and high cost of installation are hampering market revenue growth.

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Some Key Highlights from the Report

In October 2021, Sumitomo Dainippon Pharma Co. announced that it has signed a partnership agreement with BehaVR, which is a behavioral health company based in the U.S., for development and marketing of general wellness products and VR-based prescription digital therapeutics for treating major mental health disorders. Sumitomo will provide funds for development and commercialization of three innovative VR-based therapies intended for generalized anxiety disorder, social anxiety disorder, and major depressive disorder.

Hardware segment accounted for largest revenue share in 2020. AR & VR hardware like smart glasses, head-mounted displays, 3D sensors have registered increased adoption as this technology improves clinical outcomes and helps in providing advanced care. High rate of adoption of AR & VR hardware devices in developed countries is driving revenue growth of the segment.

Augmented reality is increasingly used in healthcare for minimally invasive surgery and surgical preparation. Rising demand to reduce medical procedure complexity and technological advancement is resulting in increased adoption of augment reality technology. As AR matures and becomes user-friendly and affordable, more healthcare organizations are adopting it as an important tool to educate, communicate, and engage patients.

There is a vast potential for AR & VR application in medical imaging across different stages such as diagnosis, detection, and treatment. AR & VR can be used for tumor imaging during chemotherapy. Use of AR & VR technologies in imaging applications can offer insights on changes in tumor sizes and track its growth during treatment. 3D imaging with AR & VR can enhance visualization of tumors and other additional details such as microcalcification which is a tiny abnormal deposit of calcium salts.

Hospital segment accounted for significant revenue share in 2020. AR & VR tools are being rapidly adopted in hospitals for diagnosis, surgeries, post operative services, and other medical training procedures. Various hospitals are incorporating advanced digital devices to gain efficiency and bring down overall costs during the forecast period. Government initiatives to modernize hospitals in developing countries are also driving segment revenue growth.

Due to improvement in healthcare infrastructure, market in Asia Pacific is expected to grow at fastest revenue CAGR over forecast period. Emerging technological advancements in information technology and government support for integration of these technologies in medical field contribute to the large revenue share of market.

Companies profiled in the global market report includes Microsoft Corporation, Mindmaze, Psious, Medical Realities, Firsthand Technology, Augmedix, Inc., Siemens Healthineers, Philips Healthcare, GE Healthcare and FundamentalVR.

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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

Augmented Reality & Virtual Reality (AR & VR) in Healthcare Market Segmentation:

Component Outlook (Revenue, USD Billion; 2018–2028)

Hardware
Software
Services

Technology Outlook (Revenue, USD Billion; 2018–2028)

Augmented Reality
Head-Mounted Display (HMD)
Handheld Device
Virtual Reality
Head-Mounted Display (HMD)
Gesture Tracking Devices
Projectors and Display Walls

Application Outlook (Revenue, USD Billion; 2018–2028)

Simulation & diagnostics
Surgeries
Patient care management
Education
Others

End-use Outlook (Revenue, USD Billion; 2018–2028)

Hospitals & Clinics
Surgical centers
Research organizations

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Regional Outlook:

North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA

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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.

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