AR & VR in Healthcare Market Research Report: By Technology (AR and VR technology), Offering (Hardware & Software), Device Type (AR & VR Device Type), Application (Fitness, Patient Care, Pharmacy Management & Others), End User – Global Forecast Till 2027

Market Overview

AR & VR in healthcare market is expected to grow significantly over the forecast period. It is projected to grow at a CAGR of 30.2% over the forecast period.

Primary Drivers and Major Challenges

The COVID-19 outbreak has encouraged the healthcare industry to embrace digital transformation, which has given a strong boost to the AR and VR in healthcare market. Digital transformation in line with frequent technological advances has been favorable for the global market. The pandemic and the consequent lockdown have thrown light on the importance of online and video consultations in the medical field. Digital platforms are now witnessing remarkable surge in demand across various countries. Augmented reality and virtual reality are increasingly being used for offering highly personalised therapeutics, particularly in mental healthcare. Post pandemic, these technologies are being used for treating phobias, PTSD, as well as psychiatric conditions like conversion disorder. Needless to say, the global market is bound to continue thriving throughout the review period, despite the escalating burden of the COVID-19 pandemic. 

AR and VR systems are easy to install and are affordable, which has resulted in their widespread adoption in healthcare. These facilitate controlled, safer environments with the use of advanced headsets and many more tools. Additionally, accelerated use of connected devices within the healthcare industry, large-scale investments in AR and VR healthcare, and the soaring need to cut down the high healthcare costs will also ensure sustained market growth in the coming years. Moreover, several government funding initiatives should foster the adoption rate in the following years. For instance, Innovate UK has invested around USD 269,367 in the VR & AR technologies to encourage technological innovations. On the other hand, the US government is spending considerably on these technologies with the aim to cut down costs and offer small enterprises and start-ups with better growth scope in the industry. In short, the global industry will be favored by the surge in government funding as a way to encourage adoption of the latest technologies in healthcare sector.

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The AR and VR technologies have completely transformed the healthcare sector functions, in view of their rising use in virtual training sessions given to surgeons for complex surgeries and in 3D operating room simulations. These also act phobia buster to induce mental health treatment and facilitate chronic pain management. The VR technology has also been instrumental in the Eye Movement Desensitization and Reprocessin/EMDR therapy, helping reframe the patient’s traumatic memories via specific eye movements. Other than this, these technologies offer benefits in multiple healthcare areas including cancer therapy, assisted living and autism & depression therapy. VR and AR-based organ models prepare the surgeons for complex and delicate operations that require higher precision, reduced trauma as well as less complications.

Market Segmentation

The segmentation of the AR & VR in healthcare industry covers technology, offering, device type, application, and end user.

The global AR & VR in healthcare market, depending on technology, caters to AR technology as well as VR technology.

With respect to offering, the global market has been considered for software along with hardware components.

The different device types are VR device type and AR device type.

Major applications of these technologies in the healthcare industry are medical training and education, patient care management, fitness management, pharmacy management, surgery, and others.

Surgical centers, hospitals & clinics, research and academic institutes, pharmaceutical companies, and others are the key end-users in the AR and VR in healthcare market.

Regional Study

The primary markets for AR & VR in healthcare include Europe, APAC or Asia Pacific, Americas, and MEA pr Middle East & Africa.

The American market for AR & VR in healthcare has secured the lead and is backed by the amplified need for bringing down the healthcare costs. AR and VR simulation have been gaining speed in the region as these offer a hands-on experience with respect to medical education. A number of medical schools as well as institutions in Canada and the US are leveraging these technologies for an effective learning experience. For instance, the Western University of Health Sciences in California (US) has turned anatomy study into an interesting subject by developing a new VR lab, which offers the students with advanced virtual model of the human body.

Asia Pacific is touted to be the fastest expanding market in the years to come, owing to the mounting healthcare expenditure coupled with the heavy burden of various chronic disorders. Remarkable surge in the use of internet and the growing number of smartphone users equipped with AR and VR apps should also benefit the APAC industry in the years ahead.

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Renowned Industry Players

Some of the renowned firms in the global industry include Microsoft, Daqri, Google, Medical Realities, SURGICAL THEATER, LLC, Mindmaze, Oculus VR, Atheer, Augmedix, EchoPixel, Inc., Osso VR Inc., Firsthand Technology, Psious, Hologic Inc., Orca Health, Inc., 3D Systems Inc., and more.

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