Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market accounted for US$ 1.32 billion in 2020 and is estimated to be US$ 7.91 billion by 2030 and is anticipated to register a CAGR of 26.0%. Due to extensive popularity in medical training and education, telemedicine, and patient care management, among other areas, healthcare AR/VR applications gained traction during the COVID-19 pandemic. In addition, technical improvements in this field have had a significant impact on augmented and virtual reality in healthcare. For example, XRHealth expanded its application by raising USD 7 million in April 2020 to enhance its telehealth platform. Similarly, AR/VR technology can be utilised to improve self-diagnostics, particularly in distant places where visiting clinics is difficult and individuals must instead rely on telehealth services. Furthermore, the market is expected to increase dramatically during the pandemic as a result of the use of AR/VR technology to efficiently manage treatment schedules, treatment deliveries, and strategies, which will have a beneficial impact on the industry.
The report " Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market, By Component (Hardware, Software, and Services), By Application (Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training and Education, and Others), By End User (Hospitals, clinics, and surgical centers, Research organizations, Pharma companies, Government, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) - Trends, Analysis, and Forecast till 2029’’
Key Highlights:
Augmedics launched the Xvision Spine AR guidance system for spine procedures in the United States in December 2019.
- Augmedics launched the Xvision Spine AR guidance system for spine procedures in the United States in December 2019.
- Hologic Inc paid USD 230 million for Biotheranostics, a molecular diagnostics company, in January 2021. Hologic Inc and Biotheranostics will combine their capabilities and use their expertise in oncology diagnostics and advanced woman health diagnostics as a result of this transaction.
Analyst View:
Surgical and diagnostic procedures are increasingly using augmented and virtual reality approaches. Touch surgery, for example, uses virtual reality to provide a perspective of the patient's anatomy and physiology, giving surgeons in the operating room more options. As a result, the market for augmented reality and virtual reality in healthcare is predicted to expand. One of the primary reasons driving market expansion over the last few years has been the increased implementation of Augmented Reality (AR) and Virtual Reality (VR) technologies in medical surgeries to optimise surgical procedures and increase treatment efficiency. For instance, In December 2019, Augmedics gained FDA approval for Xvision in the United States.
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Key Market Insights from the report:
Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market accounted for US$ 1.32 billion in 2020 and is estimated to be US$ 7.91 billion by 2030 and is anticipated to register a CAGR of 26.0%. The global augmented reality (AR) and virtual reality (VR) in healthcare market report segments the market on the basis of component, application, end user, and region.
- Based on Component, Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is segmented into Hardware, Software, and Services.
- Based on Application, Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is segmented into Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training and Education, and Others.
- Based on End-User, Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is segmented into Hospitals, clinics, and surgical centers, Research organizations, Pharma companies, Government, and Others.
- By Region, the Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market:
The Key players in the global augmented reality (AR) and virtual reality (VR) in healthcare market includes, Orca Health Inc., Brain Power LLC, EchoPixel Inc., MindMaze, First Hand Technology Inc., Medical Realities Ltd., zSpace Inc., Microsoft Corporation, Alphabet Inc., Magic Leap Inc., and Osterhout Design Group Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
