Global Augmented and Virtual Reality in Healthcare Market Size to Reach USD 20.76 Billion in 2032 | Emergen Research

Vancouver, Oct. 12, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario (Market Estimates)

The global augmented and virtual reality in healthcare market size was USD 2.0 Billion in 2020 and is expected to register a revenue CAGR of 21.5% over the forecast period. Increasing deployment of Augmented Reality (AR) and Virtual Reality (VR) in various areas across the healthcare sector and for medical training, clinical trials, and to ensure more accuracy and precision surgical procedures are some key factors driving global augmented and virtual reality in healthcare market.

Drivers: Demand for cardiovascular surgeries

Increasing demand for cardiovascular surgeries and use of augmented and virtual reality in surgical procedures owing to higher accuracy and precision, reduced recovery time, and fewer complications are some major factors driving revenue growth of the market. In addition, rising importance of surgical robots, use of preventive medicine, increasing importance of medical visualization, and advent of various health-care and medical-related apps are boosting global augmented and virtual reality in healthcare market revenue growth.

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Restraints: High development cost

Cost of augmented and virtual reality technologies and devices and equipment is significantly high, which in turn is resulting in increased overall development costs and cost of end products. This is a factor limiting deployment of augmented and virtual reality technologies in many clinics. Professionals are accustomed to using paper-based systems for a long period of time and increasing adoption of electronic medical records requires technical knowledge and training. Also, lack of skilled personnel in healthcare sector to enable deployment of more advanced technologies and solutions is hindering market growth.

Growth Projections

The global augmented and virtual reality in healthcare market size is expected to reach USD 20.76 Billion in 2032 and register a revenue CAGR of 21.5% over the forecast period. Increasing adoption of more advanced technologies in clinics and hospitals to perform precision surgeries is a key factor driving market revenue growth.

COVID-19 Direct Impact

During the COVID-19 outbreak, augmented and virtual reality applications in the healthcare sector gained momentum owing to increasing adoption of telemedicine, medical training & education, and patient care management. Rapid digitalization of hospitals to limit physical contact during this period is another factor driving revenue growth of the global augmented and virtual reality in healthcare market. Use of telehealth services among individuals in remote areas and for those for whom visiting clinics was challenging or not possible increased significantly.

Current Trends and Innovations

HoloLens 2 is a pair of mixed reality smart glasses that is combination of augmented reality and virtual reality developed by Microsoft. Use of Microsoft HoloLens 2 improves patient treatment and enables medical teams to work securely. HoloLens 2 permits care teams to conduct remote consultations with real-time spatial information and reduces treatment time. It advances clinical diagnosis and offers personalized treatment plans. In addition, it provides innovative telehealth solutions, and better & faster care at relatively lower cost.

Geographical Outlook

Augmented and virtual reality in healthcare market in Asia Pacific contributes major part in terms of revenue share in 2020. Increasing research and development activities and technological advancements in countries in the region are driving Asia Pacific augmented and virtual reality in healthcare market growth. Markets in other regions are also expected to register steady revenue growth as these technologies continue to gain popularity and traction in a variety of applications and procedures in the healthcare sector and related fields.

Strategic Initiatives

In August 2021, VirtaMed AG, which is a global leader in medical training, announced strategic collaboration with STAN Institute, which is a provider of technical and non-technical training to medical teams. VirtaMed’s high-fidelity simulators are the world’s most advanced simulators, which integrate virtual reality graphics along with anatomic models, and adopted surgical tools for realistic assessment. This advanced technology would be installed in hospitals to train residents autonomously.  

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Scope of Research

MAJOR COMPANIES and Competitive Landscape

The global augmented and virtual reality in healthcare market is fairly consolidated, with a few large, small, and medium-sized players accounting for majority market revenue. Established companies are engaged in various research and development activities and initiatives to develop and deploy new and more efficient products and solution in the augmented and virtual reality in healthcare market. Some major companies included in the global market report are:

• Siemens
• Koninklijke Philips N.V.
• CAE Inc
• General Electric
• Laerdal
• EON Reality
• Firsthand Technology Inc.
• Intuitive Surgical Inc.
• WorldViz Inc.
• VirtaMed AG

Strategic Development

In August 2021, VirtaMed AG, which is a global leader in medical training, announced strategic collaboration with STAN Institute, which is a provider of technical and non-technical training to medical teams. VirtaMed’s high-fidelity simulators are the world’s most advanced simulators, which integrate virtual reality graphics along with anatomic models and surgical tools for realistic assessment. This advanced technology would be installed in hospitals to train residents autonomously.           

In March 2021, Vuzix, which is an American multinational technology firm, announced its partnership with TechSee Augmented Vision Ltd., which is a leader in visual assistance technology. This partnership would provide remote visual assistance solutions by using augmented reality. In addition, it would deliver computer vision on Vuzix M400 and M4000 Smart Glasses. This strategy is expected to improve long-term business relations and increase market revenue as well.

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Some Key Highlights From the Report

• Training and education segment revenue is expected to register a significantly robust growth rate during the forecast period. Augmented and virtual reality technologies enable provision of more realistic training to medical students and surgeons.
• Hospital segment revenue is expected to register a significantly steady growth rate during the forecast period. Many hospitals are increasingly incorporating augmented reality based healthcare products to be more efficient. Augmented reality and virtual reality technologies and tools are being deployed in hospitals for conducting various medical training programs and procedures such as for exploring human anatomy, and training for operative and post-operative procedures. This is expected to continue over the forecast period and boost revenue growth of this segment.

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Emergen Research has segmented the global augmented and virtual reality in healthcare market on the basis of technology, component, application, end-use, and region:

• Technology Outlook (Revenue, USD Billion; 2019–2032)
  • Augment Reality (AR)
  • Virtual Reality (VR)
• Component Outlook (Revenue, USD Billion; 2019–2032)
  • Hardware
  • Software
  • Services
• Application Outlook (Revenue, USD Billion; 2019–2032)
  • Surgery 
  • Training & Education
  • Behavioral Therapy
  • Medical Imaging
  • Others 
• End-use Outlook (Revenue, USD Billion; 2019–2032)
  • Hospitals
  • Clinics
  • Academic Institute
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. BENELUX
    5. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. Israel
    4. Rest Of MEA

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