Rising demand for innovative diagnostic techniques, neurological disorders, and increasing awareness for diseases globally, are the major factors influencing market growth.
Market Size – USD 0.95 billion in 2018, Market Growth - CAGR of 28.3%, Market Trends – Implementation of VR to grow the learning and teaching experience in medicine
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- The AR/VR in Healthcare Market is estimated to reach USD 7.05 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the rising demand for innovative diagnostic techniques, neurological disorders, and increasing disease awareness. Based on statistics, the advancement in the field of information technology such as laptop, computer, internet connectivity and mobile applications, is also a significant factor stimulating market demand.
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The healthcare industry has transformed with the adoption of the technology for the virtual training of surgeons for complicated surgeries, phobia buster in mental health treatment, 3D operating room simulations, and chronic pain management. They also play an essential role in EMDR (Eye Movement Desensitization and Reprocessing) therapy that allows for reframing traumatic memories through specific eye movements. Also, they offer advantages in several areas of care management like cancer therapy, autism & depression therapy, and assisted living. VR-based organ models help surgeons prepare for delicate and complex operations that need higher accuracy, fewer complications, & decreased trauma.
Due to the constant technological advancement of related products, prevalence of neurological & psychological disorders, and presence of a sophisticated healthcare infrastructure, the North America region accounts for the highest market share of 44.2% in 2018. Moreover, the emerging technological advancements in information technology and government support for integration of these technologies in medical field contribute to the large share of the market.
Further key findings from the report suggest
- Hardware components account for the largest share of 36.7% of the market in 2018.
- Hardware devices like smart glasses are undergoing a rise in adoption as this technology improves clinical outcomes and provides advanced care.
- Google Glass is one of the most popularly known smart glasses which are used during surgeries for video recording and data visualization.
- They also help surgeons to transfer photos or videos, discuss a live case in teleconference mode, and recover medical information.
- Developing technologies and high demand to decrease healthcare complexity & increase productivity are resulting in the rising implementation of these technologies & devices in care services.
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- The hospitals and clinics of the end user segment is expected to grow at a rate of 28.3% during the forecast period.
- This segment is expected to observe an improvement in the adoption of VR.
- Fundamental challenges faced by hospitals and clinics are clinical operations management and data management due to the rising number of patients with chronic diseases and the increasing need for enhanced patient outcomes.
- Technological changes help healthcare centers develop the service quality by rendering care at low expense with shorter time to service.
- The services market of the component type is estimated to reach USD 2.14 billion by 2026.
- Key participants include Microsoft, Google, Mindmaze, DAQRI, Psious, CAE Healthcare, Medical Realities, Atheer, Augmedix , Oculus VR, Firsthand Technology, Siemens Healthineers, Philips Healthcare, 3D Systems , VirtaMed , Virtually Better.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented global AR/VR in Healthcare Market on the basis of Component, Technology, Application, End user and region:
Technology Outlook (Revenue, USD Million; 2016-2026)
- AR
- VR
Component Outlook (Revenue, USD Million; 2016-2026)
- Hardware
- Software
Application Outlook (Revenue, USD Million; 2016-2026)
- Simulation& diagnostics
- Surgeries
- Patient care management
- Education
End User Outlook (Revenue, USD Million; 2016-2026)
- Hospitals & Clinics
- Surgical centers
- Research organizations
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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