VRET is the fastest growing segment in the global augmented reality (AR) and virtual reality (VR) market in healthcare growing at an impressive CAGR of close to 37%
Arizton’s recent market research report on the augmented reality (AR) and virtual reality (VR) market in healthcare segments the market by applications (AR (surgeries, rehabilitation, and training and medical education) and VR (simulation, diagnostics, rehabilitation, pain distractions, and VRET)), technology (AR and VR), component (hardware and software), and geography (North America, APAC, Europe, and ROW).
The global AR and VR market in healthcare is projected to reach a value of about $3,038 million in 2023, growing at an impressive CAGR of more than 31% during the forecast period.
The AR and VR market in healthcare is divided into four major segments - application, technology, component, and geography.
APAC to grow at the fastest CAGR in the AR and VR market in healthcare during the forecast period
The geographical segment in the global augmented reality (AR) and virtual reality (VR) market in healthcare is divided into North America, APAC, Europe, and ROW.
APAC is the fastest growing region in the AR and VR healthcare market at an exponential CAGR of more than 34% during the forecast period.
The rapid urbanization and the increase in per capita income are augmenting the growth of the AR and VR market in healthcare in APAC. China is the highest revenue contributor to the AR and VR market in healthcare in APAC. The vendors in the region are focusing on developing live surgery training simulation and introducing AR, VR, AI, and 3D printing technologies in the healthcare industry in the region to increase the market share in the augmented reality (AR) and virtual reality (VR) market in healthcare. For instance, Samsung is focusing on offering VR solutions for mental health diagnosis, therapy for cancer patients, and for vision impairment in the market.
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VRET to grow at an exponential CARG in the AR and VR market in healthcare during the forecast period
The AR and VR market in healthcare by application segment includes AR assisted surgery, AR assisted rehabilitation, AR assisted training and medical education, VR assisted simulation, VR assisted diagnostics, VR assisted rehabilitation, VR assisted pain distraction, and VR assisted virtual reality expose therapy (VRET). The adoption of VRET will help with the early detection and treatment of mental health conditions such psychosis and post-traumatic stress disorders (PTSD).
The VRET application is expected to have around 90% success rate in treating patients, especially with PTSD. The introduction of such VR technology will revolutionize the global AR and VR market in healthcare during the forecast period.
Software component to grow at an impressive CAGR in the AR and VR market in healthcare during the forecast period
The component segment in the AR and VR market in healthcare is classified into hardware and software.
The software component is the fastest growing segment in the global AR and VR market in healthcare, growing at a CAGR of close to 39% during the forecast period.
The introduction of software programs that help medical professionals to build personalized 3D models and enable the practice of surgery virtually will drive the growth of the software component in the global augmented reality (AR) and virtual reality (VR) market in healthcare. The prominent players are focusing developing and designing software that are compatible with PCs, smartphones, tablets, HMDs, and other connected devices to attract more end-users and increase market share in the global AR and VR market in healthcare.
Orca Health, Brain Power LLC, Medsight Tech, Accuvein, EchoPixel Inc., Augmedix, Atheer Inc., Aira, Proximie, Kinosis Ltd., MindMaze, Psious, Virtually Better, First Hand Technology, Immersive Touch, Medical Realities, Osso VR Inc., VirtaMed, zSpace Inc., Surgical Theater, Microsoft, Alphabet Inc., Magic Leap, Osterhout Design Group Inc., Facebook, HTC, and Vuzix are the leading vendors in the AR and VR market in healthcare.
The complete overview of the latest market research report on the AR and VR market in healthcare by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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Augmented Reality (AR) and Virtual Reality (VR) Market in Healthcare - Global Outlook and Forecast 2018-2023