Growth of 27.1% CAGR in Global Augmented Reality & Virtual Reality in Healthcare Market Size & Share Calculated to Reach USD 9.14 Billion By 2028: Polaris Market Research
The global augmented reality & virtual reality in healthcare market size is expected to reach USD 9.14 billion by 2028 according to a new study by Polaris Market Research.
An increasing number of surgeries, adoption of innovative technologies in medical education and training is expected to drive market growth. Increasing demand for robotic surgeries, growing healthcare infrastructure, and supportive government initiatives are few other factors that drive market growth.
These technologies are increasingly adapted in medical education and training as they will help medical students better understand the human anatomy since these virtual systems can provide 3D images of a specific part or organ of the body.
There is a need for more medical professionals, and hence countries are opening more medical schools across the globe. The increasing demand for quality medical education across the world is expected to drive market growth for AR/VR in healthcare.
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Many recent developments, such as new product launches, collaborations, funding, and acquisitions, indicate the market’s favorable growth. In April 2021, Medtronic collaborated with Surgical Theater for a virtual platform dedicated to cranial procedures. The partnership will lead to the interface of the StealthStation S8 surgical navigation system developed by Medtronic with SyncAR technology Surgical Theater that is expected to enhance visualization for neurosurgeons during cranial procedures.
SurgAR and Medexprim, a data imaging firm, entered into a three-year partnership with a hospital based in France to develop augmented reality (AR) software for laparoscopic surgeries in 2021. Surgalign Holdings, in September 2020, acquired Holo Surgical that is pioneering Augmented Reality and Artificial Intelligence platform dedicated to spine surgery for USD 125 million.
COVID-19 is anticipated to positively impact the AR/VR in healthcare market growth as AR/VR is adopted in telemedicine for patients and for educational purposes for medical students, which will decrease crowding in hospitals and operation theaters during the pandemic. Recently, in 2021, a hospital in Japan adopted AR/VR system to show live surgery for research and study purposes.
Market Participants such as Atheer, Inc., Augmedix, CAE Healthcare, EchoPixel, EON Reality, Firsthand Technology Inc., GE Healthcare, Hologic, Inc., Intuitive Surgical, Inc., LAYAR Medical Realities Ltd, MindMaze, Orca Health, Osso VR Inc., Philips Healthcare, Psious, Siemens Healthineers, SURGICAL THEATER, INC., TheraSim Inc., and WorldViz, are some of the key players operating in the global market.
Polaris Market research has segmented the augmented reality & virtual reality in healthcare market report on the basis of component, technology, and region
Augmented Reality & Virtual Reality in Healthcare, Component Outlook (Revenue – USD Million, 2016 – 2028)
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Augmented Reality & Virtual Reality in Healthcare, Technology Outlook (Revenue – USD Million, 2016 – 2028)
- Augmented reality
- Surgical Application
- Training & Medical Education
- Virtual Reality
- Pain Distraction
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