[New Report] Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is estimated to be US$ 7.91 billion by 2030 with a CAGR of 26.0% during the forecast period – By PMI
Prophecy Market Insights latest research report on the Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 05, 2023 (GLOBE NEWSWIRE) — According to the latest research study, the demand of 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%
Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market are transformative technologies that are making significant strides in the healthcare industry. These immersive technologies have the potential to revolutionize medical training, patient care, surgery, therapy, and more by creating interactive, simulated environments that enhance learning, diagnosis, treatment, and overall patient experiences.
Augmented Reality (AR) and Virtual Reality (VR) In Healthcare offer highly effective training environments for medical students, allowing them to practice procedures and surgeries in a safe and controlled virtual setting. The ability to simulate complex scenarios and anatomy enhances learning outcomes and prepares medical professionals for real-world challenges.
- In June 2023, Amrita Hospital in Kochi developed a first-of-its-kind Extended Reality (XR) Supported ecosystem in healthcare, which leverages augmented reality (AR), virtual reality (VR), and mixed reality (MR) technologies to significantly enhance capabilities in patient care, medical training, and research. Medical experts can view organs as holograms thanks to the system backed by extended reality, enabling the provision of precision medicine tailored to the needs of each patient.
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|Base year for estimation||2020|
|Forecast period||2020 – 2030|
|Accounted in 2020||US$ 1.32 billion|
|Estimated to be in 2030||US$ 7.91 billion|
|Market representation||Revenue in USD Million & CAGR from 2020 – 2030|
|Market Segmentation|| 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
|Regional scope|| North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
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Some of the Top key players in Augmented Reality (AR) And Virtual Reality (VR) In Healthcare market are:
- Orca Health Inc.
- Brain Power LLC
- EchoPixel Inc.
- First Hand Technology Inc.
- Medical Realities Ltd.
- zSpace Inc.
- Microsoft Corporation
- Alphabet Inc.
- Magic Leap Inc.
- Osterhout Design Group Inc.
Market Insights and Analyst view
Augmented Reality (AR) And Virtual Reality (VR) In Healthcare Market is poised to grow as these technologies become more mature, accessible, and integrated into medical practices. Continued innovation, partnerships between tech companies and healthcare institutions, and the demonstrated benefits for patients and providers will drive the widespread adoption of AR and VR solutions in the healthcare sector. Further, As AR and VR applications in healthcare become more sophisticated, regulatory bodies are establishing guidelines and standards for their safe and effective use, which can facilitate wider adoption.
Prominent Growth Driving Factors:
The Augmented Reality (AR) and Virtual Reality (VR) in healthcare market is experiencing rapid growth due to various factors that are driving adoption across the healthcare sector. These technologies have the potential to revolutionize medical training, patient care, and therapy. Here are the key growth-driving factors for AR and VR in the healthcare market:
- Enhanced Medical Training and Education: AR and VR technologies are being used to provide immersive and realistic training experiences for medical professionals. Surgeons, nurses, and other healthcare workers can practice procedures, surgeries, and diagnostics in a safe and controlled virtual environment, improving their skills and confidence.
- Surgical Planning and Visualization: AR and VR enable surgeons to visualize complex procedures and anatomical structures in 3D. This aids in preoperative planning, reducing the risk of errors and improving surgical outcomes.
- Remote Consultations and Telemedicine: AR and VR technologies facilitate remote consultations and telemedicine by providing a more immersive and interactive experience for both healthcare providers and patients. This is especially crucial for accessing medical expertise in remote or underserved areas.
- Pain Management and Therapy: VR is increasingly used for pain management and therapy. Patients can be immersed in relaxing or distracting environments during painful procedures, reducing the need for sedation and improving overall patient comfort.
- Patient Engagement and Education: AR and VR applications are used to educate patients about their conditions, treatment options, and postoperative care. This increases patient engagement and compliance, leading to better outcomes.
Top Market Influencing Trends:
The Augmented Reality (AR) and Virtual Reality (VR) in healthcare market is continuously evolving with the introduction of new technologies and approaches. Understanding the top market influencing trends in this sector is crucial for stakeholders to stay competitive and capitalize on emerging opportunities. Here are some of the key trends shaping the AR and VR in healthcare market:
- Remote Healthcare Services and Telemedicine: The COVID-19 pandemic accelerated the adoption of telemedicine and remote healthcare services. AR and VR are playing a vital role in enhancing telemedicine by providing immersive and interactive remote consultations, diagnostic assistance, and patient monitoring.
- Surgical Planning and Navigation: AR and VR technologies are being increasingly used for surgical planning, navigation, and visualization. Surgeons can overlay 3D models and real-time data onto a patient’s anatomy during surgery, improving precision and reducing the risk of complications.
- Medical Training and Simulation: VR-based medical training and simulations are becoming more sophisticated. Healthcare professionals can practice a wide range of procedures and scenarios in a realistic and risk-free virtual environment, enhancing their skills and confidence.
- Pain Management and Therapy: VR is being utilized for pain management during various medical procedures, such as wound care, dental treatments, and labor. It provides distraction therapy, relaxation techniques, and immersive experiences that reduce pain and anxiety in patients.
- Patient Education and Engagement: AR and VR applications are being used to educate patients about their medical conditions, treatment options, and postoperative care. These immersive experiences improve patient understanding and compliance with prescribed treatments.
The Augmented Reality (AR) and Virtual Reality (VR) in healthcare market represents a dynamic and transformative sector poised for significant growth and innovation. These immersive technologies are reshaping various aspects of healthcare, from medical training and surgical planning to patient care, rehabilitation, and mental health therapy which in turn is expected to fruitful the demand for Augmented Reality (AR) and Virtual Reality (VR) in healthcare market growth.
The report provides answers to questions such as:
- What role do AR and VR play in surgical planning, navigation, and visualization, and how do they enhance surgical precision and outcomes?
- How are AR and VR technologies facilitating telemedicine and remote healthcare services, and what are the benefits and challenges associated with their use?
- In what ways are AR and VR being utilized to improve patient engagement, education, and understanding of medical conditions and treatment options?
- What are the emerging trends and innovations in the use of AR and VR for mental health therapy, pain management, and rehabilitation?
- What are the challenges and opportunities in ensuring patient privacy and data security in AR and VR healthcare applications?
- What is the impact of patient outcomes, cost savings, and overall quality of care resulting from the use of AR and VR in healthcare?
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