[Research Report] The Augmented and Virtual Reality in Healthcare Market was valued at US$ 1,785.54 million in 2022 to US$ 44,893.45 million by 2030; it is estimated to record a CAGR of 32.8% from 2022 to 2030.
Market Insights and Analyst View:
AR-based applications can assist doctors in detecting, avoiding, and treating a variety of diseases with a better prognosis. It can visualize information collected from various sensors into a unified interface to determine specific causes of a patient’s condition. It can also allow doctors to monitor veins, lesions, organs, and other structures without invasive procedures. EyeDecide is one such medical app that simulates the impact of specific conditions on a person’s vision using the camera display.
AR can be used in the healthcare field to improve patient care. For instance, if a patient has a chronic condition, AR can be used to help them understand their condition and how to treat it. AR can also be used to help patients with procedures such as surgery. VR can also be used in the healthcare field to improve patient care. For example, VR can be used to help patients with anxiety or phobias. VR can also be used to help patients learn about their conditions and procedures. VR can also be used to help providers train for procedures.
Growth Drivers and Challenges:
Healthcare workers have been rapid to realize the advantages of AR technologies. Education is a recognizable application of augmented reality in the healthcare sector. AR applications give learners the capability to visualize and work together with three-dimensional representations of bodies. However, it’s not only healthcare workers who benefit from augmented reality. It’s also proving hugely beneficial as a tool for patient education, allowing medical professionals to help patients understand surgical procedures and the way medicines work.
Today, surgeons use several techniques to visualize the area in which they have to operate. Still, AR, which can project three-dimensional illustrations of the patient’s examination into the surgeon’s field of view, is likely to expand accuracy and outcomes for patients. A functional application of augmented reality that is in use today is vein visualization. Many patients are uncomfortable with having blood taken or being injected, or when it’s tough to find a vein and the patient has to be “stuck” numerous times, the experience is much worse. AccuVein, for example, which is in use in hospitals nowadays, can project a map of a patient’s veins onto their skin, making it easier for healthcare workers to find the vein the first time. Thus, the advantages related to AR and VR technology have resulted in increased demand for AR and VR in healthcare, which is driving the market growth.
Several challenges in AR and VR still exist. Head-mounted devices that are the preferred hardware for use by surgeons cause headaches, dizziness, and discomfort. The learning curves of AR and VR systems are high. Current VR systems cannot effectively simulate physical touch, which is of immense importance to surgeons. Skin marker tracking systems suffer from the relative displacement and deformation of soft tissue with respect to bones. However, almost all of these limitations can be solved through further technological advancement and better collaboration between engineers and clinicians. Thus, the challenges related to AR and VR head-mounted devices are hindering the growth of augmented and virtual reality in the healthcare market.
Report Segmentation and Scope:
Augmented and virtual reality in the healthcare market is bifurcated into the basis of technology, application, and end user. By technology, the market is segmented into head-mounted devices and handheld devices. The augmented and virtual reality in the healthcare market, by application, is categorized into patient care management, fitness management, surgery medical training and education, and others. In terms of end users, augmented and virtual reality in the healthcare market is segmented into hospitals and clinics, surgical centers, research organizations and pharma companies, research and diagnostics laboratories, and others. The augmented and virtual reality in the healthcare market, based on geography, is categorized into North America (US, Canada, and Mexico), Europe (France, Germany, Italy, UK, Spain, Benelux, Austria, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, Malaysia, Indonesia, and Rest of Asia Pacific), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, Rest of South & Central America)
Based on technology, the global augmented and virtual reality in the healthcare market is bifurcated into head-mounted devices and handheld devices. The head-mounted devices segment held the largest share of the market in 2022; moreover, the same segment is anticipated to record the highest CAGR during 2020–2030. Head-mounted displays are displays or projection technology that are integrated into eyeglasses or mounted on a helmet or hat. The head-mounted displays superimpose the image on the user’s view of the real world.
The augmented and virtual reality in the healthcare market, by application, is segmented into patient care management, fitness management, surgery medical training and education, and others. In 2022, the patient care management segment held a larger share of the market. AR and VR technologies enable healthcare providers to offer more personalized, effective, and patient-centric care. Customized treatment plans and immersive therapies can lead to improved patient outcomes. AR technology enables healthcare professionals to access real-time patient records and vital information through AR-enabled devices. This advancement streamlines clinical workflows, facilitates well-informed decision-making at the point of care, and ensures accurate and up-to-date data for improved patient management. The continued growth of telemedicine, empowered by AR and VR, can bridge healthcare accessibility gaps, especially in remote or underserved areas, offering timely diagnosis and treatment.
By end user, the augmented and virtual reality in the healthcare market is categorized into hospitals and clinics, surgical centers, research organizations and pharma companies, research and diagnostics laboratories, and others. In 2022, the hospitals and clinics segment held the largest share of the market. The vital, innovative applications are in areas of surgical simulation for doctors to plan and prepare for surgery, high-resolution imaging diagnostics to provide accurate 3D data visualization, patient care, rehabilitation of PTSD and special needs, lifestyle management, medical equipment maintenance and compliance to regulatory standards is surging the use of AR and VR in hospitals and clinics.
Augmented and Virtual Reality in Healthcare Market, by Technology – 2022 and 2030
Based on geography, the augmented and virtual reality in the healthcare market is categorized into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. Asia Pacific is anticipated to register the highest CAGR during the forecast period. The collaborations between the companies and the growing acceptance of new technologies drive the growth of the augmented and virtual reality market. Governmental support is propelling AR and VR growth in China. In 2019, officials in the country’s Jiangxi region plan to raise US$ 460 million to benefit AR/VR companies. The capital city of Nanchang also recently hosted a world conference on VR technology, sponsored in part by the region’s government. That’s likely due to creative uses for VR and AR technologies. For example, students at the Beijing University of Chinese Medicine learn acupuncture with VR technology that they can use on or off campus. Eventually, all medical universities in China may use it.
Augmented and Virtual Reality in Healthcare Market Opportunity:
AR/VR Assisted Surgeries
Virtual surgery has become a ground-breaking development in the medical field, revolutionizing training methods and surgical techniques. Virtual surgery offers a revolutionary method by combining the advantages of realistic simulations, improved visualization, and real-time assistance. It does this by leveraging the capabilities of virtual reality (VR) and augmented reality (AR) technology. With this innovative technique, doctors may plan surgeries, practice intricate procedures, and hone their abilities in a virtual setting that resembles actual operating rooms. Virtual surgery gives physicians a risk-free and engaging platform on which to improve patient outcomes, surgical performance overall, and technique. Virtual surgery is positioned to influence the future of surgical practice by potentially revolutionizing preoperative planning, intraoperative guiding, and surgical training. AR and VR technologies provide a better appreciation of structures in real or virtual space and help make the transition from the learning environment to the clinical environment easier for medical professionals. AR/VR-assisted surgeries combine the acquired 3D images of the anatomy of interest with surgical reference points. Using AR/VR technology to guide surgeons during different types of minimally invasive surgeries with improved accuracy, less radiation exposure, blood loss, and complications. Much like 3D printing, VR/AR can provide surgical staff with better visualization and preparedness for a surgical procedure. The FDA states, “These capabilities may better enable surgeons to more precisely identify structures within the surgical field, find alternative approaches to entry, enable less-invasive procedures, and in general to streamline workflow. Benefits may include shortened procedure times, improved outcomes, and decreased complications.” Thus, the factors mentioned above will offer a lucrative opportunity for market growth in the coming years.
Competitive Landscape and Key Companies:
A few of the prominent players operating in the global augmented and virtual reality healthcare market are Google, General Electric Company, EON Reality Inc., LAYAR, Hologic, Inc., Koninklijke Philips N.V., Siemens Medical Solutions USA, Inc., CAE HEALTHCARE, Intuitive Surgical, and TheraSim Inc. These companies focus on the development of new technologies, advancements in existing products, and expansion of geographic footprint to meet the growing consumer demand worldwide and expand their product range in specialty portfolios. Companies operating in the global augmented and virtual reality in the healthcare market are implementing various inorganic and organic strategies. A few of them are mentioned below:
- In May 2022, the University of Findlay’s College of Health Professions was the first academic program in the United States to incorporate a new augmented reality technology developed by MediView XR, Inc., in their hands-on Sonography Program curriculum. According to MediView, these technologies were intended to synergistically improve medical imaging, clinical efficiencies, patient outcomes, and access to high-quality modern medical services.
- In June 2022, VisAR, an augmented reality surgical navigation system from healthcare technology leader Novarad, received FDA 510(k) approval for precision-guided intraoperative spine surgery. VisAR transforms a patient's imaging data into a 3-dimensional hologram, which is visible through an optical visor and superimposed onto the patient with submillimeter accuracy. This allows the surgeon to focus directly on the surgical objective without looking away at a separate monitor.
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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to segments covered.
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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to country scope.
The List of Companies
2. General Electric Company
3. EON Reality Inc.
5. Hologic, Inc.
6. Koninklijke Philips N.V.
7. Siemens Medical Solutions USA, Inc.
8. CAE HEALTHCARE
9. Intuitive Surgical
10. TheraSim Inc.
15. Firsthand Technology
16. Medical Realities
19. Oculus VR
20. 3D Systems
23. Virtually Better
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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