Augmented and Virtual Reality in Healthcare Market - By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Imaging) By End-use & Forecast, 2023-2032

Augmented and Virtual Reality in Healthcare Market Size

Augmented and Virtual Reality in Healthcare Market size was valued at more than USD 2.5 billion in 2022 and is predicted to register over 21% CAGR during the forecast period of 2023-2032.
 

Software and emerging technologies such as Artificial Intelligence, Augmented & Virtual Reality, are undergoing continuous advancements, thereby accelerating digital transformation in the healthcare industry. Manufacturers are also taking various steps to develop novel solutions, which has increased the significance of AR/VR in healthcare.
 

Using AR/VR in healthcare, surgeons and medical personnel can perform complex mock surgeries in the virtual space. Also, virtual reality-based organ models assist surgeons in preparing for complex procedures that require high accuracy. Rapid integration of futuristic technologies in the healthcare sector and the widespread application scope of augmented & virtual reality are further expected to foster industry progress.
 

One of the key factors asserting a negative impact on global Augmented and Virtual Reality in healthcare industry is the high cost of implementing these technologies. Healthcare AR/VR is a technology-oriented market, and the initial cost of development may vary depending on the advancements in these technologies and desired efficiency of the product.
 

Augmented and Virtual Reality in Healthcare Market Analysis

Augmented and Virtual Reality in healthcare market value from AR technology crossed USD 2 billion in 2022. High adoption of AR in surgical procedures will surge the installation of AR-based devices and software across hospitals and medical centers. AR-based image visualization assists surgeons during complex procedures and enhances their accuracy and precision. Additionally, the strong potential of the technology in other applications such as diagnosis, treatment & therapy planning, education & training, patient monitoring, and patient care will further enhance demand for AR in healthcare.
 

Augmented and Virtual Reality in healthcare market from the hardware segment reached USD 1.5 billion in 2022. Virtual reality (VR) headsets are being used on a large scale for training and treatment applications. Devices such as 3D sensors, wearable displays, and smart glasses are becoming popular hardware components used in the healthcare sector. Head-mounted devices and smart glasses are gaining rapid momentum in training and simulation, diagnostics, and surgeries. Hardware components also have diverse application scope.
 

Augmented and Virtual Reality in healthcare market from behavioral therapy is anticipated to record a 21% CAGR through 2032. Augmented & virtual reality technologies can help healthcare providers treat patients suffering from behavioral conditions. They also allow patients to overcome their fears in a computer-generated virtual setting using headsets, which can also help eliminate fear, phobias, anxiety, and stigma experienced during traditional therapy. Furthermore, with the help of cognitive training and rehabilitation, the integration of AR/VR technologies in behavioral therapy will further increase.
 

Augmented and Virtual Reality in healthcare market from the clinics/dentists segment is expected to register more than 19% CAGR through 2032. Clinicians in dental clinics can use VR-based technology to show expected outcomes to their patients before they undergo a particular dental procedure. Additionally, the use of AR/VR in dentistry is in its nascent stages, which will generate lucrative business opportunities for AR/VR technology developers.
 

Europe Augmented and Virtual Reality in healthcare market is estimated to be valued at over USD 5.5 billion by 2032. Europe has a vast presence of key companies that specialize in the development of innovative technologies like AR/VR in various industry verticals, including healthcare. The region also has an advanced healthcare infrastructure in place, which enables medical professionals to adopt cutting-edge AR/VR solutions in their daily operations. In addition, AR-based technologies have proved their effectiveness in assisting surgeons with complex treatments, which may assert a favorable influence on regional market dynamics.
 

Augmented and Virtual Reality in Healthcare Market Share

• Intuitive Surgical Inc
• Augmedix Inc
• Augmedics
• FundamentalVR
• Hologic Inc
• Medical Augmented Intelligence (MAI)
• Karuna Labs Inc
• MindMaze
• Amelia Virtual Care 
• Surgical Theater 

among many others, are among the prominent players operating in the Augmented and Virtual Reality in healthcare industry. These companies are focusing on partnerships and merger & acquisition agreements as preferred strategies to improve the quality of surgical procedures and enhance patient outcomes.
 

Impact of COVID-19 Pandemic

The onset of the COVID-19 pandemic in 2020 had a moderately optimistic impact on the healthcare augmented & virtual reality industry. The crisis triggered the demand for digital solutions throughout the healthcare sector to improve the quality of patient care. Healthcare AR/VR, especially, witnessed a tremendous surge in adoption, due to various benefits. These include the ability to avoid social contact, eliminate the need for traveling to the healthcare facility, and the provision of adequate audiovisual communication & virtual presence.
 

The augmented and virtual reality in healthcare market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

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By Technology

• Augmented reality
• Virtual reality

By Component

• Hardware
• Software
• Services

By Application

• Surgery
• Training & education
• Behavioral therapy
• Medical imaging
• Others

By End-use

• Academic Institutions
• Hospitals
• Clinics / Dentist
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa