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Augmented and Virtual Reality in Healthcare Market Size

Report ID: GMI3144
Published Date: Dec 2022
Report Format: PDF

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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.

Augmented and Virtual Reality in Healthcare Market

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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.

Augmented & Virtual Reality in Healthcare Market Report Attributes
Report Attribute	Details
Base Year:	2022
Augmented & Virtual Reality in Healthcare Market Size in 2022:	USD 2.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	21%
2032 Value Projection:	USD 18.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	154
Tables, Charts & Figures:	222
Segments covered:	Technology, Component, Application, End-use and Region
Growth Drivers:	Technological advancements Increasing investment in healthcare AR/VR Increasing research & development activities targeting various applications Rising implementation of telehealth platform integrated with AR/VR technologies
Pitfalls & Challenges:	Initial costs associated with the development of healthcare AR/VR technologies Regulatory implications

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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.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market for augmented and virtual reality in healthcare 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, due to rapid advancements in technologies such as AR, VR, and AI.

Hardware segment reached USD 1.5 billion in 2022, owing to the growing use of head-mounted devices and smart glasses in training and simulation, diagnostics, and surgeries.

Europe Augmented and Virtual Reality in healthcare market is estimated to be valued at over USD 5.5 billion by 2032, on account of the vast presence of companies specializing in the development of innovative technologies such as AR/VR in various industry verticals, including healthcare.

Intuitive Surgical, Inc., Augmedix, Inc., Augmedics, Karuna Labs Inc., FundamentalVR, Hologic, Inc., Medical Augmented Intelligence (MAI), MindMaze, Amelia Virtual Care, and Surgical Theater, Inc., among many others, are among the reputed players in global Augmented and Virtual Reality in healthcare industry.