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December 2024
The global AR and VR in the healthcare industry was estimated at USD 1.57 billion in 2022 and expected to hit USD 13.74 billion by 2032, expanding at a compound annual growth rate (CAGR) of 24.81% from 2023 to 2032.
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The technology behind augmented reality (AR) enables a smart device to overlay information, films, and visuals on top of the real world. By viewing new data that has been blended into the real environment, this technology enables users to enhance the real world. The L'Oréal Makeup app, Pokémon Go, and the IKEA Place app are a few well-known instances of AR. Virtual reality (VR) is a type of computer-generated virtual reality in which a person is submerged in a digital setting. The most popular VR applications include VR chats, Volvo test drives, The North Face's Yosemite National Park hiking experience, and a huge selection of VR games.
Augmented reality redefined the healthcare industry with its expanding use of connected devices coupled with artificial intelligence. Augmented reality is a technology that incorporates digital information into a real-world environment. It provides a new approach to treatments and education in medicine. AR helps in patient treatment and surgery planning. Also, it helps to enlighten complex medical situations to the patients and their relatives.
While the metaverse often brings to mind gaming and entertainment, its underlying technologies are already making significant impacts in health care. These technologies include extended reality (XR), which encompasses augmented reality (AR), virtual reality (VR) and mixed reality (MR); Web3 technologies and applications, such as blockchain and virtual assets; and M-worlds, the live virtual environments where users can gather and create content.
Currently, the majority of health care applications of the metaverse involve XR. These technologies are being utilized in various diagnostic and therapeutic applications, medical training, and meetings and conferences. Additionally, companies are exploring blockchain for a range of applications, from supply chain verification to the storage and management of health care data.
The demand for cardiovascular surgeries and the use of augmented and virtual reality in surgical procedures is increasing. This is due to its characteristics like high accuracy and precision, reduced recovery time and few difficulties are major factors fuelling the AR & VR in the healthcare industry. Additionally, the increasing importance of surgical robots, the rising importance of medical visualization and the advent of several healthcare and medical-related apps are driving the augmented and virtual reality in healthcare industry revenue growth.
The use of augmented and virtual reality in operations and diagnostics is growing. The industry for augmented reality and virtual reality in healthcare is anticipated to increase as a result of systems like touch surgery, which use virtual reality to provide surgeons with a visual of the patient's anatomy and physiology in the operating room. One of the main drivers propelling business expansion over the past few years has been the increasing use of Augmented Reality (AR) and Virtual Reality (VR) technologies in surgical operations to refine surgical processes and boost the efficiency of treatment.
Additionally, AR is being widely used for medical professionals' education and training needs. AR-based learning modules enable medical professionals a more comprehensive learning experience since they offer anatomical visualization and simulation. Moreover, patients are trained using these learning modules, which helps them better grasp the course of treatment and care coordination. During difficult procedures, AR-based image viewing helps surgeons and improves their accuracy and precision.
The industry is increasing as a result of significant reasons like growing connected device use in the healthcare sector, increasing adoption of AR and VR in fitness management, and growing awareness of virtual reality exposure therapy. The usage of AR & VR in the healthcare sector is expanding as it offers sensors and semiconductor components. The semiconductor component offers processors, controllers, and integrated circuits. The sensors, on the other hand, offer a magnetometer, proximity sensor, accelerometer, and gyroscope. As a result, there are greater opportunities for manufacturers and significant international companies in the AR and VR healthcare industry. Virtual reality technology is being used by psychiatrists increasingly regularly to ease patients' anxieties. Governments in underdeveloped countries promote the makers of AR and VR technology by boosting reimbursement. In-depth, collaborative research support allowed manufacturers to produce high-end, cutting-edge equipment or instruments in developing countries.
The industry for AR & VR in healthcare may be hampered due to medical professionals' lack of training, concerns over data security, and lack of experience adopting these technologies. Additionally, as the sector has been using a paper-based system for a longer time, implementing electronic medical records can necessitate having a certain level of technological expertise. Due to a dearth of technical experts in this field, the growth of Virtual Reality (VR) in healthcare may be hindered. Nevertheless, according to industry experts, these problems might be rectified later.
Moreover, the availability of AR & VR technologies on high-end PCs, laptops, mobile phones, and computers presents the biggest hurdle for customers. Given this, it is a more complex, expensive, and unseen experience of new technologies for the common user to access these technologies. To concentrate on growth, it is necessary to address this decrease in the reach of these augmented reality technologies. Although hardware and most augmented reality software apps are enabled on high-end devices, applications can also be used on midrange devices which may lead to problems for the AR industry.
According to the availability of sensors and semiconductor components, AR & VR in the healthcare industry is becoming more and more popular. Integrated circuits, controllers, and processors are available from the semiconductor component. On the other hand, the sensors provide a magnetometer, gyroscope, accelerometer, and proximity sensor. As a result, the global leading players and manufacturers have more prospects in AR and VR in the healthcare industry.
Moreover, the adoption of cutting-edge techniques in AR and VR in the healthcare sector, such as body mapping, interactive patient information, and data visualization, creates more room for a growing industry.
A key factor in the corporate industry growth in the AR market will be significant investments made by businesses in smart manufacturing. Employing a few engineers to manage numerous facilities can be done by industries with factories spread out across the country. By remotely controlling equipment and other facilities, businesses can efficiently manage their operations due to AR technology. Enterprise AR can also be used to educate enterprise technicians and other employees, which is a significant application. The use of heads-up displays and smart helmets to provide real-time data and help workers understand construction plans will aid in their productive work.
The covid-19 outbreak had a favorable effect on the development of the healthcare AR and VR industry as it made it simpler to train and convey knowledge to healthcare professionals using augmented reality. There was a scarcity of skilled staff in some healthcare companies. Additionally, it aided doctors in educating patients about their health issues. Virtual and augmented reality are crucial in efficiently dealing with the continuing pandemic issue. AR and VR can be used for good communication to treat and spread knowledge about this disease. This technique was useful for virtual rehabilitation and pain management of an infected patient during treatment. The virtual and augmented reality created a platform that lowers clinicians' face-to-face interactions with infected patients. It contributes to the improvement of the ongoing situation's surveillance system via live video broadcasting
The AR & VR Reality in the Healthcare Industry is segmented based on Component and Technology. Based on component the further segmentation includes hardware, software and services. Additionally based on technology, the industry is further segmented into Augmented Reality (surgical application, rehabilitation, and training & medical education and Virtual Reality (Simulation, Diagnostics, Virtual Reality exposure therapy (VRET), rehabilitation and pain distraction)
The hardware segment holds the major industry share of about 67.6% in 2020 and is expected to be dominant over the projected timeframe. Smart glasses, 3D sensors and head-mounted displays are the devices which hold the major share of AR & VR in healthcare. The application of Smart glasses and head-mounted devices includes surgeries, diagnostics, telemonitoring, etc. The Hardware of HR & VR has a huge number of commercialized product bases, especially in developed nations which has a high rate of adoption which drives the segment growth. The single hardware used in a wide range of applications is another factor influencing the growth of this segment.
On the other hand, the software segment is expected to grow at a faster rate owing to technological advances in app design including EyeDecide. It detects eye conditions by measuring multiple parameters. Moreover, apps like applied VR guides the patient to overcome anxiety during any surgery. There has been a huge development in interconnectivity and network services that assist patients to gain access to these platforms.
Augmented reality technology is increasingly being used in multiple fields such as surgical preparation and minimally invasive surgery. The rising demand for reducing the complexity of medical treatment with technological advancements has increased the rate of adoption of augmented reality technology. The industry’s major players operating in AR technology are incorporating strategies like partnerships, and collaborations with domestic players to expand their product reach and launch new innovative products. The efficiency of other healthcare can be improved by the usage of augmented AR technology.
On the other hand, the virtual reality segment is expected to grow at a faster rate over the projected timeframe. This is due to the several healthcare IT companies are investing in this sector as potential growth opportunities are observed. The applications of VR in distinct fields like surgery simulation, robotic surgery, skills training, and phobia treatment. The key factor driving the segment growth is the recent key developments in healthcare IT. The benefits like the ease of performance and learning surgical treatments with virtual reality provided to medical professionals and trainee is estimated to boost the growth of this segment.
The augmented reality segment is dominant in AR & VR in the healthcare industry with a major industry share of about 60.20% owing to head-mounted devices and the increased use of smart glasses which assists in offering 3D images or view of several things in the environment. For better treatment for several diseases, the demand for augmented reality has risen in recent years. Also, technological advancement holds a major instrumental role in the growth of the industry. Moreover, Public firms along with industry players’ investments are contributing to the growth of the industry in the coming years.
Furthermore, the virtual reality segment is expected to grow at a faster rate over the projected timeframe. Virtual reality allows users to interact with a three-dimensional environment and has potential opportunities for rehabilitation and pain management. Virtual exposure therapy treats several phobias like fear of heights, driving, claustrophobia, and posttraumatic stress disorders. An increase in the rate of neurological disorders and rising demand for new diagnostics methods are boosting the growth of the industry.
North America region is the dominant region in the AR & VR in the Healthcare Industry and is expected to continue its dominance during the projected timeframe. This is due to the high demand for AR & VR owing to constant research and development activities, investments in technology, and initiative by several governments of several regions that are favorable for the industry. Many funds are offered for research and development activities to provide these platforms for the healthcare sector. Also, there has been a rise in outsourcing healthcare services due to which treatment can be affordable. Thus, the rising demand for augmented reality and virtual reality is estimated to grow in the coming years
On the other hand, Asia Pacific is expected to grow at a faster rate over the projected timeframe owing to the rising adoption of AR&VR technology in the coming years. The growing awareness of the offers associated with augmented and virtual reality is expected to grow in upcoming years. Promising countries for outsourcing services connected to the production and sharing of AR and VR technology in healthcare include developing economies like India, China, Brazil, and Mexico. Due to low knowledge and population uptake, Latin America, the Middle East, and Asia Pacific are still in the early stages of development for these technologies. Healthcare spending and service quality are rising in nations like Israel and the United Arab Emirates, which is projected to further fuel higher growth in the region over the coming years.
AR and VR in the healthcare industry are extremely competitive and dispersed. There are numerous notable and up-and-coming companies in this industry, some are: CAE Healthcare, GE Healthcare, Philips Healthcare, Microsoft, Siemens Healthineers, Intuitive Surgical, Psious, MindMaze, Virtualis, Oxford VR, Augmedics, Surgical Theater, EchoPixel, Medivis, Health Scholars, Vicarious Surgical, Touch Surgery, Propio Vision, Immersive Touch, OSSO VR, SentiAR, Medical and others.
December 2024
December 2024
December 2024
December 2024
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