AR and VR in Healthcare Market to Surpass USD 14 Billion in 2030 due to Rising Demand for Robotic Surgeries
Posted on 14 Feb 2022
The global Augmented Reality (AR) and Virtual Reality (VR) in healthcare market is expected to grow at a CAGR of 21.5% from about USD 2 billion in 2020 to over USD 14 billion in 2030, driven by the increasing deployment of AR and VR in various areas across the healthcare sector and for medical training, clinical trials, and to ensure more accuracy and precision surgical procedures.
These are the latest findings of Emergen Research (Surrey, Canada), a market research and consulting company.
Increasing demand for cardiovascular surgeries and use of AR and VR in surgical procedures owing to higher accuracy and precision, reduced recovery time, and fewer complications are some of the major factors driving the growth of AR and VR in healthcare market. In addition, the growing importance of surgical robots, use of preventive medicine, increasing importance of medical visualization, and advent of various healthcare and medical-related apps are boosting the growth of the global AR and VR in healthcare market.
During the COVID-19 outbreak, AR and VR applications in the healthcare sector gained momentum owing to increasing adoption of telemedicine, medical training & education, and patient care management. Rapid digitalization of hospitals to limit physical contact during this period is another factor driving the growth of the global AR and VR in healthcare market. The use of telehealth services among individuals in remote areas and for those for whom visiting clinics was challenging or not possible increased significantly.
However, the cost of AR and VR technologies and devices and equipment is significantly high, which in turn is resulting in higher costs of overall development and end products. This is limiting the deployment of AR and VR technologies in many clinics. Professionals are accustomed to using paper-based systems for a long period of time and increasing adoption of electronic medical records requires technical knowledge and training. Also, the lack of skilled personnel in the healthcare sector for enabling the deployment of more advanced technologies and solutions is hindering market growth.
Among the current trends and innovations in the AR and VR in healthcare market, HoloLens 2, developed by Microsoft, is a pair of mixed reality smart glasses that is a combination of AR and VR. The use of Microsoft HoloLens 2 improves patient treatment and enables medical teams to work securely. HoloLens 2 permits care teams to conduct remote consultations with real-time spatial information and reduces treatment time. It advances clinical diagnosis and offers personalized treatment plans. In addition, it provides innovative telehealth solutions, and better & faster care at relatively lower cost.
Based on application, the training and education segment is expected to register a significantly robust growth during the forecast period. AR and VR technologies enable the provision of more realistic training to medical students and surgeons. Based on end-use, the hospital segment is expected to register a significantly steady growth during the forecast period. Many hospitals are increasingly incorporating AR-based healthcare products in order increase their efficiency. AR and VR technologies and tools are being deployed in hospitals for conducting various medical training programs and procedures such as for exploring human anatomy, and training for operative and post-operative procedures. This trend is expected to continue over the forecast period and boost the growth of the hospital segment.
Geographically, the Asia Pacific region dominated the global AR and VR in healthcare market in terms of revenue in 2020. Increasing research and development activities and technological advancements in countries in the region are driving the growth of the Asia Pacific AR and VR in healthcare market. The markets in other regions are also expected to register a steady revenue growth as these technologies continue to gain popularity and traction in a variety of applications and procedures in the healthcare sector and related fields.
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