Augmented And Virtual Reality In Healthcare Market Size To Reach USD 4367 Million By 2027 At CAGR 23.6% Valuates Reports
The Augmented and Virtual Reality in Healthcare Market is Segmented by Type (Semiconductor Components, Sensors), Application (Pharmacy benefit management, Rehabilitation and Therapeutics, Patient Care Management, Surgical and Diagnostic Imaging, Medical Training, Fitness Management, Education, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Engineering & Technology Category.
The global Augmented and Virtual Reality in Healthcare Market size are projected to reach USD 4367 Million by 2027, from USD 962.6 Million in 2020, at a Compound Annual Growth Rate (CAGR)of 23.6% during the forecast period 2021-2027.
Major Factors Driving The Growth Of Augmented And Virtual Reality In Healthcare Market Are:
Some of the fundamental factors expected to boost the growth of Augmented and Virtual Reality in the Healthcare Market include technological advancements and digitalization in healthcare, favorable government initiatives, rising healthcare expenditure, growing usage in surgical procedures, and medical training.
Trends Influencing The Growth Of The Global Augmented And Virtual Reality In Healthcare Market
Surgical and diagnostic procedures are increasingly using augmented and virtual reality approaches. Virtual reality is used in systems like touch surgery to provide a view of the patient’s anatomy and physiology, giving surgeons more options in the operating room. Thus the increasing use of AR & VR in surgical and diagnostics procedures are the primary reasons driving Augmented and virtual reality in healthcare market expansion.
Healthcare organizations use VR and AR technologies to improve their customers’ experiences by effectively engaging them in healthcare activities. As a result, the application of AR and VR technologies to improve patient experience is likely to fuel the Augmented and virtual reality in healthcare market growth.
AR is being widely embraced for medical personnel education and training, which is projected to fuel the expansion of Augmented and virtual reality in the healthcare market. Because AR-based learning modules include anatomical imagery and simulation, they provide a more comprehensive learning experience for medical professionals. Furthermore, these learning modules are utilized to instruct patients and assist them in better understanding the therapy flow and care management. During difficult procedures, AR-based picture viewing aids surgeons and improves their accuracy and precision. Furthermore, VR technological solutions are widely used in telemedicine, anatomy visualization, and diagnostics.
Augmented And Virtual Reality In Healthcare Market Share Analysis
Based on region, North America is expected to be the most lucrative region during the forecast period. Higher adoption of these technologies, investment in R&D efforts, and favorable government measures are all driving growth in this region. The US government’s National Institute of Health is providing funding for virtual reality research with a focus on healthcare applications.
Based on application, Patient Care Management is expected to be the most lucrative segment. The application of augmented reality and virtual reality in therapies and rehabilitation would improve the market for augmented reality in healthcare and virtual reality in healthcare. Among the uses for rehabilitation are brain damage, stroke, and physical therapy.
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