Augmented reality and virtual reality are cutting-edge technologies increasingly applied in healthcare to further patient care, training, and research. Augmented reality superimposes digital images and information onto physical objects to present real-time, context-specific data, and visualizations that can help healthcare workers and patients.
For instance, AR has the capability of overlaying 3D organ models on to a patient's body during the operation, aid medical students navigating intricate procedures, inform patients on their health state, and help healthcare providers at a distance.
Growing demand for sophisticated medical training and education will be one of the key driving forces for augmented and virtual reality (AR & VR) in healthcare market growth. AR and VR technologies revolutionize medical education with immersive, interactive, and safe training environments for medical personnel.
AR and VR technologies allow medical students, surgeons, and trainees to rehearse intricate procedures, gain anatomical skills, and improve decision-making through realistic simulation. As compared to the conventional learning process, AR & VR-based training enables one to gain experience through hands without actual patients, hence decreasing errors and enhancing patient safety.
Hospitals and health organizations are also finding ways to integrate these technologies into training in order to maintain healthcare workers at higher levels of proficiency. With more talented experts being in demand, the utilization of AR & VR in medicine education is estimated to increase and thus contribute toward market growth in the forecast period.
Increasing launches of virtual reality based products is anticipated to propel the augmented and virtual reality in healthcare industry during the forecast period. For instance, in November 2022, Penumbra, Inc., announced the first full body, non-tethered immersive healthcare offering for rehabilitation.
The latest REAL y-Series product uses upper and lower body sensors that allow clinicians to track full body movement and progress in real time. The expansion of the virtual reality-based immersive healthcare platform, REAL System, will be used to support a broad range of physical, cognitive and mental well-being for patients undergoing physical or occupational therapy.
North America is likely to be the largest region for augmented and virtual reality in healthcare due to it being home to a fully developed healthcare structure, significant investment in technology, and a strong emphasis on innovation.
The large healthcare institutions and organizations in the U.S. and Canada increasingly adopting AR and VR technologies in training, patient care, and planning treatment due to demands for improved efficiency and greater patient outcomes. Additionally, high incidence of chronic diseases as well as growing interest in mental health are driving healthcare providers toward new therapies, thereby further driving market growth.
Visibility of the top tech giants and application-specific AR/VR start-ups also plays a role in a dynamic ecosystem that facilitates collaboration and accelerated innovation. In addition, governments’ efforts toward support initiatives and investment in research regarding healthcare technologies also boost the advancement and synergy of AR and VR solutions and lead North America as a front runner in this upcoming market.
Asia Pacific is expected to have the highest CAGR in the AR/VR in healthcare market due to a combination of factors. Growth is being driven by technological advancements, rising healthcare spending, and additional focus on improving patient care. Countries such as China, India, and Japan are heavily investing in healthcare infrastructure and digitalization, and this is a fertile ground to implement AR and VR technologies.
Furthermore, the increasing rate of chronic diseases and aging population are compelling healthcare professionals to look for alternative solutions for training, diagnosis, and treatment. The region's expanding telehealth services, spurred by the COVID-19 pandemic, also aid the heightened demand for immersive technologies that improve remote patient engagement and education.
Additionally, awareness about and acceptance of AR and VR technologies among patients and healthcare workers is increasing rapidly, thereby providing a good environment for expansion and making Asia Pacific a front-runner regional player in the global AR/VR healthcare market.
The major companies in the augmented and virtual reality healthcare industry are implementing strategies like product innovation to improve their product offerings, strategic collaborations with healthcare centers for co-development, and geographical expansion to capitalize on new market opportunities.
They also emphasize targeted marketing efforts to raise awareness among healthcare professionals and gain regulatory approvals to establish credibility and enable adoption of their solutions.
Key players operating in the augmented and virtual reality in healthcare market include:
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Augmented and Virtual Reality in Healthcare Market
