The AR/VR in Healthcare Market size is estimated to reach USD 11.63 Billion by 2028, registering a CAGR of 28.3% during the forecast period, according to a new report by Reports and Data. Major factors driving market revenue growth are healthcare digitalization, government initiatives for technological advancement in medicine, increasing healthcare expenditure, and improved medical training.
In 2021, there will be a lot of interest in VR and AR from a variety of industries, including healthcare. More and more healthcare organisations are preparing to upgrade their digital solutions with virtual reality and augmented reality (VR/AR) technologies to improve data analysis and healthcare procedures. Some businesses have discovered new ways to engage with their patients during the pandemic by using these technologies, enabling them to provide remote and individualised care. Others employ AR/VR to enhance medical training or prepare for pre-surgery activities.
VR and AR technology are being used by healthcare companies to improve consumer experiences by effectively engaging customers in healthcare operations. This will drive AR/VR in healthcare market growth in the coming years. For example, healthcare companies and their clients can arrange the sequence of procedures and observe the results using VR apps for cosmetic medicine and orthodontia. Healthcare professionals in the field of ophthalmology can supply their patients with an app that stimulates the eyesight of patients with specific disorders such as cataracts or AMD, among others. Patients will gain a better understanding of the problem and will be more engaged in their treatment.
Top Companies Profiled in the Report Include:
Microsoft, Google, Mindmaze, DAQRI, Psious, CAE Healthcare, Medical Realities, Atheer, Augmedix , Oculus VR, Firsthand Technology, Siemens Healthineers, Philips Healthcare, 3D Systems , VirtaMed , Virtually Better.
Market Overview:
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
