Augmented and Virtual Reality in Healthcare Market to Grow Significantly During 2021-2027

October 08, 2021

According to the research report titled, ‘Augmented and Virtual Reality in Healthcare Market Size By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging) By End-use (Hospitals, Clinics, Academic Institute), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, augmented and virtual reality in healthcare market is anticipated to register notable gains during 2021-2027.

Increasing technological adoption in the healthcare sector and rising prominence across the medical sector driven by extensive research & development activities are boosting the growth of augmented and virtual reality in healthcare market.

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Furthermore, ongoing efforts of industry players in promoting technological integration to improve procedural efficiency in medical applications, as well as favorable strategies undertaken by them to enhance their product benefits are augmenting industry outlook. Citing an instance, in July 2021, XR and therapeutic application specialist, XRHealth partnered with digital health pioneer company Reducept to broaden its offerings related to VR therapy.

On the contrary, initial costs associated with the development of these technologies along with stringent regulatory implications are likely to slow down the market progression in the ensuing years.

Augmented and virtual reality in healthcare market is segmented on the basis of technology, component, application, and end use.

Based on technology, the virtual reality segment was worth USD 466.9 billion in 2020 and is anticipated to expand considerably over the forecast duration. In terms of application, the behavioral therapy segment is slated to register 35.6% CAGR over 2021-2027.

By component, the hardware segment captured a market share of 54.2% in 2020 and is expected to record a sizable revenue by the end of the study period. Considering end use, the clinics/dentist segment held a considerable market share in 2020 and is projected to reach USD 3.5 billion by 2027.

Speaking of the regional landscape, Latin America captured a market share of 4% in 2020 and is expected to grow substantially during the analysis period. Meanwhile, Middle East & Africa market is speculated to exhibit a CAGR of 28.1% over 2021-2027.

Key players operating in augmented and virtual reality in healthcare market are Surgical Theater, Inc., Psico Smart Apps, SL, MindMaze SA, Medical Augmented Intelligence, Inc., Karuna Labs,Inc., Intuitive Surgical, Inc., Hologic, Inc., FundamentalVR (FVRVS Limited), Augmedix, Inc, and Augmedics Limited.

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