While AR and VR technologies were initially exclusively adopted by the gaming industry, various sectors including healthcare is increasingly recognizing its benefits and exploring the prospects of AR/VR for medical applications.
Tremendous Growth Potential for AR and VR in Healthcare market
The global AR and VR in healthcare market is currently a very niche market but offers huge growth opportunities. Some of the major applications include medical training, surgical planning, pain management, patient care management, and mental health treatment. The scope of application of AR and VR is rapidly growing with increasing number of startups entering into this space to offer variety of hardware and software targeting different areas of healthcare.
“The potential of AR and VR in healthcare is huge. Companies in this advanced technology field are constantly striving to surpass the challenges by developing accurate and explicit solutions that enable breakthroughs in the way treatment and diagnosis is done in the medical field.” – Chief Executive, Provider of AR Platform for Surgery Guidance, USA
Surging VC/PE Investments and Regulatory Approvals Accelerating the Market Growth
The Covid-19 pandemic induced the whole world to go virtual. Last couple of years have marked a turning point with several hyped technologies like AR/VR finally becoming a reality in healthcare, backed by surging VC investments and regulatory clearances. For instance, in Nov 2021, the FDA approved AppliedVR’s EaseVRx, a prescription-use immersive VR system for chronic pain reduction.
Geographic Overview: Global AR and VR in Healthcare Market
North America dominates the AR and VR in healthcare market driven by supporting healthcare IT infrastructure, significant VC fundings, presence of large number of AR/VR companies/startups in the US and favorable government initiatives.
Lack of VR and AR skilled professionals is a challenge in Europe but this region is catching up fast and countries like France, Germany, UK, Sweden, Netherlands and Italy are likely to offer vast growth opportunities for AR and VR in healthcare market.
Competitive Landscape Analysis: AR and VR in Healthcare Market
The global AR and VR in healthcare market is highly competitive and fragmented. Some of the main and emerging players in this market include CAE Healthcare, GE Healthcare, Philips Healthcare, Microsoft, Intuitive Surgical, Psious, MindMaze, Virtualis, Oxford VR, Augmedics, Surgical Theater, EchoPixel, Medivis, Health Scholars, Touch Surgery, Medical Augmented Intelligence and XRHealth.
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