Augmented and Virtual Reality in Healthcare Market is expected to reach revenue of USD 19.6 Bn by 2033, at 20.2 % CAGR: Dimension Market Research

Advancements and Projections in the Augmented and Virtual Reality in Healthcare Market: Insights, Trends, Opportunities, and Recent Developments

New York, May 20, 2024 (GLOBE NEWSWIRE) — Market Overview

The Global Augmented and Virtual Reality in Healthcare Market size was valued at USD 3.7 billion by 2024 and is further anticipated to reach USD 19.6 billion by 2033 at a CAGR of 20.2 % according to Dimension Market Research.

Augmented Reality smoothly integrates digital data with the real-world environment, assisting medical professionals in diagnoses & surgeries, whereas virtual Reality (VR) immerses users in digital environments, enhancing medical education and therapy. Together, AR & VR advance healthcare practices with contextual information and immersive experiences. Further, virtual reality is proving effective in healthcare for purposes like medical education, therapy, & engaging patients in immersive experiences. Together, augmented and virtual reality techniques improve distinctive facets of healthcare delivery & contribute to advancements in medical practices.

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Important Insights

  • The Global Augmented and Virtual Reality in the healthcare market is expected to grow by USD 15.2 billion by 2033 from 2025 with a CAGR of 20.2%.
  • The hardware segment, led by devices like head-mounted displays, smart glasses, and 3D sensors, is expected to dominate the augmented reality and virtual reality market in healthcare in 2024. Also, the software is set for rapid growth, driven by technological development, indicating a promising future for software-based development in the healthcare sector.
  • In terms of technology, the augmented reality (AR) segment is anticipated to dominate the market with the largest revenue share in 2024, driven by increased adoption of immersive devices & ongoing technological advancements.
  • The surgery segment as an application is anticipated to command a significant market share in 2024, anticipated the highest growth, driven by technological development, streamlined medical procedures, & collaborations among AR technology players, promoting healthcare innovation.
  • North America is predicted to dominate the AR and VR in healthcare market with 51.1% revenue in 2024, driven by increased technology adoption, significant R&D investments, and government support.

Latest Trends

  • AR & VR technologies contribute highly to eldercare by providing therapeutic applications that improve the overall well-being of seniors, which may include cognitive exercises, memory enhancement programs, & immersive experiences developed to address age-related challenges, as integrating these technologies into eldercare, caregivers can provide stimulating & enjoyable activities, promoting better health & mental well-being among the elderly population.
  • AR & VR interventions prove valuable in addressing cognitive health concerns, like dementia and Alzheimer’s disease, which offer immersive experiences that stimulate memory, cognition, and sensory perception, providing therapeutic benefits for individuals with cognitive impairments.
  • They also contribute to an enhanced quality of life for seniors & individuals with long-term medical concerns by encouraging freedom. Virtual reality platforms can simulate real-world scenarios, enabling users to practice daily activities in a safe & controlled environment, which not only builds confidence but also promotes independent living.

Competitive Landscape

  • Moderate competition is experienced by AR & VR in the healthcare market, with major players high investments, technological developments, and fostering collaborations.
  • Market dynamics are shaped by these factors, highlighting the role of innovation, financial investments, & strategic partnerships in ongoing development and growth.
  • Some of the major players in the market include CAE, Layer, GE Healthcare, Siemens Healthcare, EchnoPixel, Augmedix, and more.

Some of the prominent market players:

  • GE Healthcare
  • Siemens Healthcare
  • EchoPixel
  • AcciVein Inc
  • Augmedix
  • Layar
  • WorldViz
  • Mindmaze
  • CAE
  • TheraSim Inc
  • Other

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Augmented and Virtual Reality Market Scope

Report Highlights Details
Market Size (2024) USD 3.7 Bn
Forecast Value (2033) USD 19.6 Bn
CAGR (2024-2033) 20.2%
North America Revenue Share 51.1%
Asia-Pacific Revenue Share 28.1%
Historical Data 2018 – 2023
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Regional Analysis

North America is predicted to lead the augmented and virtual reality in healthcare market in 2024, capturing 51.1% of total revenue, which is driven by increased adoption of AR & VR technologies, major R&D investments, and supportive governmental initiatives. Also, the US National Institute of Health actively funds virtual reality healthcare research. Further, North America sees a rise in outsourcing healthcare IT services, driven by the imperative to lower treatment costs. Moreover, the Asia Pacific region is expected to have rapid growth, fueled by growing public awareness & advancing healthcare infrastructure, mainly in emerging economies like India & China, which provides significant opportunities for outsourcing services related to AR and VR technology development and deployment in the healthcare sector.

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Drivers

  • Telemedicine adoption is on the rise, aided by Augmented Reality (AR) and Virtual Reality (VR) technologies that are crucial in providing remote healthcare services.
  • These technologies enable virtual doctor-patient interactions, remote monitoring, and therapy sessions, thereby improving accessibility to healthcare and fueling market growth.
  • The global increase in the elderly population and the prevalence of chronic diseases have created a demand for innovative healthcare solutions, which drives the growth of this market.

Restraints

  • The significant costs associated with developing, acquiring, and maintaining AR and VR software and hardware present challenges, especially for smaller healthcare institutions in resource-limited regions.
  • The initial investment required for specialized equipment and software licenses can act as a barrier, impeding the expansion of this market. Ethical and legal concerns emerge as AR and VR technology become more integrated into healthcare,
  • These concerns encompass matters such as patient consent, data privacy, accountability for virtual medical errors, and the risk of addiction or misuse of VR experiences.

Opportunities

  • Virtual reality is becoming more prevalent in surgical settings because of its capacity to offer in-depth visuals of patient physiology and anatomy.
  • It aids in better comprehension and preparation for surgeries while also improving precision and accuracy in complex procedures. This trend opens up numerous growth prospects for the market in the coming years.
  • Virtual reality contributes to optimizing healthcare workflows by simplifying data visualization, patient monitoring, and medical record-keeping. It boosts efficiency, decreases administrative loads, and improves overall healthcare delivery.

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Market Analysis

Based on technology, the augmented reality segment is expected to lead the augmented and virtual reality in healthcare market in 2024, securing the largest revenue share due to growth in the adoption of head-mounted devices & smart glasses, providing an immersive 3D environment. Further, constant growth is anticipated, driven by better treatment capabilities & technological developments, as investments from both public organizations & market players contribute to growth, making these devices more accessible. Further, the current AR technology developments are expected to boost substantial market growth, meeting the growing demand for advanced healthcare solutions.

Augmented and Virtual Reality in Healthcare Market Segmentation

By Component

  • Hardware
  • Software
  • Services

By Technology

  • Augmented Reality
    • Rehabilitation
    • Surgical Application
    • Training & Medical Education
  • Virtual Reality
    • Simulation
    • VRET
    • Diagnostics
    • Rehabilitation
    • Pain Distraction

By Application

  • Surgery
  • Patient Care Management
  • Fitness Management
  • Medical Training & Education
  • Pharmacy Management


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Recent Developments

  • April 2024: The Food and Drug Administration (FDA) announced the launch of a new initiative, Home as a Health Care Hub, that focuses on using augmented reality and virtual reality to improve health equity by reimagining the home environment as part of a healthcare system. 
  • February 2024: Apple’s new Vision Pro headset will be used to display medical records, filling a doctor’s field of view with anything from graphs of a patient’s blood pressure over time to the results of their latest chest X-ray.
  • November 2023: Agora, Inc. is hosting the RTE Telehealth webinar, which focuses on exploring how augmented &, virtual reality (VR), and artificial intelligence (AI) are reshaping telehealth, showcasing their ability to improve various aspects of healthcare, including research, training, workflows, diagnosis, treatment, and patient education.
  • July 2023: Augmedics announced a funding of USD 82.5 million aimed at advancing augmented reality spine surgery adoption and bolstering their AR and AI portfolio through acquisitions of intellectual property and other digital health assets.
  • December 2022: Vuzix Corporation announced a new partnership with TechSee, a leader in intelligent visual assistance technology, to deliver a remote visual assistance solution to field service technicians using AR and computer vision on Vuzix M400 M4000 Smart Glasses.

About Dimension Market Research (DMR)

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

Dimension Market Research (DMR) is a market research and consulting firm based in India & US, with its headquarters located in the USA (New York). The company believes in providing the best and most valuable data to its customers using the best resources analysts into work, to create unmatchable insights into the industries, and markets while offering in-depth results of over 30 industries, and all major regions across the world. We also believe that our clients don’t always want what they see, so we provide customized reports as well, as per their specific requirements to create the best possible outcomes for them and enhance their business through our data and insights in every possible way.

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