Press release
Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market to cross $5 billion by 2025
Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market
The global market for Augmented Reality (AR) and Virtual Reality (VR) in healthcare is valued at ~1.5 billion in 2020 and is expected to grow at a CAGR of >25% to cross $5 billion by 2025, driven by technological advancements and growing digitization, supporting government initiatives, significant number of start-ups entering into this space, wide scope of applications, and increasing partnerships/M&As and funding levels.
Substantial Potential for AR and VR in Healthcare
AR and VR in healthcare is currently a niche market but offers massive growth potential. Some of the 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 rising 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, US
Get Customized Report on Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market @ https://meditechinsights.com/augmented-reality-ar-and-virtual-reality-vr-in-healthcare-market/
Surging VC/PE Investments and Regulatory Approvals Accelerating Growth & Innovation
The Covid-19 pandemic induced the 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.
North America Leads the Adoption While EU is Not Far Behind
North America dominates the AR/VR in the 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/VR in healthcare.
Competitive Landscape: Augmented Reality (AR) and Virtual Reality (VR) in Healthcare Market
The global AR & VR market in healthcare is highly competitive and fragmented. Some of the key 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.
For More Detailed Insights, Contact Us @ https://meditechinsights.com/contact-us/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
About Medi-Tech Insights
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Healthcare IT, MedTech & Pharma Services.
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