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CAGR of 29.02%, Healthcare Extended Reality Market Size To Reach US$ 62.0 Billion by 2032
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Factors Affecting the Growth of the Healthcare Extended Reality Industry:
• Surgical Assistance:
Healthcare extended reality (XR) plays a vital role in improving surgical precision and safety. In line with this, surgeons can use XR, such as augmented reality (AR) overlays, to access real-time patient data and three-dimensional (3D) models during surgeries. This valuable information assists in navigation, providing surgeons with a more comprehensive view of the anatomy of patients. Furthermore, XR reduces the risks of error and enhances the precision of surgical procedures. As a result, patients experience shorter recovery times, reduced complications, and improved post-operative outcomes.
• Training and Simulation:
The rising utilization of XR technologies in healthcare training and skill development is supporting the market growth. In addition, medical students and professionals can engage in highly realistic simulations for surgery, diagnosis, and patient care. These simulations provide a safe and immersive environment for learning and practicing critical medical procedures. Besides this, XR-based training programs reduce the risks associated with traditional training methods, improve proficiency, and enhance medical expertise. Moreover, they address the need for a highly skilled healthcare workforce, ultimately benefiting patient care by ensuring that healthcare professionals are well-prepared and confident.
• Rising Focus on Patient Engagement:
The increasing focus on patient engagement is contributing to the growth of the market. Apart from this, complex medical information is becoming easily comprehensible by immersing patients in virtual reality (VR) or AR experiences. Moreover, patients can visualize their conditions, treatment options, and potential outcomes, leading to more informed decisions and improved adherence to treatment plans. Besides this, a VR tour of an operating room can alleviate pre-surgery anxiety. This increased engagement fosters a stronger patient-provider relationship and contributes to improved healthcare outcomes.
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Leading Companies Operating in the Global Healthcare extended reality (XR) Industry:
• AppliedVR
• BioflightVR
• CareAR (Xerox Holdings Corporation)
• FundamentalVR
• Fusion VR
• GigXR
• Medicalholodeck AG
• Microsoft Corporation
• Osso VR Inc.
• PrecisionOS
• SphereGen Technologies LLC
• Surgical Theater Inc.
• XRHealth
Healthcare Extended Reality Market Report Segmentation:
By Component:
• Hardware
• Software
• Services
On the basis of the component, the market has been divided into hardware, software, and services.
By Technology:
• Augmented Reality
• Virtual Reality
• Mixed Reality
Augmented reality holds the biggest market share as it can improve the precision and outcomes of medical procedures.
By Application:
• Surgery
• Therapy
• Education and Training
• Rehabilitation
• Pain Management
• Others
Based on the application, the market has been classified into surgery, therapy, education and training, rehabilitation, pain management, and others.
By End User:
• Hospitals, Clinics and Surgical Centers
• Pharma Companies
• Research Organization and Diagnostics Laboratories
• Others
Hospitals, clinics and surgical centers account for the largest market share due to their ability to streamline diagnostic procedures and enhance surgical precision.
Regional Insights:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
North America enjoys a leading position in the healthcare extended reality market on account of the presence of leading XR and healthcare technology companies.
Global Healthcare Extended Reality Market Trends:
The growing adoption of XR technologies due to the rising demand for telemedicine is positively influencing the market. In addition, XR enables remote consultations that bridge the gap between patients and healthcare providers, even when physical presence is challenging. Furthermore, doctors can use AR to visualize patient data and offer remote diagnoses and treatment recommendations. Additionally, virtual reality (VR) benefits in facilitating immersive telehealth experiences for patients.
Besides this, XR is used to distract patients from pain during medical procedures. VR experiences can help reduce the perception of pain, especially in cases of chronic pain management.
Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations
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