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[2024-2033] AR/VR Medical Simulation Market: Emerging Technologies Shaping Healthcare
AR/VR Medical Simulation Market
According to The Business Research Company's, The AR/VR medical simulation market size has grown exponentially in recent years. It will grow from $2.74 billion in 2023 to $3.30 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to the focus on resuscitation training, increased demand for minimally invasive surgical procedures, increased remote healthcare solutions, rise in pediatric critical care training, increased demand for healthcare services, and increased use of medical simulators.
The AR/VR medical simulation market size is expected to see exponential growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The growth in the forecast period can be attributed to increasing demand for medical training solutions, rising healthcare expenditure, increasing population, rising chronic diseases, and focus on patient safety and quality care. Major trends in the forecast period include computer-based simulations, advancements in graphics and processing power, virtual reality (VR) surgical simulations, medical imaging technologies, miniaturization and mobility, and technological advancements in surgical tools.
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Market Drivers and Trends:
An increasing number of surgeries is expected to propel the growth of the AR/VR medical simulation market going forward. Surgeries refer to medical procedures where a surgeon operates on a patient to treat a condition or disease. Surgeries are on the rise due to several factors, including the aging population, advances in medical technology, and the increasing burden of chronic diseases. Augmented reality (AR) and virtual reality (VR) medical simulations in surgeries enhance training, improve surgical outcomes, and enhance patient care by providing a safe and effective platform for learning, skill development, and preoperative planning. For instance, in April 2022, according to the Aesthetic Society, the US-based organization for plastic surgery and cosmetic medicine, surgical procedures increased by 54% in 2021 from the previous year. In 2021, a plastic surgeon on average completed 320 surgical procedures, compared to 220 in 2020. Therefore, the increasing number of surgeries is driving the growth of the AR/VR medical simulation market.
Major companies operating in the AR/VR medical simulation market are focused on developing innovative solutions, such as medical virtual reality (VR) training platforms, to gain a competitive edge in the market. A medical virtual reality (VR) training platform is a digital system that uses virtual reality technology to create realistic medical situations, procedures, and settings for medical education, training, and skill development. For instance, in March 2022, ORamaVR Inc., a Switzerland-based company specializing in medical virtual reality (VR) training tools, launched MAGES SDK, the world's first hyper-realistic VR authoring tool designed for rapid surgical training and assessment that allows any institution or firm to create its own bespoke medical VR training or teaching simulation. It enables users to generate prototypes of VR psychomotor simulations of medical operations with practically no programming, making it perfect for rapid VR simulation development. It supports multiplayer functionality, allowing one active user-instructor and a large number of spectators, with cooperative mode tested to work with at least 20 users from different countries and headsets.
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Major Key Players of the Market:
Siemens AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Intuitive Surgical Operations Inc., CAE Inc., 3D Systems Healthcare Inc., Surgical Science Sweden AB, Eon Reality Inc., Gaumard Scientific Co., Osso VR Inc., FundamentalVR, Mentice AB, Limbs & Things Ltd., Kyoto Kagaku Co. Ltd., VirtaMed AG, BioDigital Inc., Vuzix Corporation, Oxford Medical Simulation, Laerdal Medical AS, AppliedVR Inc., SimforHealth, Precision OS, Medical Realities, UbiSim Inc., GigXR, Virtual Education Systems (VRpatients), MedVR Education, PeriopSim, InfiVR.com
AR/VR Medical Simulation Market 2024 Key Insights:
• The AR/VR medical simulation market size is expected to see exponential growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%.
• Increasing Number Of Surgeries Growth In AR/VR Medical Simulation
• Innovative Medical VR Training Platforms Revolutionize Healthcare Education
• North America was the largest region in the AR/VR medical simulation market in 2023
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