Augmented Reality and Virtual Reality in Healthcare Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

Augmented Reality and Virtual Reality in Healthcare - Market Size

The global market for Augmented Reality and Virtual Reality in Healthcare was estimated to be worth US$ 962 million in 2023 and is forecast to a readjusted size of US$ 4364.1 million by 2030 with a CAGR of 23.6% during the forecast period 2024-2030.

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The term Virtual Reality (VR) is the combination of the words virtual and reality. The word virtual means near, while reality is what is experienced by humans. Therefore, VR means 'near-reality'. VR aims to combine human senses such as hearing, touch and sight, with software and hardware to create an immersive exploratory virtual environment. More technically, VR is a three-dimensional computer generated environment, which an individual can explore and interact with, as well as perform a series of actions or manipulate objects within the environment.
According to our research, the global market for medical devices is estimated at US$ 603 billion in the year 2023, and will be growing at a CAGR of 5% during next six years. The global healthcare spending contributes to occupy 10% of the global GDP and is continuously rising in recent years due to the increasing health needs of the aging population, the growing prevalence of chronic and infectious diseases and the expansion of emerging markets. The medical devices market plays a significant role in the healthcare industry. The market is driven by several factors, including the increasing demand for advanced healthcare services globally, advancements in medical technology, growing geriatric population, rising healthcare expenditure, and increasing awareness about early disease diagnosis and treatment.

By Type
• Semiconductor Components
• Sensors

By Application
• Pharmacy benefit Management
• Rehabilitation and Therapeutics
• Patient Care Management
• Surgical and Diagnostic Imaging
• Medical Training
• Fitness Management
• Education

Key Companies
Philips Healthcare, Simulaids, GE Healthcare, Virtual realities, Intuitive Surgical, WorldViz, CAE Healthcare, TheraSim, Siemens Healthcare, Vital Images, Laerdal Medical

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