Global AR and VR in Healthcare Market set to grow at a CAGR of >25% to reach USD 5 billion by 2025

BRUSSELS - April 1, 2022 - PRLog -- While AR and VR technologies were initially exclusively adopted by the gaming industry, various sectors including healthcare is increasingly recognizing its benefits and exploring the prospects of AR/VR for medical applications.

Potential Opportunities for AR and VR in Healthcare market

The global AR and VR in healthcare market is currently a niche market but offers huge 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 growing with increasing number of startups entering into this space to offer variety of hardware and software targeting different areas of healthcare.

Increasing VC/PE Investments and Regulatory Approvals accelerating the Market Innovations

The Covid-19 pandemic induced the entire 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 of Augmented Reality and Virtual Reality in Healthcare Market

North America dominates the global AR and VR in 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 and VR in healthcare market.

Competitive Landscape Analysis: AR and VR in Healthcare Market

The global AR and VR in healthcare market is highly competitive and fragmented. The key and emerging players in this market are 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.

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