Augmented and Virtual Reality in Healthcare Market Size By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging) By End-use (Academ

Augmented and Virtual Reality in Healthcare Market Size By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging) By End-use (Academic Institutions, Hospitals, Clinics/Dentist), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Augmented and Virtual Reality in Healthcare Market is slated to witness massive growth through 2032, owing to the increasing investments in R&D around augmented and virtual reality applications across the healthcare sector.

In addition, the rising adoption of telehealth platforms that are integrated with AR/VR technologies in healthcare is further anticipated to bolster the industry's expansion. COVID-19 has as well added to the prominence of telehealth as it allows video or telephonic appointments between healthcare professionals and patients from a remote location. It also minimizes the need for in-person visits, augmenting the market growth between 2023 and 2032.

Certain regulations, such as obtaining FDA 510(k) clearance for launch in U.S. market or receiving consent from patients while collecting clinical data for AR/VR devices, are projected to act as a barrier for this market. Nevertheless, investments made by the key players and government funding to explore more applications of AR/VR in healthcare are slated to drive the market through the stipulated timespan.

Overall, augmented and virtual reality in healthcare market is bifurcated in terms of technology, component, application, end-use, and region.

Based on technology, the virtual reality segment is slated to grow exponentially owing to its widespread applications in areas such as robotic surgery, surgery simulation, and skills training. In addition, the ease offered by VR to medical professionals and trainees during performing and learning surgical procedures will further enhance the segmental growth.

On the basis of component, the services segment is expected to depict 17% CAGR through 2032. The growth can be attributed to the rising adoption and awareness of digital health services provided by various vendors.

Considering the application, the medical imaging segment held over 19% market share in 2022 and is expected to offer high growth prospects to the market. The growth can be credited to several initiatives taken by key players to develop AR/VR-supported medical imaging devices and software.

In terms of end-user, the hospital segment is slated to grow through 2032, owing to the rising deployment of AR-based products in hospital settings, which offer more effective care and trim the cost. Additionally, the availability of well-trained staff and favorable reimbursement policies will also support the segmental expansion in the future.

Regionally, the Asia Pacific augmented and virtual reality in healthcare market is projected to exhibit more than 21.5% CAGR during the analysis timeframe. The regional expansion can be attributed to factors including rapidly growing economies, huge patient population, and growing healthcare spending especially in the highly populated countries of the continent.