The growing adoption of Augmented Reality (AR) & Virtual Reality (VR) in medical field, increasing investments in such emerging technologies, and constant developments in healthcare IT are some of the key factors responsible for growth of this market.
The market is majorly driven by applications in surgical simulations, diagnostic imaging, patient care management, rehabilitation, and health management. The application of AR & VR in training medical professionals provides them enhanced understanding of anatomy & physiology and assists in complicated surgeries that require precision, thus, resulting in reduced complications and lesser trauma. VR helps patients get over their worst fears and phobias through the exposure therapy. These technologies are also gaining significance in fitness management due to the development of various health apps that help train doctors as well as patients.
The use of these advanced technologies in live streaming of surgeries for medical education coupled with patient monitoring & pain management serves as a market opportunity and is predicted to drive the segment substantially. These new disruptive technologies have revolutionized medical field and provide an innovative approach for transforming healthcare experience. The increasing focus on streamlining medical operations along with demand for better delivery of care services are driving the growing adoption of these technologies.
Increase in number of startups has led to higher demand for investments to fund development of AR & VR technologies. The market is witnessing an increase in private investments by various investors, which is expected to boost growth further. For instance, Swiss-based startup MindMaze is a well-funded company that has raised USD 100 million from Hinduja Group for development of VR hardware & software. In addition, increased government funding and supportive initiatives are expected to drive growth.
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Further key findings from the report suggest:
- The hardware segment held the majority of the revenue share in 2016 due to rise in adoption of wearable devices in healthcare
- AR dominated the technology segment in 2016 owing to its increasing adoption in surgeries and medical training
- North America dominated the global market for AR and VR due to greater adoption of advanced technology and sophisticated infrastructure
- Asia Pacific AR and VR market is expected to witness a lucrative growth of 33% over the forecast period
- Some of the key players include CAE HEALTHCARE; GE Healthcare; Intuitive Surgical; Hologic, Inc.; Virtual Realities, LLC; and Philips Healthcare
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