FREMONT, California, April 12, 2019 /PRNewswire/ -- According to the new market intelligence report by BIS Research, titled "Global Augmented Reality (AR) and Virtual Reality (VR) Market in Healthcare - Analysis and Forecast, 2019-2025", the global AR and VR in healthcare market generated $1.08 billion in 2018, and is estimated to grow over $11.14 billion by 2025, growing at a CAGR of 39.52% between 2019 and 2025. This growth of the market is primarily driven by the increasing need for AR-based surgeries. Consequently, software is the largest sub-segment of the global AR and VR in the healthcare market, due to an increasing requirement by the surgeons for better visualization of 3D anatomical structures for enhanced and precise surgeries.
The growth of global AR and VR market in the healthcare industry has been dependent on their increasing application for better patient experience, therapeutics, training of medical students, and advanced medical procedures. AR applications are compatible across various platforms including iOS, Android, and Windows and the cost of app development varies between $50,000 and $250,000, accordingly.
AR enables gathering and presentation of data in 3D format. For instance, the anatomical data of a human body is stored digitally (in a hardware or memory card), and aids in presenting the data in 3D view. The healthcare specialist can view the anatomical structures of their patients in 3D format, based on the data collected through MRI and CT scans, via an AR headset before planning the medical procedure.
VR employs computer-assisted technology to construct a simulated virtual environment. Presently, VR-based technology is dominating the market through various industries such as healthcare, education, architecture, and defense. The development costs for VR games and VR apps are very different. For the development of a VR app, the cost can range between $40,000 to $75000; and for VR games, the cost ranges from $50,000 to $100,000.
With the expansion in therapeutic imaging activities, oncology experts are also embracing computerized-reality advancements such as AR and VR. For instance, VR enables specialists and doctors to view precise images of body structures without invasive methods, making diagnostics an easy process also for the patients. Moreover, AR can be utilized for amplified imaging of tumor during chemotherapy.
According to Swarup Chakrabarty, Analyst at BIS Research, "North America held the largest share of the market in 2018 and accounted for over 44.08% of the revenue share owing to huge investments made by public and private companies for the adoption of innovative solutions, such as AR and VR. However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 33.6% from 2018 to 2025."
With innovations in AR and VR, and in the application of these technologies in healthcare market, the chance of surgical error reduces significantly. Currently, numerous healthcare organizations have been building up a virtual reality framework. For instance, Fundamental VR has built up a framework for knee replacement medical procedure, enabling doctors to rehearse how to infuse sedatives during the medical procedure accurately.
Navigation is an important element of surgeries, which includes a real-time view of high-quality pictures with the help of head-mounted displays. For example, DXC technology is investing in research in the field of AR & VR for 3D images, head-tracking capability, and joystick interface.
Virtual reality exposure therapy (VERT) is one of the new-age technologies where VR can be applied to exposure therapy, one of the most prominent therapeutics for treating mental illness such as anxiety disorders and for treating remotely-located patients.
VR technology has also been found useful in detecting a patient's level of comfort before surgery, which could be helpful during the surgical process. Canada-based anesthetist, Dr. Fahad Alam applied VR for learning the intensity of the patient's nervousness before surgery with the help of 360-degree cameras. Dr. Alam and his research team at the University of Toronto created a virtual experience to understand how the patient feels before surgical procedures.
The market intelligence report provides a multidimensional view of the global AR and VR technology in the healthcare market in terms of market size and growth potential. This research report aims at answering various aspects of the global AR and VR in healthcare market with the help of key factors driving the market, threats that can inhibit the overall growth of the market, and the current growth opportunities that are expected to shape the future trajectory of the market expansion.
Furthermore, the competitive landscape chapter in the report explains the competitive nature of the global market and enables the reader to get acquainted with the recent market activities such as product launches, regulatory clearance, certifications, partnerships, collaborations, business expansions as well as mergers and acquisitions. The research report provides a comprehensive analysis of the product sales and manufacturers and trend analysis by segments and demand analysis by regions.
This report is a meticulous compilation of research on more than 50 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 10 leading companies, market participants, and vendors. The report also profiles 15 key companies, namely, Alphabet Inc., Atheer, Augmedix, CAE Healthcare, DAQRI LLC, Echopixel, Firsthand Technology, Koninklijke Philips N.V., Medical Realities, Microsoft Corporation, Mindmaze, Orca Health, OssoVR, Psious, Surgical Theater.
Key questions answered in the report:
What are the major market drivers, challenges, and opportunities in the global augmented Reality (AR) and virtual Reality (VR) in healthcare market?
What are the underlying structures resulting in the emerging trends within the global AR and VR in healthcare market?
How are the sub-segments of the component type segment, such as hardware, software, and services of the global AR and VR in healthcare market expected to grow during the forecast period and what is the anticipated revenue generated by each of the sub-segments by the end of 2025?
How are the sub-segments of the end-user segment, such as hospitals and clinics, diagnostic centers, academic institutes, and medical research organizations of the global AR and VR in healthcare market expected to grow during the forecast period and what is the anticipated revenue generated by each of the sub-segments by the end of 2025?
How are the sub-segments of the application segment, such as surgical planning, training, and navigation, behavioral neurology/rehabilitation, pain management, and others, of the global AR and VR in healthcare market expected to grow during the forecast period and what is the anticipated revenue generated by each of the sub-segments by the end of 2025?
What are the significant development strategies implemented by the major players in order to sustain the competition present in the market?
Who are the leading players with significant offerings to the global AR and VR in the healthcare market? What are the contributions of the leading players for the growth of the market?
What is the expected compound annual growth rate (CAGR) expected to be witnessed by the leading players in the market during the forecast period 2019-2025?
What are the major technological as well as regional trends to be adopted pertaining to the global AR and VR in healthcare market?
What are the major technologies employed in the global AR and VR in healthcare market? Which is the most dominating technology?
What is the growth potential of the global AR and VR healthcare market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?
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