AR & VR in Healthcare Market Expected to Reach $5.1 Billion by 2025

June 21st, 2017 Phil Williams Gaming, News, VR 0 comments

Global Augmented Reality (AR) & Virtual Reality (VR) in Healthcare Market 2014-2017 & 2025 – Increase in Number of Startups has Led to Higher Demand for Investments to Fund Development – Research and Markets

Research and Markets has announced the addition of the “Augmented Reality (AR) & Virtual Reality (VR) in Healthcare Market Analysis By Component (Hardware, Software, and Service), By Technology (Augmented Reality, Virtual Reality), And Segment Forecasts, 2014 – 2025” report to their offering.

The global augmented reality & virtual reality in healthcare market is expected to reach USD 5.1 billion by 2025

Chart Source – Grand View Research, Inc

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.