AR VR in Healthcare Market 2020 Racing Towards an Excellent CAGR of 42.1% by 2023

AR VR in Healthcare Market is expected to reach US$ 2,547.6 million by the year 2023, growing at a CAGR of 42.1% with top players Google, Facebook, Microsoft, Samsung Electronics And HTC

According to AllTheResearch, the growth of AR VR in Healthcare Market will be mainly driven by the increasing penetration of connected devices in healthcare and increasing investments in AR VR for healthcare. The growing need for cutting-edge technology for the development of novel diagnostics and treatment is driving the need for the integration of AR VR in Healthcare ecosystem.

The AR VR in Healthcare Market was valued at US$ 429.6 million in 2018 and is expected to reach US$ 2,547.6 million by the year 2023, growing at a CAGR of 42.1%. Increasing the accuracy of diagnosis and improving treatment outcomes while reducing costs are the main goals of healthcare providers.

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Segmentation of AR VR in Healthcare Market
Raw Material: Silicon, GaN, Glass, SiC, Metals, Others

By Components: Sensors, Camera, IMU, Processor, Modules, Graphics (Cards), Audio (ICs), Memory, Display, Others

By Products, Parts and Devices: Head Up Displays, Head Mounted Displays, Smart Glass, Handheld Devices

By Services & Solutions: Documentation, Visualization, 3D Modelling, Navigation, Workflow Optimization, Others

By Application: 3D modelling/ design, Training, Others

In the last few years there has been an increase in number of investments in AR VR companies with focus on Healthcare. In January 2018, Syncthink raised around US$ 3.5 million in a Series A funding. The company has developed a fully integrated VR device for eye-tracking called EYE-SYNC. Meridiun, a company that has developed a mobile application that allows clinicians to deploy medical content through video, audio, 3D imagery, and training, raised US$ 2.5 million seed funding in December 2017.

There has been an increase in the number of minimally invasive surgeries being performed. Minimally invasive surgeries, however, require the surgeons to rely on imaging data which is mostly in 2D format. This may sometimes lead to errors. However, with the use of augmented reality, it is possible to provide surgeons with a better 3D view of the inside and outside of a patient, which can help improve surgical outcomes significantly.

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Philips healthcare is one of the leading players that is increasingly investing in AR VR technology for surgeries. In February 2019, Philips Healthcare unveiled a new mixed reality concept, which is based on its Azurion image-guided therapy platform and Microsoft’s HoloLens 2 holographic computing platform. This platform brings together live imaging and vital data and converts it to a 3D holographic AR environment that helps surgeons in improving outcomes of the surgery.

The AR VR in healthcare is particularly bringing about changes in the functioning of doctors and also in the treatment patterns. In the application segment, training is expected to hold a significant share of the AR VR in Healthcare market. Training of surgeons is generally done on cadavers. There is a shortage of cadavers and they are also expensive to obtain. The use of AR VR to create photorealistic cadavers which can be used for training of surgeons will help solve the issues faced with shortage of cadavers and also decrease costs.

We have analysed the various trends that will impact the AR VR in healthcare market. Very few markets have the interconnectivity with other markets like AR VR. Our Interconnectivity module focuses on the key nodes of heterogeneous markets in detail. Artificial Intelligence, Internet of Things, 3D printing, and Medical Imaging markets are some of our key researched markets.

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