The global healthcare virtual and augmented reality (VRAR) software market is expected to expand to over three times its 2015 size in the space of five years, hitting 2.5bn by 2020 and growing with a CAGR of 28.6% between 2016 and 2020.
The new research by data analytics firm SA-BRC also revealed that the hardware market is anticipated to grow quicker, at a CAGR of 29.2% from 2016 to 2020. Within the hardware market by sub-segments, display devices such as desktops and head-mounted displays (HMDs) are anticipated to be the fastest growing segment during that time scale. Display devices are seen to be of particular importance in this area, since audio-visual simulation is key to creating virtual and augmented reality.
North America continues to lead the combined healthcare virtual reality hardware and software market with a share of nearly 42%, while Asia Pacific is pegged as the fastest growing region, with countries like Japan, Australia, India and Korea adopting VR/AR technology in healthcare.
Meanwhile, the economic and political unrest in Brazil, LATAM’s largest economy, is anticipated to affect growth of the overall healthcare industry for next few years. In the Middle East, countries such as Israel and the United Arab Emirates have been at the forefront of healthcare expenditure. Israel ranks among the first five countries in terms of healthcare quality and infrastructure. The region is also seen as highly progressive in terms of research in life sciences.
The report also showed that immersion therapy is expected to become the fastest growing VR/AR segment in the market. Immersion therapy requires a patient to be fully immersed in virtual reality with the help of significant equipment in a simulation room. It’s also emerging that a large number of medical schools are employing virtual patients for providing training to students.
The document highlighted different applications within the VRAR market, such as the performance of robotic and minimally invasive surgeries, which require significant experience. Companies such as Intuitive Surgical have introduced VR platforms for example, to enable trainees to practise and perform virtual robotic surgeries and minimally invasive surgeries.
As a large number of surgeries become minimally invasive such as ablation, arthroscopy, laparoscopy and others robotic and minimally invasive, VR platforms are anticipated to grow in demand by the end of the forecast period.
VR & AR in healthcare
If you’re interested in learning more about how virtual and augmented reality are being used in a range of industries including healthcare, visit the VRAR World event website, where you can find information on everything that is being covered across the three days, including keynote sessions, panel debates and case studies.