AR & VR is increasing prominence in healthcare outlook and is set to run on the same business model as that of IT industries in the year 1980s. AR & VR technology offers us an amazing opportunity for building something which can entirely change how people interact with the world and the possibilities are endless with only limiting fact which is being imaginative of those who develop the virtual experiences. According to the reports, the healthcare market was valued at USD 769.2 million by the year 2017 and is expected to reach about USD 4,997.9 million by the year 2023, at a CAGR of 36.6% at the time of forecast period. The increase in the interest of people in both of the technology is the major driver of patient care management application in the market for the healthcare industry. The use of VR & AR has made it much enjoyable for the patients because of which if we use pacifying videos or the educative audiovisual, this enables the patients to relieve pain or learn something new and faster.
Within 5 to 10 years, both of these techniques will become a part and parcel of the healthcare industry in India. According to the Panigrahi (Consumer Business [Head]), by reducing the errors made at the time of surgery, bringing school books to life, enabling us to browse for the shop at our comfort in the home, AR & VR technologies are not just about gaming, it will change our lives. According to the new reports of Grand View Research, the global augmented reality and the virtual reality are expected to reach USD 5.1 billion by the year 2025. The market is majorly driven by the application like surgical simulation, diagnostic imaging, patient care management, healthcare management, rehabilitation, etc. This helps us to provide the training in medical professional’s anatomy and assist the complicated surgeries which result in lesser trauma therapies. With every segment of AR & VR in the healthcare industry, the size of segments and sub-segments increase their growth rate volume in CAGR and their performance across various regions.
There are various types of insights in AR & VR technology in the healthcare sector which is explained below in detail as:
The global AR & VR in healthcare market size was valued at about USD 568.7 million by the year 2016 and is projected to increase at the CAGR of 29.1%. The increasing integration of technology and the digitization in the healthcare sector increasing the expenditure of healthcare industry and focuses on the delivery of effective health services. These industries have also revolutionized the healthcare industry by adopting the training of surgeons for difficult surgeries.
By the year 2016, the hardware segment holds the majority of the revenue that shares 67.9%. However, the service segment is expected to emerge as the fastest growing segment at the time of forecast period with the lucrative CAGR of 29.4%. Head-mounted displays are gaining much more important because of their applications in video recording, education, simulation, tele-monitoring, etc.
AR & VR - By Component
In the year 2016, AR & VR technology was the dominating technology. It has the wide range of applications and has brought the significant changes to the healthcare industry. This also provides the assistance in surgeries which helps in the field of medical training. In addition to all this, this technology also plays an important part in fitness management. Over the coming years, VR may witness rapid growth and is projected to grow with the CAGR of 30.3%.
North America has the dominating face in the market of the healthcare industry in the year 2016 with the revenue of share 43% that can have the attribute for constant technology changes and advancements that are related to products. Furthermore, with the growing technological advancements in information technology and support in the government sector, these technologies also contribute to the large share of the market.
The major contributing players in the recent market share include CAE, 3D system, Hologic, Laerdal medical. There was seen a huge funding for R&D that coupled with the launch of new products and are important for the leading strategies for the software companies to capture the large share of the global market.
Below are several objectives of augmented reality (AR) and virtual reality (VR) in the healthcare industry according to the survey of Indian leading markets study as follows:
Some of the pharmaceutical organizations are completely into drugs and their development. What could be more promising than who is using VR to develop the application which enables the patients to see how drugs and other metabolism activities affect their body? Below are some of the product demos described for each segment that helps you to understand this better:
The suitable environment which can help with the practices in hand-on-way is the AR & VR application for both the purposes i.e. training and educational. The AR & VR system helps the doctors and the also assist the surgeons in planning upcoming operations and educate the patients well about their disease. This platform delivers the highly realistic results which are hand-based interactions in an immersive training environment.
For example, there is a patient who has a bone fracture or a blood clot, and then these technologies can be used to demystify medicine. Both of these tools will allow the patients to have a look on their clotted blood or a fractured bone, while the doctor is explaining to them about what the problem is and how can it be corrected. We can also use both of these applications to provide the diagnosis and patient education.
These technologies also help in post-traumatic stress disorder, rehabilitation, pain management and drug efficacy. Patients with the phobias can also be treated well in AR & VR environment which helps to overcome their phobia. It can also be applied to pain management system that helps in reducing the pain by acting on the psychological component of the pain experience.
In today’s competitive market, to offer something important and unique is incomparable in every industry sector. AR & VR plays a key role in allowing people to live and experience a particular destination directly from the experimental hub. The growing demand for both of these technologies will help marketers to create new opportunities for the vendors in the leading markets.