Market in VR and AR For Healthcare Worth $5.1 billion By 2025

At VRFocus we have extensively covered the rise of virtual reality (VR) and augmented reality (AR) in the healthcare sector, as it is used to train doctors, assist patients and build better operating theatres. Now a new report from Grand View Research puts some hard numbers on the rate that the VR/AR healthcare sector is growing.

According to the report, the market in VR and AR in healthcare is largely being driven by surgical simulation, diagnostic imaging, patient care management and rehabilitation. Use of the technology includes medical training, assisting patients in overcoming phobias and fears using VR exposure therapy, and live-streaming of surgery to assist in medical education.

The continuing advances in VR and AR-related technologies in the healthcare area, and ongoing investment is predicted as one of the factors that will drive the VR and AR healthcare market to be worth $5.1 billion (USD) by 2015.

The report indicates that the rise of these disruptive technologies has revolutionised the medical field and led to an increased focus on delivering better, more streamlined medical care, the demand for which has led to more extensive adoption of the technologies.

There has also been a concurrent increase in the number of start-up companies working on VR and AR, which has meant an increase in firms seeking investment, of which there has been little shortage, with investment companies such as Swiss-based start-up MindMaze managing to raise $100 million for the development of VR hardware and software.

The report also found the market in AR and VR was dominated by North America through 2016, though the Asia Pacific region was expected to grow over 33% over the period forecast. AR was the technology that saw the most use in 2016, owing to its popularity for use in surgeries.

VRFocus will continue to bring you news on developments within the VR and AR industry.