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AR/VR Healthcare Industry to Reach $18.5 Billion by 2032

The market is spurred by advances in AR/VR technologies

A new report by Global Market Insights Inc. states that the AR/ VR healthcare industry will be worth $18.5 billion by 2032. Multiple well-known healthcare companies are investing more in AR and VR solutions research and development. Likewise, venture capital firms, including Lux Capital and BlueRun Ventures, have invested in mixed-reality technology.

VR in Healthcare

Virtual reality is already becoming an asset in the healthcare industry. Among other uses, VR is being used to simulate surgeries and train medical professionals. For instance, ImmersiveTouch implemented a new VR tech to aid in high-risk surgeries last year by allowing surgeons to practice in a virtual space.

 Additionally, surgeons are using VR to assist with robotic surgeries. MagicLeap gave several healthcare partners early access to its MagicLeap 2 VR headset last January to aid in surgeries. In 2022, virtual reality technologies accounted for over 25 percent of the AR/VR healthcare market. The metaverse has excellent potential when it comes to healthcare, with telemedicine and digital twins being just a few of the possible uses.

Academic institutions are increasingly using XR technologies for surgical training and education purposes. These technologies allow med students to hone their surgical skills in a safe yet immersive environment.

Industry growth will be driven by increases in AR/VR healthcare research and development as well as investments. Likewise, advances in technology will lead to more telehealth platforms integrating with AR/VR technologies, according to the report. Recent technological advances have led to the development of better AR/VR software. Last year, XR software accounted for more than 35 percent of the AR/VR healthcare market.

North America Leads the AR/VR Healthcare Market

Last year, North America was responsible for more than 40.5 percent of the market. Global Market Insights predicts that AR/VR healthcare solutions will be encouraged as the need for advancements in diagnosing and treating diseases increases. Companies currently dominating the XR healthcare market include Hologic, Intuitive Surgical and Karuna Labs.

Written By

Jack Brassell is a freelance journalist and aspiring novelist. Jack is a self-proclaimed nerd with a lifelong passion for storytelling. As an author, Jack writes mostly horror and young adult fantasy. Also an avid gamer, she works as the lead news editor at Hardcore Droid. When she isn't writing or playing games, she can often be found binge-watching Parks & Rec or The Office, proudly considering herself to be a cross between Leslie Knope and Pam Beasley.

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