![]() Major factors that are driving growth in this region are supporting healthcare IT infrastructure, greater adoption of advanced technologies, significant VC fundings, presence of large number of AR/VR companies/startups in the US and favorable government initiatives. North America dominates the AR/VR in the healthcare market and is expected to witness fastest growth in the next 5 years. Regional Outlook – North America Leads the Adoption While EU is Not Far Behind In Feb 2020, UK-based VR therapy company Oxford VR raised $12.5 million funding to increase its presence in the US and expand its behavioral health treatment pipeline.In April 2021, the FDA cleared Pixee Medical’s AR smartglasses for guiding knee replacement surgeries.In May 2021, Heru, Inc., a US based developer of wearable AI-powered vision diagnostics and augmentation software, raised $30m in Series A funding.In Nov 2021, the FDA approved AppliedVR’s EaseVRx, a prescription-use immersive virtual reality (VR) system for chronic pain reduction.Some of the key recent developments in this market include: Last couple of years have marked a turning point with several hyped technologies like AR/VR finally becoming a reality in healthcare, backed by surging VC investments and regulatory clearances. The Covid-19 pandemic induced the world to go virtual. Surging VC/PE Investments and Regulatory Approvals Accelerating Growth & Innovation in AR and VR in healthcare market Companies in this advanced technology field are constantly striving to surpass the challenges by developing accurate and explicit solutions that enable breakthroughs in the way treatment and diagnosis is done in the medical field.” - Chief Executive, Provider of AR Platform for Surgery Guidance, US “The potential of AR and VR in healthcare is huge. For instance, founded in 2020, Rey offers online VR-based therapeutic sessions for mental health management. The scope of application of AR and VR is rapidly growing with increasing number of startups entering into this space to offer variety of hardware and software targeting different areas of healthcare. Moreover, VR can also help in timely detection of Alzheimer’s and ascertaining early signs of schizophrenia. ![]() ![]() Some of the applications include medical training, surgical planning, pain management, patient care management, emergency treatment, post-traumatic stress treatment and mental health treatment. Significant Potential for AR and VR in Healthcare MarketĪR and VR in healthcare is currently a niche market but offers huge growth potential. While AR and VR technologies were initially exclusively adopted by the gaming industry, various sectors including healthcare is increasingly recognizing its benefits and exploring the prospects of AR/VR for medical applications. AR technology augments the real world, adding additional data to it whereas VR is a simulated, fully digital, computer-generated, 3D experiential environment. ![]()
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