Advancement in Technology Promotes Augmented Reality (AR) & Virtual Reality (VR) in Healthcare…

The global Augmented Reality (AR) & Virtual Reality (VR) in healthcare market size was valued at USD 568.7 million in 2016 and is projected to grow at a CAGR of 29.1% during the forecast period. The growing integration of technology & digitalization in healthcare, increasing healthcare expenditure & focus on delivery of efficient health services, and its significance in training healthcare professionals are some of the key factors driving the increasing adoption of AR and VR technologies.

These technologies have revolutionized the healthcare industry with their adoption in virtual training of surgeons for difficult surgeries, 3D operating room simulations, phobia buster in mental health treatment, and chronic pain management. VR technology has also played a significant role in Eye Movement Desensitization and Reprocessing (EMDR) therapy that enables to reframe traumatic memories through certain eye movements. In addition, this technology offers benefits in various areas of care management: autism & depression therapy, cancer therapy, and assisted living. VR-based organ models have played a crucial part in preparing surgeons for delicate and complicated operations that demand greater precision, less complications, & reduced trauma.

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Major contributing players present in the market include Intuitive Surgical; CAE HEALTHCARE; 3D Systems, Inc.; Hologic Inc.; and Laerdal Medical. A huge funding for R&D coupled with new product launches are the important strategies of leading companies to capture a larger share of the global market. In addition, corporate strategies such as mergers and acquisitions by existing players are used as a tool to surmount competition.

In addition, AR is a tool useful for training and education. AR-based apps are used to provide improved care to patients. For instance, Vein Visualization technology, developed by AccuVein, Inc. is a handheld scanner that helps doctors & nurses locate veins & valves successfully at the first go and reduces pain & time required. These apps are also used in aftercare of patients and assist elderly people to manage their medications. The rise in adoption of such innovative technologies that provide revolutionary solutions for better care management and real-time care services is expected to boost growth of the market in the coming years. In addition, the growing significance of medical visualization, preventive medicines, surgical robots, and various health apps is contributing to the growing penetration of these advanced technologies in healthcare sector.

The market is also expected to expand due to rising private investments and funding. The market is witnessing a significant rise in the number of investors, with increased funding in these technologies. The Swiss-based start-up, MindMaze, has raised USD 100 million from the multinational conglomerate, Hinduja Group, for the development of VR hardware and software that intends to provide clinical treatments for stroke patients. Another example is LENSAR system, developed by LENSAR, Inc., that is an AR featured laser technology used for performing precise and accurate cataract surgeries. The company raised around USD 75.1 million from investors such as Aisling Capital, Florida Growth Fund, Florida Opportunity Fund, Oxford Finance Corporation, and PDL Biopharma.

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AR has an application in various areas such as surgeries, rehabilitation, training, and medical education. The surgical applications segment held majority of the revenue share in 2016. Increasing number of diseases and technological advancements in healthcare IT are the key reasons for increasing penetration of this technology in surgeries. AR uses various technologies such as sensors, simulators, and transparent displays to improve quality of communication between a patient and surgeon, thus enhancing surgical processes.

However, AR in training and medical education is anticipated to emerge as the fastest growing segment with a lucrative growth rate. Training surgeons and specialists on surgical procedures is expensive and difficult. AR-based devices help doctors perform complicated surgeries with instructions and guidance for avoiding human errors. The growing interest of technology-driven companies in developing apps and devices for training medical professionals is one of the driving force for the growth of this segment. For instance, Touch Surgery is an app developed by Kinosis Ltd. (UK) for surgery simulations through AR. It provides training to surgeons on several procedures using an overlay of a digital patient and provides an immersive experience with an AR headgear.

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