This week, Dimension Market Research released a report highlighting future growth forecasts for the augmented and virtual reality market in healthcare. The report notes a significant acceleration in the sector in the coming years.
Dimension Market Research found that the global augmented and virtual reality market in healthcare is estimated to grow to $19.6 billion by 2033, with an accompanying 20.2 per cent CAGR.
Moreover, the report adds that the current 2024 market value is $3.7 billion, meaning the forecast perceives a roughly $15.2 billion increase.
Specifically, the North American AR/VR healthcare market is dominating the sector’s growth, with the region securing 51.1 per cent of the market’s revenue so far in 2024.
According to Dimension Market Research, the region’s growth is driven by increased technology adoption, significant R&D investments, and government support, which in turn drives industry adoption.
Why is the Sector Growing?
Healthcare is a trusted and undeniable leading sector for XR adoption. Recently, Apple CEO Tim Cook noted how medical professionals are helping to establish the firm’s Vision Pro device as a healthcare tool.
The Apple CEO highlighted how Dr Tommy Corn, a medical professional at Sharp Healthcare, uses Apple Vision Pro hardware to improve surgical eye care through simulated analysis and optimization.
Dimension Market Research’s report also notes that XR hardware innovations, such as head-mounted displays, smart glasses, and 3D sensors, drive the market’s growth.
Dimension Market Research explains how such VR and AR technologies are improving healthcare practices for professionals and patients by enhancing medical education, patient therapy, and patient-facing immersive experiences.
For example, the report highlighted how managing cognitive health concerns is a core driver, with XR providing better-than-ever therapeutic benefits for patients.
Another contributing factor is training. Thanks to XR-based safe, repeatable training scenarios, immersive technology is proving increasingly vital to upskilling medical professionals.
Dimension Market Research highlights medical healthcare groups that are leading XR usage and adoption, including, but not limited to, CAE, Layer, GE Healthcare, Siemens Healthcare, EchnoPixel, and Augmedix.
IDC Predict Headset Uptick
IDC has predicted a significant increase in AR and VR headset shipments due to the rise of MR. Despite a 23.5 per cent decline in shipments last year, new IDC data points to shipments in 2024 rising by 44.2 per cent to 9.7 million units.
IDC noted that by the end of 2028, VR headsets would reach 24.7 million units, translating to a five-year CAGR of 29 per cent. VR sales are also driven by expanding use cases, from gaming to design and training.
Over the same time period, AR headsets are expected to total 10.9 million units, equalling a significant 87.1 per cent CAGR. To reach these figures, IDC uses ‘IDC Tracker’ products that provide forecasts for hundreds of technology markets from over 100 countries, as well as information about market size and vendor share.
For more predictions, check out XR Today’s Prediction series for 2024, based on insights from ten of the world’s top authorities in immersive technologies.
