The global augmented reality & virtual reality in healthcare market was valued at USD 2.01 billion in 2020, the base year of the analysis, and is projected to reach USD 9.14 billion by 2028. Polaris Market Research expects the augmented reality & virtual reality in healthcare market to grow at a CAGR of 27.1% during the forecast period of 2021–2028. Major participants include GE Healthcare, Philips Healthcare, Siemens Healthineers, Intuitive Surgical, Inc., Hologic, Inc., CAE Healthcare, EON Reality, Osso VR Inc., SURGICAL THEATER, INC., and MindMaze, among others. This article examines the component and technology factors behind that trajectory.

Key Growth Drivers in the Augmented Reality & Virtual Reality in Healthcare Market

Polaris attributes adoption to technological advancement and digitalization in healthcare, supportive government initiatives, increasing healthcare spending, and rising use in medical procedures and training. Growing demand for robotic processes in place of bypass surgeries, an upsurge in spinal and brain-related disorders, and the growing need for cardiovascular surgery also support expansion.

The increasing number of surgeries has contributed significantly to market growth, and in the U.S. alone more than 1.6 million spinal procedures are performed each year. COVID-19 has also had a positive influence, because these systems were adopted in telemedicine, patient care management and medical marketing during the pandemic.

Polaris adds that the research examines technological advances and breakthroughs and their impact on market presence, with detailed regional analysis at local, national and global levels, helping industry players align business strategies with current and future trends.

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Surgical Visualization and Anatomy Guidance

Hospitals are adopting modern technologies to assist surgeons and improve outcomes, and surgical visualization is the central use case. Augmented and virtual reality systems provide 3D visualization of a patient's anatomy during procedures. In 2020, Johns Hopkins University surgeons used an FDA-approved augmented reality guidance system in spinal fusion surgery for the first time in the U.S.

Product activity reinforces the trend. Augmedics received FDA clearance in January 2020 for its Spine system (XVS), which supports 3D visualization of spinal anatomy during surgery. Ocutrx Vision Technologies launched its OR-Bot Surgery Visualization Theatre in May 2020, featuring the ORLenz augmented reality surgery headset with multiple visualization options, and Medicis launched its SurgicalAR platform in 2019. Surgical visualization products of this kind illustrate how new launches are increasing technology adoption in healthcare.

Hardware Dominance: Smart Glasses and Head-Mounted Displays

The hardware segment earned the highest revenue in 2020 and is anticipated to maintain that position during the forecast period. Devices such as smart glasses, head-mounted displays and 3D sensors dominate, and they are extensively used in surgery, training and simulation, telemonitoring and diagnostics. Hardware also has a broad commercialized brand portfolio with a significant adoption rate, particularly in developed countries.

Augmented reality held the largest technology share in 2020, forming 3D pictures of objects through wearables such as smart glasses and head-mounted displays. Technological developments, increasing demand for effective treatment, a growing trend of acquisitions and mergers, rising public and private investment, and lower pricing of head-mounted displays are cited as factors supporting the segment.

Medical Training and Education as a Demand Engine

Education is a durable demand source for the augmented reality & virtual reality in healthcare market. More than 2,800 medical schools function globally, and the U.S. alone has 155 accredited MD-granting institutions, with more than 20,000 students admitted every year. Medical training and education sits within the augmented reality segment alongside surgical application and rehabilitation, and Polaris expects the use of these systems in surgeries, patient care management and medical training and education to boost market growth.

Leading companies are also launching new products and pursuing collaborations, funding and acquisitions, which points to an active competitive landscape for suppliers and investors alike.

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