According to the research report titled ‘Augmented and Virtual Reality in Healthcare Market Size By Technology (Augmented Reality, Virtual Reality), By Component (Hardware, Software, Services), By Application (Surgery, Training & Education, Behavioral Therapy, Medical Imaging) By End-use (Hospitals, Clinics, Academic Institute), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global augmented and virtual reality in healthcare market value is projected to increase significantly over 2021-2027.
 

Technological advancements, increasing R&D activities, and rising implementation of telehealth platform integrated with AR/VR technologies are the primary factors driving global augmented and virtual reality in healthcare market growth.
 

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In recent years, augmented reality (AR) and virtual reality (VR) technologies rose to prominence in the medical sector, mainly due to considerable research efforts in the field. Industry players are emphasizing on technological integration in medical applications to improve procedural efficiency, aiding market penetration in key geographies.
 

Notably, Rambam Healthcare Medical Center became the first medical Centre in Israel to integrate augmented reality and virtual reality to plan and perform surgery in August 2021. The medical center stated that it would use the Israeli American company Surgical Theater's innovations.
 

Moreover, businesses are undertaking profitable strategic initiatives to improve their product offerings. For instance, in July 2021, XRHealth, a specialist in XR and therapeutic applications, partnered with digital health pioneer Reducept to expand its VR therapy portfolio for pain management.
 

Based on technology gamut, virtual reality segment was valued at USD 466.9 billion in 2020 and is predicted to grow substantially over the next six years.
 

As per component type, hardware segment held 54.2% of global augmented and virtual reality in healthcare market share in 2020 and is expected to accrue noteworthy revenue by the end of 2027.
 

With respect to application spectrum, behavioral therapy segment majorly contributes to the revenue share and is projected to record a CAGR of 35.6% through 2027.
 

In terms of end use scope, clinics segment is anticipated to amass USD 3.5 billion valuation by the end of the assessment period.
 

Geographically, Latin America accounted for 4% of overall industry share in 2020 and is expected to amass notable returns by 2027. Meanwhile, Middle East & Africa industry is projected to expand with a CAGR of 28.1% over the forecast period.
 

Coming to competitive terrain, MindMaze, Medical Augmented Intelligence Inc., Karuna Labs Inc., Intuitive Surgical Inc., Hologic Inc., FundamentalVR, and Augmedix are among the key players powering worldwide augmented and virtual reality in healthcare industry dynamics.