Image: Augmented reality (AR) and virtual reality (VR) in the healthcare market is forecasted to reach almost USD 5 million by 2023 (Photo courtesy of Shutterstock).
The augmented reality (AR) and virtual reality (VR) in the healthcare market was valued at USD 769.2 million in 2017 and is expected to grow at a CAGR of 36.6% during the forecast period to reach USD 5 billion by 2023
. The market growth will be driven by increasing penetration of connected devices in the healthcare sector, rising investment in healthcare AR and VR, and growing need to reduce healthcare costs. However, the lack of competence in the deployment of AR and VR solutions, and lack of expertise among medical practitioners to adopt new technologies are the major restraints for market growth.
These are the latest findings of Research and Markets, (Dublin, Ireland), a global market research company.
Growing interest among people in AR and VR is a key growth driver of patient-care management application in the market for AR and VR in healthcare. The increase in the use of AR and VR for therapies and rehabilitation is expected to drive the growth of AR and VR in healthcare market for patient-care management.
The use of AR and VR in research and diagnostics laboratories is expected to help increase their efficiency by collecting samples and data from remote locations in real time. High- and medium-volume laboratories can use AR and VR to automate their testing processes and remotely monitor equipment. Research laboratories are also undertaking rigorous research work in the development of AR and VR. The increased interest in AR and VR among research labs is expected to drive the market for AR and VR in healthcare.
Geographically, Asia Pacific has witnessed increased adoption of the latest technologies as most manufacturers of display panels are located in this region. Fitness management, patient care management, and pharmacy management are expected to contribute significantly to the growth of AR and VR in healthcare market in the Asia Pacific region. These applications hold huge growth potential for AR and VR players in the healthcare market due to increasing awareness among healthcare providers and rising adoption of new technologies in various industries, especially in China, India, and South Korea.
Research and Markets