The augmented and virtual reality in healthcare market was valued at USD 769.2 million in 2017 and is expected to reach USD 4,997.9 million by 2023, at a CAGR of 36.6% during the forecast period.
The increasing penetration of connected devices in the healthcare sector, increased investment in the healthcare AR and VR, and the growing need to reduce the healthcare cost are the major drivers for the market for augmented reality in healthcare and virtual reality in healthcare. The lack of competence in the deployment of AR and VR solutions and the lack of expertise among medical practitioners to adopt new technologies are the major restraints for augmented reality in healthcare and virtual reality in healthcare.
The rising interest of people in AR and VR is the major driver of patient-care management application in the market for augmented reality in healthcare and virtual reality in healthcare. The use of new technologies such as AR and VR would indeed be helpful for patients to remotely seek a doctor’s consultation. The increase in the use of AR and VR for therapies and rehabilitation is expected to drive the augmented reality in healthcare and virtual reality in healthcare market for patient-care management.
Research and diagnostics laboratories run more tests than any other medical testing facilities. The use of AR and VR is expected to help these laboratories increase efficiency by collecting samples and data from remote locations in real time. High- and medium-volume laboratories can use these services to automate testing processes and remotely monitor the equipment. Research laboratories are involved in the rigorous research work in the development of AR and VR. The increased interest of the research labs in AR and VR is expected to drive the market for augmented reality in healthcare and virtual reality in healthcare.
APAC has witnessed an increasing adoption of the latest technologies due to the presence of most of the display panel manufacturers in the region. Fitness management, patient care management, and pharmacy management are expected to contribute substantially to the growth of augmented reality in healthcare and virtual reality in healthcare market in APAC. These applications offer a huge potential for AR and VR players in the healthcare market to grow, because of the increasing awareness among healthcare providers and the rising adoption of new technologies in various industries-especially in China, India, and South Korea.
In the process of determining and verifying the market