The AR and VR market in healthcare is anticipated to generate revenue about $3.03 billion by 2023
Arizton’s recent market research report on the AR and VR market in healthcare provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by applications (AR (surgeries, rehabilitation, and training and medical education) and VR (simulation, diagnostics, rehabilitation, pain distractions, and VRET)), technology (AR and VR), component (hardware and software), and geography (North America, APAC, Europe, and ROW).
The AR and VR market in healthcare is anticipated to generate revenue about $3.03 billion by 2023 and is expected to grow at a CAGR of more than 31% during the forecast period. The extensive use of innovative technology for medical learning, remote surgery, pain management, and psychiatric disorder is driving the growth of the global AR and VR market in healthcare. Increasing investments to develop innovative technology for improved patient health tracking and superior workforce training will drive the demand for augmented reality (AR) and virtual reality (VR) healthcare devices.
The leading three drivers and trends driving the AR and VR market in healthcare are discussed below:
Increased Spending on Healthcare
Growing prevalence of disease, rising consumer awareness toward healthy lifestyle, and increasing awareness to prevent diseases are boosting the spending on healthcare, thereby promoting the growth of the augmented reality (AR) and virtual reality (VR) market in the healthcare industry. The dynamic changes in microeconomic factors across the, rise in living standards in developing countries, and increase in disease awareness will propel the growth of the global AR and VR market in healthcare. The growing adoption of AR, VR, 3D printing, AI, point of care (POC) diagnostics, telehealth, wearables, and next-generation sequencing will revolutionize the global healthcare industry. The implementation of several government policies, mandates, and regulations in many developed and emerging economies to promote medical standards will drive the global AR and VR healthcare market. Increasing investments to encourage the utilization of technology such as electronic medical records (EMRs) will help vendors in the AR and VR market in healthcare launch innovative devices and services.
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High Penetration of Connected Devices in Healthcare
The growing integration of connected devices in the healthcare market will augment in the growth of the AR and VR market in healthcare. The integration and connectivity tools, increasing adoption of electronic medical records, and numerous IT initiatives and reforms will revolutionize the AR and VR healthcare market in healthcare. The increasing government initiatives to support and promote the use of technology and the growing need for data analytics will boost the demand for the AR and VR market in healthcare. Discovery of new products and adoption of wireless technology and miniaturization of devices will drive the demand for connected devices in the global healthcare industry. The introduction of IVD devices, physiological monitors, mobile applications, and healthcare wearables and implants will attribute to the growth of the global augmented reality (AR) and virtual reality (VR) market in healthcare.
Increased Use of AR and VR in Fitness Industry
The surge in health-conscious among people is driving the use of AR and VR in the fitness industry and boosting the growth of the AR and VR market in healthcare. The increasing use of AR and VR in the fitness industry will encourage people to become conscious about their health and prefer to eat healthy, exercise daily, and undergo regular medical checkup. Several leading vendors in the market are launching augmented reality (AR) and virtual reality (VR) fitness applications that offer fitness management and help people track daily health activities. Such devices and applications will help prominent players launch new products and attract a wide consumer base. The launch of various fitness applications that help athletes to visualize their workouts and correct them if they are going wrong will increase the adoption of these devices in the global market during the forecast period.
Orca Health, Brain Power LLC, Medsight Tech, Accuvein, EchoPixel Inc., Augmedix, Atheer Inc., Aira, Proximie, Kinosis Ltd., MindMaze, Psious, Virtually Better, First Hand Technology, Immersive Touch, Medical Realities, Osso VR Inc., VirtaMed, zSpace Inc., Surgical Theater, Microsoft, Alphabet Inc., Magic Leap, Osterhout Design Group Inc., Facebook, HTC, and Vuzix are the leading vendors in the AR and VR market in healthcare.
The complete overview of the latest market research report on the AR and VR market in healthcare by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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Augmented Reality (AR) and Virtual Reality (VR) Market in Healthcare - Global Outlook and Forecast 2018-2023