Healthcare being one of the most crucial sectors globally has seen immense transformation over the years. The use of modern day technologies in healthcare has made it possible for the physicians to deliver accurate diagnosis along with proper treatment. Virtual reality (VR) and augmented reality (AR) technologies are fast gaining prominence among various sectors, especially the healthcare sector. Over the past two decades, AR and VR have come a long way, with 2016 being a breakthrough year for both. They have revolutionized the healthcare industry with their rapid adoption in various areas of healthcare. It is now possible for the surgeons to see the virtual condition of a patient’s body parts and accordingly conduct minimally invasive surgery that have greater benefits in comparison to the traditional surgeries and treatments. The use of AR/VR modeling and 3D visualization is found to be helpful in the healthcare sector.
The global augmented and virtual reality in healthcare market was valued at USD 769.2 Million in 2017, and is estimated to be worth USD 4,997.9 Million by 2023, growing at a CAGR of 36.6% between 2017 and 2023.
Based on type of devices, the head-mounted displays are expected to take up the majority of the market share, and also grow at a high rate over the forecast period. This growth can be majorly contributed to the increased use of HMDs in various applications such as pharmacy management, patient care management, and medical training and education. Also, the use of AR smart glass is further estimated to witness a high growth, thereby boosting the growth of the overall market.
Among applications, the patient care management application is projected to be the leading market, mainly due to the growing use of AR and VR technology in therapies and rehabilitation. However, the surgery application is predicted to grow at the highest rate over the forecast period, owing to the advantages of the AR and VR technologies used in operations and other procedures.
How is the market progressing, geographically?
Among regions, North America held the largest market share in 2016, and is also predicted to be the leading market for augmented reality and virtual reality in healthcare, owing to the cutting-edge technologies used in display devices due to its technologically advanced and developed nature. Moreover, the presence of a number of global companies involved in the AR and VR space for the healthcare applications in the U.S. market is also boosting the growth of this market. However, the market for augmented and virtual reality in healthcare in Asia-Pacific is expected to grow at the highest CAGR by 2023.
This growth can be attributed to the increase in R&D and the rising acceptance of newer technologies in this region.
What is driving and restraining the market growth?
The growth of the worldwide market for augmented reality and virtual reality in healthcare is majorly being influenced by the following factors:
Need for reducing healthcare costs
Growing penetration of connected devices in the healthcare sector
Increasing investments in healthcare AR and VR
Apart from these, growing demand for AR and VR in emerging economies and usage in fitness management is further expected to create an array of opportunities for the growth of this market.
On the flip side, lack of expertise and knowledge among medical practitioners for the adoption of new technologies and incompetence in deployment of AR and VR solutions are the major factors likely to hinder the growth of this market. Moreover, concerns related to privacy of data, social challenges, and lack of compatibility and interoperability between vendors providing AR and VR solutions are the major challenges to be tackled by the players involved in this market.
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Major players and strategies adopted for sustenance
Google (US), Microsoft (US), DAQRI (US), Psious (Spain), Mindmaze (Switzerland), Firsthand Technology (US), Medical Realities (UK), Atheer (US), Augmedix (US), and Oculus VR (US) are some of the major players involved in the global augmented and virtual reality in healthcare market. These companies are increasingly adopting strategies such as major investments in AR and VR in healthcare and new product launches and developments in order to witness sustained growth as well as maintain their market position. Moreover, various other healthcare IT-enabled companies are venturing in this market in order to gain advantage of the high potential growth that this market has to offer.
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