Augmented Reality (AR) and Virtual Reality (VR) technologies are gaining significant traction among healthcare experts owing to their numerous applications that range from assessment of surgical preparation to minimally invasive surgery and rehabilitation. AR in the healthcare market is witnessing a big boost with a high expected CAGR of 33.36% and market value expected to rise from US$621.727 million in 2018 to US$3,497.315 million in 2024. Other applications of augmented reality in healthcare include medical training and pharmacy benefits management. As the population increases, the growing demand for surgical treatment as well as healthcare expenditure among people is boosting the application of augmented reality and virtual reality technologies in the healthcare sector by a significant degree. Technological advancement in augmented reality and artificial intelligence technologies along with the increasing workload of healthcare professionals and stringent regulatory compliances in laboratory testing are expected to bolster the market forecasts in the upcoming years. Higher adoption of mobile augmented reality technology helps in bridging the gap in the patient-healthcare provider relationship and also helps patients to make better decisions about their health by educating and proving information to them.
Growing expenditure on healthcare by maturing population, especially on surgical treatments
Investments in AR, VR and AI technologies by industry players as well as government focus on their R&D.
Mobile AR gaining traction in the B2C healthcare segment
High short-term risk with even some long-term uncertainty in the exact application of AR technology in healthcare
Presence of tech giants like Google, Microsoft, and others makes entry difficult for tech start-ups
Apple secured its AR market leadership as it unveiled ARKit 2.0 at WWDC 2018 placing mobile AR in the same line with headset based AR.
Medsights Tech developed a complex image reconstructing technology to empower surgeons with x-ray views – without any radiation exposure in real time
Augmented Reality in the global Healthcare Market has been analyzed through the following segments:
Displays and projectors
By Device Type
Medical Training and Education
Surgical Treatment and Rehabilitation
Middle East and Africa