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VR in Healthcare Market to Reach USD 4.9 Million by 2023

By HospiMedica International staff writers
Posted on 14 Nov 2017

Augmented and virtual reality in the healthcare market is expected to grow at a CAGR of 36.6% from USD 769.2 million in 2017 to USD 4,997.9 million by 2023, driven by the rising penetration of connected devices in the healthcare sector, increased investment in augmented reality (AR) and virtual reality (VR) healthcare, and the growing need to reduce healthcare costs.

These are the latest findings of MarketsandMarkets (Seattle, WA, USA), a global market research company.

Head-mounted displays are expected to record a high growth rate in virtual reality in the healthcare market due to their widespread adoption in the healthcare industry. Additionally, the use of AR smart glasses is expected to witness a high growth and consequently, provide a boost to augmented reality in the healthcare market.

The surgery application in the augmented reality in healthcare and virtual reality in healthcare market is expected to record the highest CAGR during the forecast period, due to the advantages of AR and VR technology used during the operational procedures, such as allowing surgeons to perform surgeries more efficiently. For instance, during minimally invasive procedures or while locating a tumor within the body, AR and VR healthcare apps can help save lives and treat patients seamlessly.

Geographically, North America led the market in 2016 in terms of market size and revenue generated from the applications in augmented reality in healthcare and virtual reality in healthcare. North America is a major region in the global market for augmented reality in healthcare and virtual reality in healthcare due to being technologically advanced and developed, as well as the presence of several global companies involved in the AR and VR space for healthcare applications in the U.S.

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