The Virtual Reality and Augmented Reality in the healthcare market were valued at $769.2 million in 2017 according to Reportbuyer, a leading industry intelligence solution that provides all market research reports from top publishers. The report also expects AR and VR in healthcare to reach $4,997.9 million by 2023, at a compound annual growth rate (CAGR) of 36.6% during the forecast period.
The growing need to reduce healthcare costs has influenced increased investment, which has led to a rise in penetration of connected devices in the healthcare sector.
The use of VR and AR technologies can be helpful for patients to remotely seek a doctor's consultation. The increase from the use of AR and VR for therapies and rehabilitation is expected to drive the AR and VR in healthcare for patient-care management.
AR and VR for research and diagnostics laboratories are expected to witness a high growth during the forecast period.
The use of AR and VR is expected to help research and diagnostics' laboratories, which run more tests than any other medical testing facilities.
They will do so by increasing efficiency in these laboratories by collecting samples and data from remote locations in real time. Laboratories can use these services to remotely monitor the equipment and automate testing processes.
With the increasing adoption of the latest technologies from the presence of the display panel manufacturers in the region, the Asia and Pacific (APAC) region is expected to see high growth.
The growth is expected to come primarily from patient-care management, pharmacy management, and fitness management.
Due to the increasing awareness among healthcare providers and the rising adoption of new technologies in various industries within the region, especially in China, India, and South Korea, these applications offer huge potential for AR and VR players in the healthcare market to grow.
The determination and verification of the statistics and projections came from extensive interviews conducted with key experts in the AR and VR industries.