Augmented and Virtual Reality in Healthcare Market: Industry Valuation of US$ 4,997.9 million by the end of the Forecast Period in 2023
The latest corporate intelligence studies indicate that the global augmented and virtual reality in healthcare market will foresee an astonishing growth rate of 36.6 % over the forecast years i.e. 2016 to 2023. The research report places the initial evaluation of the global augmented and virtual reality in healthcare market at US$ 504.5 million at the base year of 2016.
It also projects that the global augmented and virtual reality in healthcare market will grow to reach the industry valuation of US$ 4,997.9 million by the end of the forecast period i.e. in 2023.
Some of the major and essential applications for the solutions and services offered by the developers and vendors working in the global augmented and virtual reality in healthcare market include patient care management, pharmacy management, medical education and training, and surgery, among others.
The manufacturers and players working within the landscape of the global augmented and virtual reality in healthcare market offer various innovative products to the healthcare end users, including hardware, software, and devices.
The players in the global augmented and virtual reality in healthcare market offer unique hardware devices, such as augmented or virtual reality head mounted display device, also known as HMD, handheld devices, projectors and other display devices, and gesture tracking devices, such as data gloves.
Some of the major incumbent end users that make use of the products and solutions provided by the vendors in the global augmented and virtual reality in healthcare market include hospitals, surgical centres, research organizations, research and diagnostic laboratories, clinics, government and defence institutions, and pharmaceutical companies, among others.
The increasing penetration of connected devices in the domain of medical and healthcare sectors as well as the rising investments in VR or AR technologies in healthcare are driving the adoption of innovative products in the global augmented and virtual reality in healthcare market.
Global Augmented and Virtual Reality in Healthcare Market: Overview
Technological progress over the years have brought about a sea-change in the way in which patients are diagnosed and treated. They have also helped in improving the training procedure of medical practitioners. While CT scans and wearable technology are some of the new technologies that have already redefined the medical landscape, the futuristic technologies of augmented reality (AR) and virtual reality (VR) are well on their way to bring about further seismic shift in the domain.
Put simply, augmented reality (AR) helps display real-time digital information and media, such as videos and 3D models, leveraging the camera view of smartphones, PCs, and tablets, or using wearable tech, namely wearable glasses and viewfinder. Virtual reality (VR), on the hand, builds a 3D world completely detaching the user from reality.
Global Augmented and Virtual Reality in Healthcare Market: Key Trends
Augmented reality in healthcare already is seeing many applications in terms of providing real-time data and assistance in complex surgical procedures, to supporting aftercare and administration. Minimally invasive surgeries, which are becoming immensely popular these days, can be bettered through virtual and augmented reality enlarged 3D version of vital organs. They also help carry out complex surgeries seamlessly.
They also have had left a mark in curing blindness. Take for example NuEyes, electronic glasses meant for low vision. It is a wearable technology that makes it possible for the visually impaired people to see again while keeping their hands free.
However, scientists are said to be still scratching the surface of virtual reality and augmented reality in the healthcare sector since the whole potential of such futuristic technologies is yet to be fully exploited. Once, even half of that is achieved half of the health issues will be history.
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Global Augmented and Virtual Reality in Healthcare Market: Market Potential
Big names in the tech world such as Apple and Google are already in the race to capture the multi-trillion dollars’ worth healthcare industry by buying out or collaborating with health tech companies. They are also further improving the underlying technologies for smart glasses and various other personal mobile diagnostic devices such as blood glucose monitors. At the World Economic Forum held in January 2017, in Davos, multinational-tech company SAP CEO talked of personalized, precision medicine through technology that will become the future of the healthcare industry.
Global Augmented and Virtual Reality in Healthcare Market: Regional Outlook
From a geographical standpoint, North America is a leader in the global augmented and virtual reality in healthcare. This is primarily on account of the fact that the nations of the U.S. and Canada are developed and technologically advanced and are lapping up cutting-edge technologies in healthcare. Apart from that, presence of numerous prominent companies involved in developing AR and VR for the healthcare applications in the region, along with a superior healthcare infrastructure, helpful reimbursement policies, and higher average per capita healthcare spends is also benefitting the market in North America.
Global Augmented and Virtual Reality in Healthcare Market: Competitive Analysis
Some of the prominent companies in the augmented and virtual reality in healthcare market are Google, Microsoft, DAQRI, Psious, Mindmaze, Firsthand Technology, Medical Realities, Atheer, Augmedix, and Oculus VR.
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