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AR, VR healthcare market to reach $3bn by 2023

Healthcare technology

According to new research from market research firm Arizton, the global market for augmented and virtual reality within the healthcare industry is forecast to exceed $3bn by 2023.

Arizton predicts that this will be achieved through the maintenance of a compound annual growth rate (CAGR) of 31.5% during the course of the next six years as the demand for, and the variation in the application of VR and AR continues to grow.

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“The implementation of internet analytics and IT lead innovations is fuelling the development of the augmented reality and virtual reality market in the healthcare industry,” Arizton said.

“Technological innovations help improve cost-effectiveness, offer better communication between the patient and the doctor, provide easy exchange of reports, improve tracking of the patient’s health, and offer better workforce training.”

Healthcare firms are already increasingly turning towards AR/ VR devices, with the hardware having accounted for around 67% of the total market during 2017. Leading vendors within this include Oculus with its Rift and the HTC Vive, alongside Samsung Gear VR, Google Glass and Microsoft HoloLens.

These have been used for a range of purposes including AR assisted surgery, training and education, and diagnostics applications.

Additionally, North America dominated the market in 2017, accounting for almost half of the total market share, with this percentage only expected to increase in the coming years, with the US having laid significant groundwork to utilise VR and AR in healthcare more readily.

For more information, see Arizton’s full report, Augmented Reality (AR) and Virtual Reality (VR) Market in Healthcare - Global Outlook and Forecast 2018-2023.