Augmented and Virtual Reality in Healthcare Market Worth 4,997.9 Million USD by 2023

According to the new research report "Augmented and Virtual Reality in Healthcare Market by Offering (Hardware and Software), Device Type, End User, Application (Patient Care Management, Medical Training & Education, Pharmacy Management, Surgery), and Geography-Global Forecast to 2023", by MarketsandMarkets™ , is expected to grow from USD 769.2 Million in 2017 to USD 4,997.9 Million by 2023, at a CAGR of 36.6% between 2017 and 2023. The increasing penetration of connected devices in the healthcare sector, increased investment in the AR and VR healthcare, and the growing need to reduce the healthcare cost are the major drivers for the augmented reality in healthcare and virtual reality in healthcare market.

Head-up displays to witness high growth during the forecast period
Major use cases of AR and VR head-mounted displays in healthcare include pre-hospital medical care, nursing care in clinical environments, and medical treatment in hospitals. HMDs with respect to out-of-hospital-care and emergency medical services can be used to help casualties in mass accidents and disaster medicine.

HMDs are expected to grow at a high rate in virtual reality in healthcare market owing to its widespread adoption in the healthcare industry. Also, the use of AR smart glasses is expected to grow at a high rate to boost the augmented reality in healthcare market.

Surgery application to witness high growth during the forecast period
The use of AR and VR can help surgeons perform surgeries more efficiently. The surgery might be a minimally invasive procedure or locating a tumor within the body, AR and VR healthcare apps can help save lives and treat patients seamlessly. The high growth of the surgery application is because of the advantages of the AR and VR technology used during the operational procedures. The surgery application in the augmented reality in healthcare and virtual reality in healthcare market is expected to grow at the highest CAGR during the forecast period.

North America expected to hold a major share of the augmented and virtual reality in healthcare market during the forecast period
North America, being technologically advanced and developed, is a leading market for the cutting-edge technologies that are used in display devices. North America led in 2016 in terms of market size and revenue generated from the applications in augmented reality in healthcare and virtual reality in healthcare. The US has many global companies that are involved in the AR and VR space for the healthcare applications. This helps North America stand out as a major region in the overall market for augmented reality in healthcare and virtual reality in healthcare.

Major players in the market for augmented reality in healthcare and virtual reality in healthcare are Google (US), Microsoft (US), DAQRI (US), Psious (Spain), Mindmaze (Switzerland), Firsthand Technology (US), Medical Realities (UK), Atheer (US), Augmedix (US), and Oculus VR (US).