The global AR and VR in the healthcare market are projected to grow from US$1.2 billion in 2021 to US$11.6 billion in 2028 at a CAGR of 38.3%. Some of the fundamental factors expected to boost the growth of augmented and virtual reality in the healthcare market include technological advancements and digitalization in healthcare, favorable government initiatives, rising healthcare expenditure, growing usage in surgical procedures, and medical training.
The patient care management application would lead the market for augmented reality in healthcare and virtual reality in healthcare. The use of AR and VR in therapies and rehabilitation would boost augmented reality in healthcare and virtual reality in the healthcare market. The rehabilitation includes brain injury, stroke, and physical therapy among other applications.
Augmented and virtual reality techniques are being increasingly adopted in surgeries and diagnostics. Systems such as touch surgery use virtual reality to provide a view of the patient's anatomy and physiology, thereby providing opportunities for surgeons in the operating room. This, in turn, is expected to augment the growth of the market for augmented reality and virtual reality in healthcare. The growing adoption of augmented reality (AR) and virtual reality (VR) technologies in medical surgeries to optimize surgical procedures and increase the efficiency of treatment is one of the key factors driving market growth over the past few years.
Other major factors that drive the global virtual reality in the healthcare market include a rise in incidences of neurological disorders, an increase in demand for innovative diagnostic techniques, and growth in awareness regarding the benefits of virtual reality technologies. Moreover, recent advancements in the field of information technology such as advanced computers, laptops, internet connectivity, and mobile applications would further fuel the market growth.
North America is expected to lead augmented reality in healthcare and virtual reality in the healthcare market in terms of market size, and APAC is likely to witness the highest growth rate by 2023. The increase in research and development and the growing acceptance of newer technologies in APAC are the drivers for augmented and virtual reality in the healthcare market.
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