The augmented and virtual reality in healthcare market was valued at USD 769.2 Million in 2017 and is expected to reach USD 4,997.9 Million by 2023, at a CAGR of 36.6% during the forecast period. The increasing penetration of connected devices in the healthcare sector, the growing need to reduce the healthcare cost, and the increased investment in augmented reality in healthcare and virtual reality in healthcare are the major drivers for the augmented reality in healthcare and virtual reality in healthcare market
Strategies such as major investments in AR and VR healthcare and product launches and developments are being increasingly implemented in the market. Companies such as Google (US), Microsoft (US), and Samsung (South Korea) have been trying to reap the maximum benefits from the market for augmented reality in healthcare and virtual reality in healthcare.
Google (US), Samsung (South Korea), Microsoft (US), HTC (Taiwan), and Mindmaze (Switzerland) among others have been the major players in the augmented reality in healthcare and virtual reality in healthcare market. Google has recently come up with a new AR tool-Google Lens-that can add context to images seen through a camera. Also, Google announced a new service-Visual Position Service (VPS)-that offers precise information about an indoor location by inspecting some specific visual cues. Google has invested a hefty amount in one of the most important start-ups-Magic Leap (US). Initially, the company had made an investment of about USD 542 million in October 2014. Since then, the company focuses on its own set of products such as smart glasses and AR computing platforms. The company would be looking for more investments in the field of AR.
Mindmaze mainly focuses on various technologies such as computer vision, haptics, artificial intelligence, and neuroscience to create its unique products. The company has secured one of the highest funding in the market for augmented reality in healthcare and virtual reality in healthcare. It was able to raise USD 100 million in February 2016 in a funding led by the Hinduja Group (UK), a multinational conglomerate. The Hinduja Group will also help the company in manufacturing and product distribution. The company focuses mainly on the healthcare and the consumer markets. The company has subscription packages available for hospitals and rehabilitation centers to provide hardware and the software on a rental basis at an affordable rate, which would further help the company to expand its business.
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
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