Augmented reality (AR) in the healthcare market is witnessing a big boost with a high expected compound annual growth rate (CAGR) of 33.36% with market value expected to rise from $622 million in 2018 to $3497 million in 2024, according to Research and Markets (www.researchandmarkets.com).
The research group says AR and virtual reality (VR) technologies are gaining significant traction among healthcare experts owing to their numerous applications that range from assessment of surgical preparation to minimally invasive surgery and rehabilitation. Other applications of augmented reality in healthcare include medical training and pharmacy benefits management.
As the population increases, the growing demand for surgical treatment as well as healthcare expenditure among people is boosting the application of augmented reality and virtual reality technologies in the healthcare sector by a significant degree, according to Research and Markets. Technological advancement in augmented reality and artificial intelligence technologies along with the increasing workload of healthcare professionals and stringent regulatory compliances in laboratory testing are expected to bolster the market forecasts in the upcoming years.
Higher adoption of mobile augmented reality technology helps in bridging the gap in the patient-healthcare provider relationship and also helps patients to make better decisions about their health by educating and proving information to them, according to the research group.