A New Journey in Healthcare with Augmented Reality and Virtual Reality

4Q 2018 | IN-5284
In healthcare—a market in which it is notoriously difficult to operate—the beginning of Augmented Reality (AR) can be seen. An AR system from imaging company Novarad was just recently approved by the U.S. Food and Drug Administration (FDA), a milestone for novel AR tech in the market. In accordance with ABI’s latest research in AR and MR devices and enterprise verticals for 3Q 2018, total AR-related revenue in the healthcare market today is estimated at US$116 million and is expected to reach US$10.578 billion by 2023. This includes revenues from hardware, software, platforms and licensing, connectivity, Information Technology (IT) spending, and more. A greater number of companies—small- and medium-sized enterprises and tech leaders—are investing in software and hardware development for healthcare applications. Advancements in technology will provide novel and valuable opportunities in the healthcare sector for both enterprise and consumer applications, and more companies will continue to invest and embrace AR/Virtual Reality (VR) technology as a result. Use cases are becoming better understood as well; these cases explore consumer applications in therapy and general well-being, along with more professional applications for expert training/simulation.

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