Northbrook, IL -- (SBWIRE) -- 01/18/2019 -- 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 adoption of new technologies in the healthcare sector such as Internet of Things (IoT), augmented reality (AR), and virtual Reality (VR) has been on the rise with the willingness of the medical practitioners to reduce the healthcare costs. The increasing penetration of connected devices in the healthcare sector, the growing need to reduce the healthcare cost, and the increased investment in AR and VR in healthcare are the major drivers for the augmented reality in healthcare and virtual reality in healthcare market.

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The rising interest of people in the augmented and virtual reality market will be the key driver for the use of healthcare AR and VR devices. Key challenges faced by hospitals and clinics are data management and clinical operations management due to the increasing number of patients with chronic diseases and growing need for improved patient outcomes. Moreover, healthcare centers need to efficiently manage medical equipment, patients, and employees. The technological innovations help healthcare centers to improve the service quality by providing care at low cost with less time to service.

AR and VR are used in various hospitals for body check-up of patients before surgeries. The hospitals, clinics, and surgical centers are making apt use of the AR and VR technology to gather critical information of patients. The use of AR and VR in pharma and biotechnology companies is expected to be a new trend in their businesses. Companies have been trying to use these technologies to empower their sales representatives. The use of AR and VR for sales training and pharmaceutical sales can be a driving factor to drive the AR and VR in healthcare market. Augmented reality and virtual reality in government and defense healthcare institutions can provide the ability to enhance the efficiency of quality of care. The government funding in the R&D of AR and VR in healthcare would be a major boost for the AR and VR companies in the next five years.

The major application areas for AR and VR in healthcare include patient care management, medical training and education, fitness management, pharmacy management, and surgery. The use of AR and VR for rehabilitation and therapies would help the market for patient care management lead the augmented and virtual reality in healthcare market. The surgery application in AR and VR is expected to grow at the highest rate in augmented and virtual reality in healthcare market. The use of AR and VR can help surgeons to perform surgeries more efficiently. The surgery might be a minimally invasive procedure or locating a tumor within the body, augmented reality healthcare apps can help save lives and treat patients seamlessly.

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The pharmacy management is one of the most practical applications for the healthcare industry. The use of AR and VR is expected to bring in a lot of innovation for pharmacists and also for patients to take proper medication. The pharmacist can use the AR and VR glasses to easily find medicines in the pharmacy using the new improved technology. Similarly, patients can use AR and VR on their glasses with pop-up reminders for medication. This would ensure the preciseness of the medicine at the right time. Patients would be given warning alerts if inappropriate medicines are picked. The increase in the acceptance of this new technology is likely to help the pharmacy management application to grow at a high rate in the AR and VR in healthcare market.

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