Augmented reality (AR) and virtual reality (VR) is not limited to just entertainment. One industry where it could literally save lives is healthcare, and a recent report reveals that the global AR-VR in healthcare market is on a trajectory to reach $9.79 billion by 2027, growing at a 22.50% CAGR during the forecast period.
“The market growth can be attributed to increasing technological advancement in the healthcare industry and the industrial expansion in recent years,” the report states. “The increasing development of teleconsultation, telemedicine, and other online & internet-based services incorporated in the healthcare industry is further driving the growth of the global AR-VR in healthcare market in the upcoming five years.”
According to the report, hardware-related growth is forecast to exceed software-related growth and dominate the market segment in the upcoming five years. Indeed, both Meta and Apple are expected to introduce new AR and VR headsets in the near future, and many other manufacturers are also trying to grab their share of the VR market.
AR and VR headsets are already being used to enable a wide range of practical applications, such as virtual reality surgical training, which Johns Hopkins University School of Medicine researchers recently found to be more effective than traditional training methods.
Their findings are based on training sessions conducted using Osso VR’s medical training platform. The platform secured an $66 million in funding this March, and it’s just one of many AR and VR software products that are trying to revolutionize the healthcare industry.