The healthcare sector will see a rise in adoption of VR/AR training and simulation applications in the coming years, according to Allied Market Research.
In a new report, the market research company projects growth in the global VR/AR market of 65.7% from 2016 to 2022. The market will have a value of $59,511 million.
This growth will be driven by an expansion in the gaming market, as well as enterprise functions and training will increase awareness amongst end users.
However, the report also notes that ‘lack of infrastructural development and high process are projected to limit the market growth to some extent’.
Drivers of growth
The report found that the console segment dominated the platform market in 2015 with 41% of revenue share. This is expected to grow by 69% by 2022.
While videogames has 46% of the application market share, it is the healthcare segment that is projected to expand at the highest growth rate. Allied Market research estimate that the healthcare segment will have a CAGR of 73%, driven primarily by training and simulation applications and services.
“AR and VR offers a cost-effective and efficient solution in training and skill development,” said Allied Market research analyst Sumeet Pal.
“For instance, in civil aviation or military application, it is costlier to utilise an actual aircraft to train a pilot. Moreover, in healthcare, training students or nurses or other medical professionals on live humans is unethical and could be harmful; thus, augmented and virtual reality-based solutions provide valid tools to train medical professionals without compromising and harming one’s life.”
The Asia-Pacific market is estimated to grow the fastest over the coming years, with a projected CAGR of 68%.