Augmented reality is finding wide application from medical training to pharmacy benefit management.

Augmented Reality (AR) is the use of computer-generated sensory input to supplement a real or physical world environment directly or indirectly. Virtual Reality (VR) is a comprehensive virtual representation of the physical environment with the individual immersed in a situation that can be non, semi, or completely immersive. While the reach of VR and AR devices was limited a few years ago owing to high component costs and product size, both sectors are witnessing a revival due to two major reasons: lower component costs and improved gesture detection algorithms. As a result, a slew of consumer and industrial applications have emerged, with many start-ups and established businesses attempting to incorporate VR-AR into their product portfolios.


Medical professionals are increasingly using augmented reality for a variety of purposes, ranging from surgical preparation evaluation to minimally invasive surgery and rehabilitation. Various healthcare IT-enabled firms are foraying into the augmented reality industry in order to take advantage of the high growth potential. The multimillion-dollar market is being disrupted by technology, and it is anticipated to expand at a double-digit CAGR from 2016 through 2024. From medical teaching to pharmaceutical benefit administration, augmented reality is being used in a variety of ways. Furthermore, augmented reality may make existing procedures in healthcare organizations more efficient and precise, in addition to saving patients' lives.


The business model for augmented reality in the healthcare market is expected to be comparable to that of the IT industry in the 1980s. The market is anticipated to see a slew of new entrants. Only a few, however, would be able to solidify their position on a global scale. Furthermore, in the near future, mergers and acquisitions are expected to be the most common trend in augmented reality in the healthcare sector. As a result, the market is expected to become competitive soon, with total prices falling sharply throughout the projection period.