Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) -- The global virtual reality (VR) in healthcare market size was USD 885.7 million in 2020. The market is projected to grow from USD 1,206.6 million in 2021 to USD 11,657.8 million in 2028 at a CAGR of 38.3% in the 2021-2028 period. This information is provided by Fortune Business Insights™ in its report titled, “Virtual Reality (VR) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Application (Pain Management, Education & Training, Surgery, Patient Care Management, Rehabilitation & Therapy Procedures, and Post-Traumatic Stress Disorder (PTSD)), and Regional Forecast, 2021-2028.” According to our researchers, VR technology is being utilized to detect, strategize and reorient patients suffering from complications such as autism, phobias, dejection, and addiction. This is anticipated to spur demand for VR technology devices in the healthcare sector.
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Moreover, numerous healthcare suppliers have apprehended the benefits of VR and have begun using it in their procedures. Chief virtual reality technology service corporations have combined 3D interactive content and 360-degree video in order to create the paramount education programs for doctors and students. For example, solutions such as SentiAR and Proximie, which are grounded on a 360-degree scale, provide real-time body scan to aid surgeons in comprehending the health concern in a clear manner.
List of Key Players Covered in the Report
- Koninklijke Philips N.V. (Amsterdam, Netherlands)
- Samsung Electronics Co. Ltd. (Suwon-si, South Korea)
- EON Reality (California, United States)
- General Electric (Massachusetts, United States)
- CAE Healthcare (Florida, United States)
- Google LLC (California, United States)
- Oculus Rift (Facebook Inc.) (California, United States)
- Microsoft Corporation (Washington, United States)
- Medical Realities Ltd. (London, United Kingdom)
- XRHealth USA Inc. (Massachusetts, United States)
- Psious (Barcelona, Spain)
- HTC Corporation (Taoyuan City, Taiwan)
- Sony Corporation (Tokyo, Japan)
COVID-19 Pandemic Boosted Opportunity for VR Implementation in Healthcare Industry
The demand for virtual reality technology radically augmented in healthcare industry during the pandemic. The application of VR facilitated medical staff with a chance to comprehend and revise the impact of novel stress. Technology-assisted medical experts with the real-time radio graphical understandings are exhibiting the effect of the virus on the patient.
The necessity for online and communicative educational meetings amplified significantly. For example, the medical students tackled difficulties for practical sessions, owing to the factor that no existing technology could provide face-to-face or medical situations such as education environment. This is anticipated to thrust the application of VR in clinical education and training meetings.
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 38.3 % |
| 2028 Value Projection | USD 11657.8 Million |
| Base Year | 2020 |
| Market Size in 2020 | USD 885.7 Million |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 130 |
| Segments covered | By Component, By Application , and By Region |
| Growth Drivers | Growing Wearable Technology in Healthcare is a Prominent Trend |
| Increasing Application of VR in Patient Treatment to Drive Market Growth | |
| The technology is witnessing growing application in therapy sessions for fear of heights, darkness, claustrophobia, and other such phobias. | |
| Pitfalls & Challenges | Technical Limitation Likely to Challenge Market Growth |
Report Coverage
The report presents a systematic study of the market segments and a thorough analysis of the market overview. A thoughtful evaluation of the current trends in the market for virtual reality in healthcare and the future opportunities are offered in the report. Moreover, it presents an exhaustive analysis of the regional insights and how they help to form the market growth. The COVID-19 impacts have been discussed in the report to assist investors and business owners with a better understanding of the possible threats present in the market. The report further discusses the key players and their prominent strategies to stay in the dominating position in this industry.
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Segmentation
On the basis of components, the market is classified into hardware, software, and content. The hardware segment held a significant share of 50.6% in 2020 and is anticipated to dominate the market during the mentioned timeframe. The VR hardware includes head-mounted displays (HMD), PCs, and additional gadgets such as laptops and mobiles.
Based on application, the market is categorized into pain management, education & training, surgery, patient care management, rehabilitation & therapy procedures, and post-traumatic stress disorder (PTSD). In terms of region, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Increasing Application of VR in Patient Treatment to Drive Market Growth
The healthcare experts are applying virtual reality to enhance the treatment ability for the patient. By VR medical treatment, experts are enabled to identify, detect, train, and cure health problems effortlessly. VR devices are widely utilized by therapists for treating the phobias prevailing among patients. The execution of these devices is escalating in psychotherapy settings for various phobias such as fear of altitudes, dark spaces, claustrophobia, and many such fears. For example, it is recorded that this technique is aiding patients through MRI scans to defeat claustrophobia.
Coupled with therapy sitting, virtual reality is progressively implemented in countless such treatments. For example, Vivid Vision, a vision care institute situated in San Francisco, uses virtual reality to treat lazy eye health disorders. It can deliver distant treatment for traversed eyes, frail eyes, and conjunction conditions. This is expected to bolster the virtual reality (VR) in healthcare market growth in the near future.
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Regional Insights
Rising Investments in Advanced Technologies to Help North America Dominate
North America is projected to control the virtual reality (VR) in healthcare market share during the forecast period. This region is observing substantial investments in applying progressive technologies such as immersive technology in clinical procedures. This is likely to navigate the market growth across the region.
Asia Pacific is estimated to increase the profitable growth rate in the near future. Emerging economies such as India, China, and Japan are set to lead the income segment in the market. China is greatly capitalizing on its telehealth and digital healthcare sector.
Europe is anticipated to hold a noteworthy spot in the market in the foreseeable future. The healthcare sector of the region is the second biggest regarding increasing funds and resources. According to the Healthcare Investments and Exits Annual Report 2020, U.K. contributes almost 30% of the transactions in project capitals.
Competitive Landscape
Crucial Players are Accentuating on Virtual Clinical Toolkits to Fortify their Positions
The key players in the market for virtual reality in healthcare are fixated on presenting advanced medical technologies to backup healthcare employees and their patients. These corporations are teaming up with infirmaries and nurses to provide virtual care and assessment solutions. For instance, in September 2019, XRHealth USA Inc. pooled up with Allscripts Healthcare Solutions, Inc. to unveil an AR/VR platform to assist the hospital workforce in recommending and observing patient health. Its ARHealth and VRHealth platform delivers real-time support to assess patient improvement and its visions.
Industry Development
November 2019: Psious joined forces with Pico Interactive Inc. and unveiled 3.0. Psious, a novel VR mental therapy platform coupled with virtual reality glasses. This technology also provides 360º videos and 2D virtual scene content for a cerebral check-up.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Virtual Reality (VR) in Healthcare Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled (Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Virtual Reality (VR) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Hardware
- Software
- Content
- By Application (USD)
- Pain Management
- Education and Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Post-Traumatic Stress Disorder (PTSD)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (USD)
- North America Virtual Reality (VR) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Hardware
- Software
- Content
- By Application (USD)
- Pain Management
- Education and Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Post-Traumatic Stress Disorder (PTSD)
- By Country (USD)
- United States
- By Component
- Canada
- By Component
- United States
- By Component (USD)
- Global Virtual Reality (VR) in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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