Pune, India, May 30, 2022 (GLOBE NEWSWIRE) -- The virtual reality in healthcare market size stood at USD 459.0 million in 2021. The market is estimated to surge from USD 628.0 million in 2022 to USD 6.20 billion by 2029 at 38.7% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report, titled, “Virtual Reality (VR) in Healthcare Market Forecast, 2022-2029.”
According to the analysis, virtual reality has become trendier in the healthcare sector to boost the treatment, planning, and diagnosis of persons with addiction, autism, depression, and phobias. Healthcare providers have upped investments in 3D interactive materials with 360-degree video. Besides, patient therapy applications, including damage evaluation, pain management, and rehabilitation could gain further traction in the ensuing period.
Key Industry Development
November 2019: Psious joined hands with Pico Interactive Inc. to release 3.0, a new virtual reality mental therapy platform that includes virtual reality eyewear.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 38.7% |
| 2029 Value Projection | USD 6.20 Billion |
| Base Year | 2021 |
| Virtual Reality in Healthcare Market Size in 2021 | USD 459.0 Million |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 130 |
| Segments covered | Component, Application and Geography |
| Virtual Reality in Healthcare Market Growth Drivers | Increasing Application of Virtual Reality in Patient Treatment to Drive Market Growth |
| Technical Limitations to Challenge the Market Growth |
Trend for VR Gained Traction to Streamline Healthcare Service
Although the onslaught of the COVID-19 pandemic was pronounced across sectors, the healthcare sector exhibited resilience. Prominently, virtual rehab sessions gained impetus with the increased prominence of Virtual Reality (VR) in healthcare. Industry players also witnessed profound traction for online and interactive learning sessions. Demand for VR became pronounced with the rising prominence of healthcare education and training sessions. Meanwhile, supply chain disruptions led to manufacturing restrictions on hardware and software components.
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What does the Report Provide?
The Virtual Reality in Healthcare Market report offers in depth analysis of various factors, which are influencing the market growth. Additionally, the report provides insights into the regional analysis of different regions. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration that contribute in boosting the market.
Segments
Rising Demand for Training to Boost Software Demand
In terms of component, the market is segmented into software, hardware, and content. Stakeholders expect the software segment to account for a notable share of the global market due to the rising penetration of healthcare professionals’ training.
Education & Training to Remain Dominant with Rising Prominence of Medical Education
Based on application, the market is segregated into education & training, pain management, rehabilitation & therapy procedures, surgery, patient care management, and others (Post-Traumatic Stress Disorder (PTSD)). The education & training segment will exhibit a significant CAGR during the forecast period in the wake of the adoption of medical education and professionals’ training. VR 360° video has the capability of enhancing skill acquisition level and knowledge retention.
From the geographical ground, the market covers Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints
Wearable Technology Trend and Investment in Pain Management to Foster Growth Potentials
The rising trend for wearables, including fitness trackers, fit bands, rings, headsets and goggles, will underpin Virtual Reality in Healthcare Market share. VR headsets have become sought-after to treat mental health in real-time. Technological advancements will play a vital role in spurring the role of VR in wearable gadgets. There is rising footfall of patient therapy applications such as damage evaluation and rehabilitation, pain management, PTSD, and stroke recovery. Prominently, medical experts have exhibited traction for virtual reality technologies to treat PTSD in combat veterans.
Technical shortcomings, such as computer specifications and the available resolution, could dent the industry growth.
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Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porter’s Five Force Analysis and SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Regional Insights
North America to Witness Investment Galore with Bullish R&D Activities
North America is poised to emerge as a happy hunting ground on the heels of investments in state-of-the-art technologies. Besides, bullish investments in research and development activities will encourage leading companies to inject funds into the landscape. Well-established players and new entrants are poised to emphasize the expansion of hardware and software components across the U.S. and Canada.
Stakeholders envisage the Asia Pacific Virtual Reality in Healthcare Market growth to be pronounced during the assessment period. The regional outlook is majorly attributed to investments in digital healthcare and telemedicine. The rising footfall of education and training and pain management across China, Japan, and India will solidify the position of Asia Pacific in the global market.
Europe market forecast will be strong against the backdrop of increasing investments in healthcare systems. The Exits Annual Report 2020 and Healthcare Investments asserted that the U.K. accounted for 30% of venture capital agreements. Robust government policies across the U.K., France, and Germany will augur well for the regional growth.
Major Players Profiled in the Report:
- Koninklijke Philips N.V.
- Samsung Electronics Co. Ltd.
- EON Reality
- CAE Healthcare
- Oculus Rift
- Medical Realities Ltd.
- XRHealth USA Inc.
- Psious
- HTC Corporation
- Sony Corporation
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Major Table of Contents:
- Global Virtual Reality in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Application (USD)
- Pain Management
- Education and Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others (Post-Traumatic Stress Disorder (PTSD), etc.)
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Virtual Reality in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Application (USD)
- Pain Management
- Education and Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others (Post-Traumatic Stress Disorder (PTSD), etc.)
- By Country (USD)
- United States
- Canada
- Europe Virtual Reality in Healthcare Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Component (USD)
- Hardware
- Software
- Content
- By Application (USD)
- Pain Management
- Education and Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others (Post-Traumatic Stress Disorder (PTSD), etc.)
- By Country (USD)
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
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