Pune, Oct. 28, 2024 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Virtual Reality (VR) in Healthcare Market size was valued at USD 3.20 billion in 2023 and is expected to grow to USD 46.40 billion by 2032, achieving a CAGR of 33.30% over the forecast period of 2024-2032.”
There are multiple reasons behind the increasing demand of Virtual Reality in healthcare like, development in technology, growing investment in this field, and rising requirement for new treatment alternatives. VR is starting to emerge as the solution that healthcare providers are looking for to improve patient outcomes and optimize medical training. The healthcare industry has been dealing with issues that have traditionally cost more, better training of medical professionals, and a desire for improved patient engagement mechanisms.
The healthcare second wave of virtual reality technology adoption has seen significant uptick through early next decade to offer immersive training pathways for health professionals. VR simulations are being employed by medical students and professionals for the practice of procedures, ultimately helping to sharpen their skills and build confidence internally before applying in real-life scenarios.For instance, Recent statistics illustrate the growing trend of virtual reality (VR) adoption in healthcare training. According to a report, over 70% of medical schools in the U.S. are now integrating VR into their curricula. Furthermore, a published study found that medical students who utilized VR simulations for surgical training improved their procedural skills by 30% compared to traditional training methods. This evidence highlights how VR is not only enhancing the training experience but also significantly contributing to skill development and confidence among healthcare professionals.
Furthermore, VR has also become a helpful resource for pain relief and rehabilitation where patients can be immersed in environments that keep their minds away from the pain while being treated. As a result, the potential of VR to simplify healthcare processes and improve care quality has become increasingly well understood.
Other factors benefitting in market growth are government policies and funding initiative in support for adoption of VR technology. Some research analysing the applications of VR to improve health is being sponsored from different health authorities and governments. These factors in the aggregate are creating a favourable environment for expansion of Virtual Reality in Healthcare Market.
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Major Players Analysis Listed in this Report are:
- Osso VR - Surgical Training Platform
- Medivis - Anatomical VR Surgical Visualization
- MindMaze - MindMaze Health
- VRHealth - VRHealth Hub
- Surgical Theater - Precision VR
- Augmedics - xvision Surgical Augmented Reality System
- ImmersiveTouch - ImmersiveTouch Surgical Simulation
- Virtual Reality Medical Center (VRMC) - VR Therapy for PTSD and Anxiety
- Simulated Surgical Systems - Surgical Simulators for Training
- EchoPixel - True 3D Viewer
- HoloAnatomy - HoloAnatomy Software
- Strivr - VR Training Solutions for Healthcare
- EVA Health - EVA: Virtual Reality Pain Management
- Auris Health - Monarch Platform for Robotic-Assisted Surgery
- DeepStream - Virtual Reality Therapy Solutions
- Rendever - Virtual Reality Experiences for Seniors
- Unimmersive - VR Pain Management Platform
- Physitrack - Telehealth & Rehabilitation Software
- Karuna Labs - VR for Cognitive Behavioral Therapy
- Pillars of Wellness - VR Mindfulness and Wellness Programs
Virtual Reality (VR) in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 3.20 billion |
| Market Size by 2032 | USD 46.40 Billion |
| CAGR | CAGR of 33.30% From 2023 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •VR allows realistic simulations of surgeries, enabling medical professionals to practice complex procedures in a risk-free environment. •VR enables tailored treatments and rehabilitation programs, improving patient outcomes. •VR aids in pain management, rehabilitation, and therapy, offering immersive environments that enhance patient recovery |
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Segmentation Analysis
By Component
The hardware segment dominated the market in 2023, due to the increased availability of affordable VR devices and continued investment from companies focused on creating headsets, devices, and content (including associated proprietary software). Numerous organizations are extending their grasp of augmented reality into clinical sectors. In June 2024, VA Immersive implemented more than 1,200 VR headsets at more than 160 VA medical centers and clinics in all 50 states and Puerto Rico to enable the timely delivery of care for Veterans. VA Immersive is fundamentally changing how healthcare is delivered to Veterans using immersive technologies.
At the same time, software segment is expected to attain highest CAGR during the forecast period,owing to rising demand for sophisticated software solutions that are designed for training health professionals, treatment analysis patients management and much more eventually driving virtual reality in medical industry.
Virtual Reality (VR) in Healthcare Market Segmentation:
By Component
- Hardware
- Software
- Content
By Application
- Pain Management
- Education & Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others (Post-Traumatic Stress Disorder (PTSD)
Regional Analysis
The North America accounted for the maximum revenue share in 2023, which is expected to rise further adding on the healthcare adoption of virtual reality as it add more and more into medical practices. This trend is supported by one of the key factors such as government initiatives and huge investments in research and development. Vr is being funded by the us government as well to investigate its possible healthcare applications, whilst healthcare providers are outsourcing it services thus helping in lowering treatment costs. These factors are expected to increase demand for the product. In April 2024, the U.S. FDA (Food and Drug Administration) officially announced plans to "Virtual/augmented Reality, Home as a Health Care Hub" virtual reality/Augmented reality based home prototype by 2024: ICHD-As Technological Accelerator of both health equities11.
At the same time, Asia Pacific market is expected to register the fastest growth rate (CAGR) in terms of volume over the forecast period. Countries in deep economic development stage like India, China and Japan have strong preference to the healthcare market as compared to revenue. The telehealth and digital healthcare sectors in China are attracting large investments, which is expected to drive market growth at a considerable rate in the region. As a result, healthcare organizations will continue to increase funding for virtual reality.
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Recent Developments
May 2024: Sony Group Corporation completed its strategic alliance with Siemens to roll out virtual reality headsets for the industrial metaverse ecosystem by December 2024. This innovative product will be integrated with Siemens' engineering design platform, NX.
March 2024: Siemens Healthineers launched an application for Apple Vision Pro, enabling users—such as medical students, surgeons, and patients—to view interactive holograms of the human body. These real-time medical scans are expected to improve medical training, assist in surgical planning, and enhance patient comprehension of procedures.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Virtual Reality (VR) in Healthcare Market Segmentation, by Application
8. Virtual Reality (VR) in Healthcare Market Segmentation, by Component
9. Regional Analysis
10. Company Profiles
11. Use Cases and Best Practices
12. Conclusion
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