Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global virtual reality in healthcare market was valued at USD 2.33 billion in 2022 and is projected to grow from USD 3.11 billion in 2023 to USD 25.22 billion by 2030, exhibiting a CAGR of 34.9% during the forecast period. Increasing Application of VR in Patient Treatment to Drive Market Growth. Fortune Business Insights™ displays this information in a report titled, "Global Virtual Reality (VR) in Healthcare Market Forecast, 2023-2030."
Virtual Reality (VR) in healthcare has gained significant momentum in the healthcare sector in recent years as this technology is being extensively used to diagnose, plan, and rehabilitate people diagnosed with autism, addiction, severe phobias, and depression. A growing number of healthcare professionals have understood the immense potential of VR and started applying it in their daily operations. These factors are expected to play a vital role in boosting the Virtual Reality (VR) in healthcare market growth.
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Key Industry Development:
March 2023 – Augmedics announced the launch of new features and indications to expand its xvision Spine System, an augmented reality platform.
Key Takeaways
- Virtual Reality (VR) in healthcare has proved to be a boon for hospitals and medical professionals.
- Crisis Created Opportunity for Implementation of VR in Healthcare Industry
- Rising Trend of Wearable Technology is Driving Market Growth
- By Application Analysis: Adoption of Virtual Reality (VR) in Healthcare for Training and Education to Surge Market Progress
- Virtual Reality in Healthcare Market Size in North America was USD 0.89 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the virtual reality in healthcare market are Koninklijke Philips N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), EON Reality (U.S.), CAE Healthcare (U.S.), Oculus Rift (Facebook Inc.) (U.S.), Medical Realities Ltd. (U.K.), XRHealth USA Inc. (U.S.), Psious (Spain), HTC Corporation (Taiwan), Sony Corporation (Japan)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 34.9% |
| 2030 Value Projection | USD 25.22 Billion |
| Base Year | 2022 |
| Virtual Reality in Healthcare Market Size in 2022 | USD 2.33 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments covered | Component, Application and Geography |
Browse Complete Report Details:
Drivers and Restraints:
Growing Usage of VR in Patient Treatment to Drive Market Expansion
Many medical professionals are adopting virtual reality technologies to enhance the treatment capacity of their patients. Medical professionals can effectively detect, diagnose, train, and treat several health problems easily with the help of VR technology. Psychiatrists are increasingly using VR tools to treat patients’ phobias such as claustrophobia, fear of heights, darkness, and other phobias.
However, technological limitation in the healthcare sector might limit the market’s growth.
Segments:
By Component
- Hardware
- Software
- Content
By Application
- Pain Management
- Education & Training
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Post-Traumatic Stress Disorder (PTSD)
By Region
- North America
- Europe
- Rest of Europe
- Middle East & Africa
- Asia Pacific
Regional Insights:
North America to Dominate due to Rising Adoption of Immersive Technologies
North America generated the maximum revenue in the global market in 2022. VR technology is being widely used in this region as the adoption of immersive technologies is rapidly rising in medical practices. Some of the other factors include heavy investments in research & development activities and supportive government initiatives.
Asia Pacific is expected to record a lucrative growth rate during the forecast period as countries, such as China, are raising their investments in their digital healthcare and telehealth sectors, and thereby boosting the market growth.
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Competitive Landscape:
Key Players to Develop Innovative Virtual Medical Toolkits to Solidify their Market Positions
The leading Virtual Reality (VR) in healthcare solution providers are developing innovative medical technologies and collaborating with healthcare workers and caregivers to provide virtual inspection and care solutions. They are also providing advanced virtual goggles and headsets to train medical professionals.
FAQ’s
How big is the virtual reality in healthcare market?
Virtual Reality in Healthcare Market size was USD 2.33 billion in 2022.
How fast is the virtual reality in healthcare market growing?
The Virtual Reality in Healthcare Market will exhibit a CAGR of 34.9% during the forecast period, 2023-2030
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