Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Global Virtual Reality Neuropsychological Therapy Market" report has been added to ResearchAndMarkets.com's offering.
The global virtual reality neuropsychological therapy market accounted for USD 0.779 billion in 2023 and is expected to reach at USD 13.99 billion by 2034 with a CAGR of 30.03% during the forecast period 2024-2034. The market will grow as a result of factors such as the rising prevalence of neuropsychological disorders, advancements in virtual reality technology, growing awareness and acceptance, a shortage of healthcare professionals, personalized and adaptive therapy, rising investment, and increased collaboration.
The potential advantages of virtual reality therapy in cognitive rehabilitation are becoming more widely known to patients and healthcare practitioners. Virtual reality (VR) is becoming more widely accepted as a common therapeutic tool as more studies show its effectiveness and safety. For instance, MindMaze and Microsoft collaborated to create a new VR platform for cognitive evaluation and therapy in April 2022.
By technology, the fully immersive VR segment accounted for the highest revenue-grossing segment in the global virtual reality neuropsychological therapy market in 2023 owing to the high level of immersion and engagement it offers, leading to better therapeutic outcomes and patient satisfaction compared to other VR modalities. For instance, Psious received FDA 510(k) authorization in February 2024 for their VR therapy program to treat adult anxiety disorders. Additionally, the semi-immersive VR segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing affordability and accessibility of semi-immersive VR systems, making them more widely adopted across various healthcare settings and enabling greater scalability of neuropsychological therapy programs.
By offering, the software segment accounted for the highest revenue-grossing segment in the global virtual reality neuropsychological therapy market in 2023 owing to the customization options, continual updates, and compatibility with a wide range of VR hardware, offering flexibility and tailored solutions to meet the diverse needs of healthcare providers and patients. For instance, Psious received FDA 510(k) authorization in February 2024 for their VR therapy program to treat adult anxiety disorders. Additionally, the services segment is predicted to grow at the fastest CAGR during the forecast period owing to the increased demand for personalized therapy programs, training, and technical support services, driving the adoption of virtual reality neuropsychological therapy solutions across healthcare facilities worldwide.
By end-user, the hospitals and clinics segment accounted for the highest revenue-grossing segment in the global virtual reality neuropsychological therapy market in 2023 owing to the increasing integration of VR technology into traditional healthcare settings, expanding accessibility of neuropsychological therapy services to a wider patient population within hospital and clinic environments. For instance, in January 2024, a study conducted by Limbix and published in the American Journal of Psychiatry showed how well its VR therapy program worked in treating PTSD in veterans of the armed forces. Additionally, the others segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising adoption of virtual reality neuropsychological therapy solutions in non-traditional settings such as rehabilitation centers, research institutions, and educational facilities, driven by evolving treatment paradigms and expanding applications of VR technology.
North America is anticipated to have the highest revenue share during the forecast period owing to the established healthcare infrastructure, high adoption of advanced technologies, strong presence of key market players, and increasing investments in research and development initiatives aimed at enhancing virtual reality neuropsychological therapy outcomes. Additionally, Asia Pacific is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly expanding healthcare infrastructure, increasing awareness about neuropsychological disorders, growing acceptance of virtual reality technology, and rising investments in healthcare IT across emerging economies in the region. For instance, Firsthand Technology introduced a new virtual reality therapy program in December 2023 that is intended to address phobias including the fear of heights and public speaking.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Technology, Offering, and End-user
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of the Top 10+ Major Market Players
Virtual Reality Neuropsychological Therapy Market Analysis & Forecast, by:
Technology
- Full Immersive VR
- Semi-Immersive VR
- Non-Immersive VR
Offering
- Hardware Devices
- Software
- Services
End-User
- Hospitals
- Clinics
- Surgical Centers
- Diagnostic Laboratories
- Healthcare Institutes
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Companies Featured
- Oculus VR (Facebook Technologies LLC)
- MindMaze
- Psious
- XRHealth (formerly VRHealth)
- Limbix
- Samsung Electronics Co. Ltd. (Samsung Gear VR)
- Firsthand Technology
- AppliedVR
- Osso VR
- CognifiSense
- Virtually Better Inc.
- Neuro Rehab VR
- Virti
- ImmersiveTouch Inc.
- BehaVR
For more information about this report visit https://www.researchandmarkets.com/r/arn5lx
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