The Global Virtual Reality in Healthcare Market size was valued at USD 2068 Million in 2023 and is projected to reach USD 12000 Million by 2030, growing at a CAGR of 29.20% from 2023 to 2030.
Market Overview:
The term "virtual reality" (VR)in the healthcare market describes a particular area of the healthcare industry that makes use of and adopts virtual reality technologies and applications. This market is primarily concerned with creating, distributing, and deploying VR solutions in hospitals, clinics, medical training facilities, and research centers, among other healthcare settings.
Because of the potential advantages and breakthroughs that virtual reality (VR) in healthcare has, the market for this technology has been gradually expanding. A wide variety of goods and services are available on the global market, including hardware devices (such VR headsets and controllers), software programs and platforms, tools for creating content, and consultancy services.
Top Key Players for Virtual Reality in Healthcare Market:
Koninklijke Philips N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), EON Reality (US), CAE Healthcare (US), Oculus Rift (US), Medical Realities Ltd.
(UK), XRHealth USA Inc. (US), Amelia (Spain), HTC Corporation (Taiwan), Sony Corporation (Japan), Osso VR (US), FundamentalVR (UK), Firsthand Technology (US), Surgical Theater (US), Oxford Medical Simulation (UK), Oncomfort (Belgium), PSICO SMART APPS S.L. (Spain), AppliedVR (US), Vicarious Surgical (US), InTouch Health (US) and Other Major Players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels.
For market data analysis, we have market panorama tools such as Market Dynamics, Competitor Analysis, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap and Evolution, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others.Market Dynamics and Factors for Virtual Reality in Healthcare Market:
Drivers:
VR Is Increasingly Being Used To Treat Patients
Virtual reality's (VR) expanding use in patient care is a key factor in the development and use of VR in the healthcare sector. Virtual reality (VR) technology provides engaging and interactive experiences that can be used therapeutically.
Virtual reality (VR) has the potential to improve patient outcomes by enhancing the efficacy of treatments by offering individualized and interesting therapeutic experiences.
Opportunities:
Remote Care and Telemedicine
Virtual reality (VR) technology can be effectively integrated into healthcare through telemedicine and remote care. Enhanced Healthcare Access: By using VR technology, healthcare professionals can connect with patients in rural or underserved locations.
Virtual reality (VR) can make it easier for patients to get care from the comfort of their homes through virtual visits and remote monitoring. In a realistic virtual setting created by VR, patients can interact with medical professionals, submit to examinations, and receive advice on how to manage their diseases.
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Segmentation Analysis of the Virtual Reality in Healthcare Market:
By Component, the Hardware segment is anticipated to dominate the Market over the Forecast period. The hardware category consists of VR-related gadgets like headsets, sensors, controllers, and other accessories.
The demand for these gadgets is increasing as VR technology is becoming more widely accepted and used in healthcare. In order to incorporate VR technology into their systems and provide immersive healthcare experiences, healthcare organizations, clinics, and research institutes are investing in the necessary VR hardware.
By Application, the Education & Training segment is expected highest grow over the forecast period. Virtual reality (VR) technology is widely employed for medical education and healthcare professional training.
According to recent studies, the VR 360° video increases a learner's levels of skill development and knowledge retention. Osso VR announced in March 2021 that it was expanding its training platform for endoscopy and interventional surgical procedures in light of the rising demand.
By Component
- Hardware
- Software
- Content
By Application
- Pain Management
- Education & Training
- Surgery, Patient Care Management
- Rehabilitation & Therapy Procedures
By End-Use
- Research & Diagnostics
- Laboratories
- Hospitals & Clinics
- Research Organizations
- Pharmaceuticals Companies
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Regional Analysis of the Virtual Reality in Healthcare Market:
Asia Pacific is expected to dominate the Market over the Forecast Period. Significant investments in the development of healthcare infrastructure have been made throughout the Asia-Pacific area.
Governments and corporate organizations are aggressively concentrating on increasing healthcare services, growing hospital networks, and improving medical facilities. This creates a setting that is favorable for the use of cutting-edge medical technology like virtual reality.
By Region
- North America (U.S., Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
In June 2023, to develop XR-based learning experiences, EON Reality Inc., a leader in AI-powered AR/VR technologies, strengthened its cooperation with Saginaw Valley State University (SVSU). A well-known public university in Michigan, SVSU, has long been a pioneer in cutting-edge learning.
SVSU now has more access to EON Reality's cutting-edge XR technology, including its Spatial AI capabilities, thanks to the expanded cooperation.
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