The global virtual reality (VR) in healthcare market size is expected to reach USD 22507.6 Million in 2030 and register a revenue CAGR of 38.0% over the forecast period, according to the latest report by Reports and Data. Technological advancement in healthcare sector is driving virtual reality in healthcare market revenue growth.
Rising adoption of Virtual Reality (VR) in healthcare sector is attributed to its several benefits, which include its ability to provide effective healthcare services and its capacity to train healthcare personnel. VR training enlightens aspiring doctors on details of several procedures and foundations. It offers a three-dimensional view of human body to medical students and enables them to access and practice on it during their on-job training period. For instance, in 2018, Johnson & Johnson Institute initiated a global VR training program. Aim of this program was to educate medical personnel, such as doctors, nurses and aspiring doctors, on performing medical procedures. Additionally, VR technologies teach emergency care providers (ECPs) about cardiopulmonary resuscitation (CPR) procedures without practically performing them on an individual, and these technologies help medical personnel gain insight regarding several infectious disease control methods.
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Increasing deployment of VR in pain management is fueling revenue growth of VR in healthcare sector. VR reduces pain of patients by distracting them from reality. VR allows users to travel in a virtual world using a variety of technologies such as head-mounted display (HMD), noise cancelling headphones with music, a rumble pad, and a joystick. In addition, deployment of head-tracking systems allows to track head movements and provide an impression of the virtual world. In this immersive process, people tend to overlook their pain. Moreover, VR includes several relaxation approaches, such as guided meditations and helping patients with chronic pain.
Some Key Highlights from the Report:
In August 2021, VirtaMed AG, which is a Switzerland-based company, involved in medical training, collaborated with STAN Institute, a provider of technical and non-technical training to medical teams. VirtaMed’s high-fidelity simulators are the world’s most advanced simulators, which integrate virtual reality graphics along with anatomic models and adopted surgical tools for realistic assessment. This advanced technology would be installed in hospitals to train residents autonomously.
Hardware segment accounted for larger revenue share in 2020 owing to increasing deployment of VR in various areas of healthcare sector. Use of VR technologies require several hardware devices, such as head-mounted displays, haptic gloves, and smart glasses. Smart glasses are a type of new generation smart devices that help doctors to come up with accurate diagnostic tests and medical procedures. Besides, smart glasses eliminate the requirement for manual data entry, as they enable clinicians to capture and record patient data automatically. Therefore, this process also saves time.
Full immersive VR segment accounted for significant revenue share in 2020. Immersive VR is capable of creating deep understanding and empathy, which simplifies complex training in no time. Therefore, these factors are increasingly driving its deployment in the healthcare sector for training and treatment purposes.
Surgery segment accounted for a significant revenue share in 2020. Virtual reality helps surgeons organize forthcoming operations. VR offers a three-dimensional view of patient’s physiology and anatomy and therefore helps surgeons in the operating room.
Market in North America accounted for largest revenue share in 2020. Rising investment toward adoption of several advanced technologies, such as immersive technology, in healthcare sector is driving market growth in the region. Increasing deployment of clinical trials, improvements in surgery and diagnostic procedures and rising research and development (R&D) activities are boosting market growth in several regions, such as Asia Pacific, North America, and Europe.
Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Virtual Reality in Healthcare market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Microsoft
Alphabet
General Electric
Koninklijke Philips N.V.
SyncThink Inc.
Firsthand Technology Inc.
Applied VR Inc.
EchoPixel
DAQRI
Orca Health
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Virtual Reality in Healthcare Market Segmentation:
Component Outlook:
Hardware
Software
Technology Outlook:
Full-Immersive
Semi-Immersive
Non-Immersive
Application Outlook:
Surgery
Fitness Management
Patient Care Management
Pharmacy Management
Medical Training & Education
Others
End-Use Outlook:
Hospitals
Clinics & Surgical Centers
Research Organizations & Pharma Companies
Government & Defense Institutions
Research & Diagnostics Laboratories
Others
Geographic Segment Covered in the Report:
The Virtual Reality in Healthcare report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
• North America (the USA and Canada)
• Europe (UK, Germany, France, and the rest of Europe)
• Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
• Latin America (Brazil, Mexico, and the rest of Latin America)
• the Middle East and Africa (GCC and the rest of the Middle East and Africa)
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Key market aspects are illuminated in the report:
Executive Summary: It covers a summary of the most vital studies, the Global Virtual Reality in Healthcare market increasing rate, modest circumstances, market trends, drivers and problems as well as macroscopic pointers.
Study Analysis: Covers major companies, vital market segments, the scope of the products offered in the Global Virtual Reality in Healthcare market, the years measured, and the study points.
Company Profile: Each Firm well-defined in this segment is screened based on a products, value, SWOT analysis, their ability and other significant features.
Manufacture by Region: This Global Virtual Reality in Healthcare report offers data on imports and exports, sales, production and key companies in all studied regional markets.
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