USD 2.89 billion
Global Virtual Reality (VR) In Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Application(Pain Management, Education & Training) - Industry Forecast 2024-2031
Report ID:
SQSG35G2017 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
67 |
Figures:
75
Global Virtual Reality (VR) In Healthcare Market Insights
Virtual Reality (VR) In Healthcare Market size was valued at USD 2.89 billion in 2019 and is poised to grow from USD 4.03 billion in 2023 to USD 79.85 billion by 2031, growing at a CAGR of 39.36% in the forecast period (2024-2031).
The use of immersive, computer-generated technologies in therapeutic virtual reality (VR) is quickly becoming commonplace. Medical professionals, these days, recommend a trip to a virtual reality (VR) environment in some hospitals and clinics to relieve pain or anxiety or to clarify a challenging medical procedure or condition. There has been an ongoing research on VR for pain management and other medical applications for decades. However, because of technological advancements, hardware is now more affordable, portable, quick, dependable, and user-friendly. This indicates that there will likely be an increase in VR therapeutic possibilities.
The use of virtual reality in operations and diagnostics is growing. The global virtual reality (VR) in healthcare market is anticipated to increase as a result of systems like touch surgery, which employ virtual reality to provide surgeons with a visual of the patient's anatomy and physiology in the operating room.
One of the main drivers propelling market expansion over the last few years has been the increasing use of Virtual reality (AR) and Virtual Reality (VR) technologies in surgical operations to optimize surgical processes and boost the efficiency of treatment.
The need for virtual reality technology in the healthcare industry grew during the pandemic. Virtual rehab sessions offer value additions for virtual patients seeking therapies to overcome mental illnesses. Via a virtual therapy, patients can experience positive improvements in their condition.
US Virtual Reality (VR) In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Software
Growth Rate
39.36% CAGR
Global Virtual Reality (VR) In Healthcare Market ($ Bn)
Country Share for North America Region (%)
Country Share for Aisa Pacific Region (%)
Global Virtual Reality (VR) In Healthcare Market By Component ($ Bn)
Global Virtual Reality (VR) In Healthcare Market By Component (%)
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Global Virtual Reality (VR) In Healthcare Market Segmental Analysis
Global virtual reality (VR) in healthcare market is segmented based on component, application, and region. Based on component, the market is segmented into hardware, software, service. Based on application, the global market is segmented into pain management, education & training, surgery, patient care management, rehabilitation & therapy procedures, others (Post-Traumatic Stress Disorder (PTSD), and others). Based on region, the market segmentation spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Virtual Reality (VR) In Healthcare Market Analysis by Component
In 2022, the hardware sector, which accounted for the greatest revenue share of more than 65 percent, led the market for virtual reality in healthcare. In the global virtual reality (VR) in healthcare market, gadgets like head-mounted displays, smart glasses, and 3D sensors hold sizable shares. Smart glasses and head-mounted devices are frequently utilized in telementoring, surgeries, diagnostics, training, and simulation. Given the current state of the business and the rapid pace of adoption, it is experiencing, particularly in developed nations, AR/VR hardware is expected to account for the higher market share in 2022.
However, due to recent technological advancements in in-app designing, including apps like EyeDecide, the software segment is anticipated to expand quickly over the course of the forecast period. It assesses numerous characteristics to find eye problems. Additionally, patients can reduce their anxiety throughout any surgical operation by using apps like Applied VR. Network services and interconnectivity have advanced significantly in recent years, enabling patients to use these platforms.
Virtual Reality (VR) In Healthcare Market Analysis by Application
During the projection period, pain management is predicted to expand at the greatest CAGR. Technology is widely used in medical education and professional training. The VR 360° Video enhances learners' capacity for skill learning and information retention. Osso VR announced the extension of its VR teaching platform for interventional surgical procedures and endoscopy in March 2022 in light of the rising demand. In a similar way, virtual reality helps patients feel less pain during grueling procedures including skin grafts, open surgeries, and bandaging burn victims. The patient's focus on the headset's information helps to lessen their discomfort. The need for virtual reality (VR) in healthcare to manage pain is being fueled by this. For instance, the Los Angeles-based company AppliedVR secured USD 31 million in March 2022 to develop digital pain-relieving treatments. In the experiments, there was a 42 percent decrease in really bad pain.
The use of virtual reality (VR) in healthcare dramatically lessens the symptoms of post-traumatic stress disorder (PTSD), which is especially advantageous for service personnel and other PTSD patients. By utilizing CT and MRI pictures to construct a three-dimensional model of the patient's operative area, the technology also helps surgeons. This model helps surgeons avoid errors by helping them understand the actual course of an operation. The demand for VR in the healthcare industry is being fueled by these factors.
Global Virtual Reality (VR) In Healthcare Market By Component, 2023 (%)
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Global Virtual Reality (VR) In Healthcare Market Regional Insights
According to geography, North America dominated the global virtual reality (VR) in healthcare market, accounting for more than 46% of total revenue in 2022. High acceptance of these technologies, investment in R&D activities, and supportive government efforts are factors that are fueling growth in this region. The U.S. government's National Institute of Health is providing funding for virtual reality research with a focus on healthcare. For example, as it continues to gather data to back up its virtual reality therapy for pain management, the company AppliedVR has secured a new investment of $36 million to support its expansion.
Additionally, the Los Angeles-based business is anticipating the Food and Drug Administration's (FDA) response to its initial de novo application. Following FDA clearance, the business is now ready to fully commercialize its main medication, EaseVRx. With this money, AppliedVR also plans to expand its product pipeline, carry out more clinical research, develop its VR pharmacy platform, and trial more payers. F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures all contributed to the round B fundraising. To date, the business has raised $71 million. Furthermore, due to rising demand from payers and healthcare providers to lower treatment costs, there is an increase in North America in the outsourcing of healthcare IT services. The global virtual reality in healthcare market in the region has grown as a result of this reason.
However, due to rising public awareness and better healthcare infrastructure, Asia Pacific is anticipated to see the greatest growth throughout the projection period. Promising locations for outsourcing services connected to the creation and distribution of VR technology in healthcare include developing economies like India, China, Brazil, and Mexico. Due to low knowledge and population uptake, Latin America, the Middle East, and the Asia Pacific are still in the early stages of the development of these technologies. Healthcare spending and service quality are rising in nations like Israel and the United Arab Emirates, which is projected to further fuel market expansion in the area over the coming years.
Global Virtual Reality (VR) In Healthcare Market By Region, 2024-2031
- Largest
- Fastest
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Global Virtual Reality (VR) In Healthcare Market Dynamics
Virtual Reality (VR) In Healthcare Market Driver
- Healthcare professionals are using virtual reality to improve patient treatment capability. With the use of virtual reality medical care, experts can swiftly recognize, diagnose, instruct, and cure medical issues. Virtual reality technologies are being used more often by psychiatrists to treat patients. In healthcare, virtual reality (VR) is utilized in therapy sessions for phobias including claustrophobia, fear of heights, and fear of the dark. For instance, it helps claustrophobic patients during MRI exams. Additionally, the usage of Virtual Reality (VR) in therapeutic sessions is growing quickly.
- Modern information technology advancements including sophisticated computers, laptops, internet access, and mobile apps will further drive industry expansion. However, it is anticipated that the high cost of therapy, user privacy concerns over data, and lack of accessibility to virtual reality technology in underdeveloped nations would impede market expansion. On the other hand, it is projected that an increased use of VR in sophisticated dentistry treatments and cancer therapies would create the profit potential for the market growth of VR in healthcare in the near future.
Virtual Reality (VR) In Healthcare Market Restraint
Low Adoption and Significant Costs for Equipment to Result in Slow Expansion
- The technical constraints on the healthcare sector might be pushed by virtual reality headsets and other gear. The virtual reality system's size could prevent some healthcare settings from using it. Similar to this, certain healthcare facilities may be limited by the available resolution and computer specs.
- Additionally, because the industry has been using a paper-based system for a longer period of time, adopting electronic medical records may require specific technological skills. As a result, the growth of the Virtual Reality (VR) in healthcare market may be hampered due to a lack of technical professionals in this field. Industry experts say that these issues could eventually be resolved nonetheless.
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Global Virtual Reality (VR) In Healthcare Market Competitive Landscape
Global virtual reality (VR) in healthcare market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focusing on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Virtual Reality in Healthcare Market
- AppliedVR
- CAE Healthcare
- DeepStream VR
- Firsthand Technology Inc.
- General Electric Company (GE Healthcare)
- ImmersiveTouch Inc.
- Intuitive Surgical Inc.
- Medical Realities Ltd.
- Mindmaze
- Osso VR Inc.
- Psious
- SAMSUNG
- Surgical Theater LLC
- VirtaMed AG
- Virtually Better Inc.
- Virtual Realms (a subsidiary of Facebook)
- Virtuplex LLC
- VRE Medical B.V.
- XRHealth
- zSpace Inc.
Virtual Reality (VR) In Healthcare Market Recent Developments
- In June 2022, GE Healthcare is dedicated to assisting doctors to employ image-guided technologies to their full potential by reducing obstacles in order to give high-quality treatment to patients for better clinical and operational results as the demand for minimally invasive surgery keeps rising.
- In June 2022, the newly released intelligent workload management solution for its PACS solutions, integrated with Helix Radiology Performance Suite, was developed by Q-IT, LLC, a wholly-owned subsidiary of Quantum Imaging & Therapeutic Associates, and was presented by GE Healthcare at the Society for Imaging Informatics in Medicine (SIIM) 2022 Annual Meeting.
Global Virtual Reality (VR) In Healthcare Key Market Trends
- Wearable technology has changed how society views physical activity and health. Customers think wearable tech makes healthcare more affordable and available. The considerable technology advancement in the healthcare industry is expected to be led by wearables. It is projected that the usage of virtual reality (VR) in the healthcare industry would increase as wearable technologies such as rings, fit bands, fitness trackers, goggles, headsets, and others are combined with VR.
- Virtual reality headsets may be used to treat depression and mental health issues in real-time, putting patients at rest and making them feel safer. Virtual reality and wearable technology will enable remote communication between patients and medical professionals for the purpose of analyzing current medical data. These elements are probably going to increase market revenue during the following few years.
Global Virtual Reality (VR) In Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global virtual reality in healthcare market report analysis, in terms of components, the hardware segment held the largest share in the global virtual reality in healthcare market due to gadgets like head-mounted displays, smart glasses, and 3D sensors. Smart glasses and head-mounted devices are frequently utilized in telementoring, surgeries, diagnostics, training, and simulation. By application, the pain management segment held the largest share in the global virtual reality in healthcare market. Technology is widely used in medical education and professional training. According to recent research, the VR 360° Video enhances learners' capacity for skill learning and information retention. And by region, North America held the largest share in the global virtual reality (VR) in healthcare market. Higher acceptance of these technologies, investment in R&D activities, and supportive government efforts are factors that are fueling growth in this region.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.89 billion |
| Market size value in 2031 | USD 79.85 billion |
| Growth Rate | 39.36% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Virtual Reality (VR) In Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Virtual Reality (VR) In Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Virtual Reality (VR) In Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Virtual Reality (VR) In Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Virtual Reality (VR) In Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Virtual Reality (VR) In Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Virtual Reality (VR) In Healthcare Market Report Snapshots
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