USD 2.89 billion
Report ID: SQSG35G2017 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 67 | Figures: 75
Virtual Reality (VR) In Healthcare Market size was valued at USD 2.89 billion in 2021 and is poised to grow from USD 4.03 billion in 2022 to USD 79.85 billion by 2030, growing at a CAGR of 39.36% in the forecast period (2023-2030).
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.
Global Market Size
USD 2.89 billion
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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.
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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.
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Virtual Reality (VR) In Healthcare Market Driver
Virtual Reality (VR) In Healthcare Market Restraint
Low Adoption and Significant Costs for Equipment to Result in Slow Expansion
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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
Virtual Reality (VR) In Healthcare Market Recent Developments
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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.
|Market size value in 2021||USD 2.89 billion|
|Market size value in 2030||USD 4.03 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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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.
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