What is the global market size of Virtual Reality (VR) In Healthcare Market?

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).

Virtual Reality (VR) In Healthcare Market Worldwide

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.

FAQs

Global Virtual Reality (VR) In Healthcare Market size was valued at USD 840.7 million in 2023 and is poised to grow from USD 1137.47 million in 2024 to USD 12773.83 million by 2032, growing at a CAGR of 35.3% during the forecast period (2025-2032).

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. 'Zimmer Biomet Holdings, Inc. (USA) ', 'Medacta Group SA (Switzerland) ', 'Meta Platforms Inc. (USA) ', 'Microsoft Corporation (USA) ', 'Apple Inc. (USA) ', 'Samsung Electronics Co. Ltd. (South Korea) ', 'Sony Corporation (Japan) ', 'Siemens Healthineers AG (Germany) ', 'NVIDIA Corporation (USA) ', 'Advanced Micro Devices, Inc. (AMD) (USA) ', 'Alphabet Inc. (Google) (USA) ', 'Qualcomm Incorporated (USA) ', 'HTC Corporation (Taiwan) ', 'Unity Software Inc. (USA) ', 'Matterport, Inc. (USA) ', 'Vicarious Surgical Inc. (USA) ', 'Oxford Metrics plc (United Kingdom) ', 'ResMed Inc. (USA) ', 'Globus Medical, Inc. (USA) ', 'Augmedix, Inc. (USA) '

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.

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.

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.