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).

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 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.

Global Virtual Reality (VR) In Healthcare Market Report Snapshots

License Type Top market research company in USA

File Type

$5,300

BUY NOW GET FREE SAMPLE

Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

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).

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. '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.'

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.

Feedback From Our Clients

"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "

- Mr. Ali Zali, Commercial Director, ICIIC Iran.

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

Global Virtual Reality (VR) In Healthcare Market Dynamics

Global Virtual Reality (VR) In Healthcare Market Report Snapshots

Want to customize this report?

FAQs

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

Who are the key vendors in the Global Virtual Reality (VR) In Healthcare Market?

What is the key driver of Global Virtual Reality (VR) In Healthcare Market?

What is the key market trend for Global Virtual Reality (VR) In Healthcare Market?

Which region accounted for the largest share in Global Virtual Reality (VR) In Healthcare Market?

Request Free Customization

Related Reports

Feedback From Our Clients

$5,300