Category : Healthcare and Pharmaceuticals | Published at : December-2020 | Delivery Format : PDF | Status: Published | Pages : 190
The market for virtual reality in healthcare is expected to grow at a CAGR of around 43.4% from 2020 to 2027 and expected to reach the market value of around US$ 33.8 Bn by 2027.
The Virtual Reality or VR in Healthcare offers a higher quality of care and efficiency similarly to patients and medical professionals. It encompasses robotic surgery, phobia treatment, surgery simulation, and skills training among other. The healthcare organizations across the globe have started using VR in their operations and have realized the benefits. Some of the major applications of VR include medical education, virtual reality in diagnostics, mental illness treatment, pain management, physical fitness and therapy, virtual reality in surgery, human simulation techniques, and others including dentistry, nursing, phobia treatment, PTSD, autism treatment.
Market Dynamics
The benefits associated with the VR in Healthcare such as it supports minimally invasive surgery, eliminates the use of invasive procedures, help healthcare professionals in acquiring new skills in a secure environment, as well as helps in treatment of panic attacks & anxiety, pain are supporting the market growth. The rising incidences of neurological disorders, increasing demand for innovative diagnostic techniques and growing awareness regarding the benefits of virtual reality technologies are additionally supporting the market growth. The operations are performed by a robotic device which can be controlled by a human surgeon and reduces the time and risk of complications. The combination of flexible electronics with the VR can enable quick remote disease diagnosis by real-time monitoring of the physiological parameters, signals, and the distant interaction between patient and physician are some additional factors contributing to the market growth. Moreover, it’s a powerful diagnostic tool in combination with other techniques like MRI/CT scans. The developing economies are further projected to create potential opportunity over the forecast period from 2020 to 2027.
On the other hand, high cost of hardware and software devices, lack of capability in the placement of the VR solutions, and the shortage of medical professionals that can adapt to the new technologies is projected to hinder the growth over the forecast period.
Segment Instance
North America accounted for the maximum revenue share in the Virtual Reality in Healthcare Market
In 2019, North America registered major share in terms of revenue in the virtual reality in healthcare market and the region is also projected to lead the market throughout the forecast timeframe from 2020 to 2027. The presence of major players in the region is primarily bolstering the regional market value. The major economies of the region including US and Canada are the major contributors. The early adoption and development of technologies in the region is key to the growing market for VR in healthcare.
Asia Pacific is estimated to experience fastest growth in the virtual reality in healthcare market major CAGR (%)
The rapidly developing economies of the region including China and India are contributing to the regional market growth. The rising adoption of technology solutions in the healthcare sector of the region is further bolstering the market value. The developing healthcare industry is particularly propelling the market value.
Key Market Players
The players profiled in the report include Atheer Inc, Augmedix, Inc, Firsthand Technology, Google, InTouch Technologies, Medical Realties, Microsoft, Mindmaze, Psious, Samsung, and others.
Market Segmentation
Market By Component
Hardware
Software
Content
Market By Application
Pain Management
Education and Training
Surgery
Patient Care Management
Rehabilitation
Therapy Procedure
Post-Traumatic Stress Disorder (PTSD)
Market By End User
Hospitals and Clinics
Research Laboratories
Others
Market By Geography
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The market for virtual reality in healthcare is expected to reach a market value of around US$ 33.8 Bn by 2027.
The virtual reality in healthcare market is expected to grow at a CAGR of around 43.4% from 2020 to 2027.
The benefits associated with the VR in Healthcare such as it supports minimally invasive surgery, eliminates the use of invasive procedures, help healthcare professionals in acquiring new skills in a secure environment, as well as helps in treatment of panic attacks & anxiety, and pain, rising incidences of neurological disorders, increasing demand for innovative diagnostic techniques and growing awareness regarding the benefits of virtual reality technologies, the combination of flexible electronics with the VR can enable quick remote disease diagnosis by real-time monitoring of the physiological parameters, signals, and the distant interaction between patient and physician are some of the factors driving the market growth.
Atheer Inc, Augmedix, Inc, Firsthand Technology, Google, InTouch Technologies, Medical Realties, Microsoft, Mindmaze, Psious, Samsung, and others are the prominent players in the virtual reality in healthcare market.
North America held the highest market share in the virtual reality in healthcare market
Asia Pacific is expected to be the fastest growing market over the forecast period
In application segment the Patient Care Management segment is growing at faster pace.
