Virtual reality is basically a computer-generated virtual environment that provides real-life sensory experiences to the recipient. This technology has the capability to construct a three dimensional, visual and intriguing environment. In such a form of an alternate reality a person can control the virtual elements and also carry a number of tasks. The environment created can either be real or imitated depending on the situation and purpose.
Virtual reality in therapy market is poised for tremendous growth over the forecast period of 2017-2023. The immense expansion of this market can be attributed to the growth of artificial intelligence and its arrival into the healthcare sector.
Currently, the global healthcare industry is in a phase of technological reformation. Owing to this, it can be confidently affirmed that the global market for virtual reality in therapy will grow by leaps and bounds through the next seven years. The market is expected to generate a revenue of around USD 3.9 million by the end of the forecast period. The estimated CAGR for this time span will be 32%.
One of the major factors that drive the growth of the market happens to be advantages of virtual therapy in comparison to conventional therapies. When a patient undergoes this form of treatment the need for drugs or invasive surgeries is eliminated. Thus, saving a whole lot of time and money.
Many hardware vendors and medical device providers have embarked upon joint ventures with an aim to devise a new product or service. Virtual Reality in Therapy Market This is another aspect that positively impacts the growth of the market.
Additional growth propellers like technological advancements, government support, increased demand for improved technological solutions, higher adoption of handheld medical instruments and the need for better means of education for the medical students further foster the growth of the market.
Although, the market may face certain restraints like stringent rules & policies and price related issues. However, experts believe that as the market progresses it will cope with such minor issues.
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Market Players & Key Strategies
Some of the most renowned and longstanding players of this market can be listed as Virtual Realities, Siemens Healthcare, Samsung Group, Brainlab and Mimic Technologies.
The global market for virtual reality in therapy is intensely competitive. To make their mark, market players have to employ a number of development tactics. Some of the major strategies used by them are strategic partnerships and mergers with other companies.
The worldwide virtual reality in therapy market has been trifurcated. The three segments and sub-segments respectively are listed below.
Applications: Robotic Surgery, phobia treatment, surgery simulation, treatment of post-traumatic stress disorder, treatment of autism, robotic surgery, rehabilitation and visualization.
Technologies: Semi-immersive VR, full-immersive and non-immersive VR.
Devices: Gesture control, projectors and head mount.
Comprehensive Regional Analysis:
The virtual reality in therapy market has been successful in expanding across the globe. The main regions where it prevails are Europe, North America, Asia Pacific and Rest of the World.
Region-wise North America holds the largest market share and the primary reason for this is the business being brought in by countries like Canada and U.S. This area experiences a massive demand for high-end technological solutions, higher number of research & development activities and greater acceptance of virtual reality in the healthcare industry. Asia Pacific is estimated to expand tremendously during the projection period as it has a huge number of investors and manufacturers.
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February, 2018 – Recently a clinical trial was held in which 116 patients participated in the Netherlands. The outcome of the experiment was that virtual-reality-based therapy along with standard treatment was able to reduce paranoia and anxiety in people who were suffering from psychotic disorders. This news has confirmed the effectiveness of virtual reality in therapy and given the market a boost.
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