According to the report, the global virtual reality in healthcare market was valued at approximately USD 260 million in 2018 and is expected to reach a value of around USD 3,441 million by 2027, at a CAGR of around 33.2 % between 2019 and 2027.
Virtual reality is created through a computer-aided simulated virtual environment. It provides a real-life sensory experience to an individual and produces a highly immersive and visually appealing 3-D environment, in which an individual is able to handle virtual objects and execute a series of tasks. The environment is either of the existent or replicated worlds, in which an individual is able to experience as well as interact with the objects & characters.
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Moreover, virtual treatment offers myriad benefits over conventional methods of treatment. In the healthcare sector, virtual reality removes the use of drugs along with complicated invasive surgical therapies, thereby saving the cost and time. The major factors influencing virtual reality in the healthcare industry include large cases of neural disorders, escalating demand for innovative diagnostic methods, and enhanced awareness of the diseases. Furthermore, recent advancements in the domain of information technology such as computers, laptops, web connectivity, and mobile applications are expected to further propel the growth of the business.
Industry Major Market Players
- SimX Inc.,
- Medical Realities Ltd.,
- SURGICAL THEATER LLC,
- Intuitive Surgical,
- General Electric,
- Facebook Technology LLC (Oculus VR),
- Firsth Technology Inc.,
- ImmersiveTouch Inc.,
- Koninklijke Philips N.V.,
- Osso VR,
- Psico Smart Apps,
- Qualcomm Technologies Inc.,
- SAMSUNG ELECTRONICS CO. Ltd.,
- Siemens Healthcare Private Limited,
- Vicarious SurgicalzSpace Inc
Improvement in the surgical procedures to expand the market scope
The use of a 3D prototype in medical surgeries has brought an improvement in the surgical methods and this is likely to prompt the growth of virtual reality in the healthcare industry over the forecast timeline. For instance, surgeons need exact pictures of that inner part of the body that will undergo surgery, and virtual reality through the 3D imaging process will make it convenient for the surgeon to view the inner body part.
Moreover, the growth of the healthcare IT infrastructure is likely to push the market trends over the forecast timeline. Apart from this, applications of VR immersion therapy in mental disorders like depression and phobias will further elevate the expansion of virtual reality in the healthcare industry over the forecast timeline. Nonetheless, the low level of expertise among the doctors to adopt innovative techniques and lack of proficiency in deploying VR services in the healthcare & medical sector will inhibit the market surge over the forecast timespan.
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Visualization segment to dominate the application landscape
Visualization segment is expected to garner revenue of nearly USD 860 million by 2027. The growth of the segment can be credited to the ability of visualization to offer hands-on experience in medical schools & colleges. For the record, the western university of health sciences in California has converted the study of human anatomy through the creation of the virtual reality lab, thereby helping the students get virtual experience to work on the human body.
Hospitals. Clinics & Surgical Centers to lead the end-user segment
The growth of the segment can be attributed to a rise in the application of VR for the purpose of diagnosing & surgeries. The segment is likely to hit the revenue of USD 1,369 million by the end of the forecast timeline.
North America to account for major regional market revenue share
The growth of the regional market can be attributed to the wide usage of VR in the training & development of healthcare professionals along with the use of technology for assistance in treating psychosomatic & neural disorders.
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This report segments the virtual reality in healthcare market as follows:
Global Virtual Reality in Healthcare Market: By Offering Segment Analysis
- Hardware Device
- Head Tracking Systems
- Head-Mounted displays
- Non-Immersive Systems
Global Medical Device Interoperability Market: By End-User Segment Analysis
- Ambulatory Cares
- Clinics & Imaging Centres
Global Virtual Reality in Healthcare Market: By Application Segment Analysis
- Visualization (Virtual Endoscopy, Colonoscopy)
- Computer Assisted Surgery (Training, Planning, Rehearsal, and Delivery)
- Disability & Rehabilitation
- Pain Management
- Medical Training/Teaching/Determining Level of Skill
- Mental Health, Psychological Therapy, & Post Traumatic Stress Disorder
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