The Virtual Reality in Healthcare Market size is estimated to reach USD 8.03 Billion by 2027 from USD 2.06 Billion in 2019, registering a CAGR of 16.21% through the forecast period, according to a new report by Reports and Data. This can be mainly associated with the increasing demand for innovative diagnostic techniques, neurological disorders, and increasing disease awareness. Based on statistics, the advancement in the field of information technology such as laptop, computer, internet connectivity and mobile applications, is also significant factor stimulating market demand.
Due to the constant technological advancement of related products, prevalence of neurological & psychological disorders, and presence of a sophisticated healthcare infrastructure, the North America region accounts for the highest market share of 44.21% in 2018. Moreover, the emerging technological advancements in information technology and government support for integration of these technologies in medical field contribute to the large share of the market. Advantages such as improved flexibility and activity and being able to deploy new applications more quickly are the major reasons for growth in this region. In the United States, organizations, where employees are above 100 in number, are approving cloud-based applications.
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Further key findings from the report suggest
- Full Immersive Virtual Reality is projected to grow at a CAGR of 16.58% during the forecast period. Different medical training institutes have combined fully immersive Virtual Reality (VR), medical data, highly advanced medical simulation technologies, to enable modern medical education and training globally. The adaptability offered by the institutions assist as a practical teaching tool today and will continue to do in the near future. This will serve as an excellent vehicle for promoting the development to the next level of medical practice.
- APAC is estimated to register the highest CAGR of 16.6%, during the forecasted period. More institutions and organizations in the APAC region are adopting the VR approach. As a result, Virtual reality has now become a favored option for modernization.
- North America is expected to reach USD 3.11 billion by 2026. Due to the constant technological advancement of related products, prevalence of neurological & psychological disorders, and presence of a sophisticated healthcare infrastructure.
- The Virtual Reality in Healthcare market is divided into hardware and software. The hardware segment accounts for the largest market share of ~65% in 2018. The hardware segment is again divided into position trackers, semiconductors, and cameras, displays and Projectors and Sensors among others.
- The use of head-mounted displays (HMDs) in applications such as patient care management, medical training, pharmacy management, and education would be the primary driver for the growth of HMDs in virtual reality in healthcare. Head-mounted displays are gaining attention due to their applications in training, visualized data, telemedicine, simulation, video recording, telemonitoring, and many others.
- The hospitals and clinics account for the largest share of 26.10% in 2018. This segment is likely to observe an improvement in the adoption of VR. Fundamental challenges faced by hospitals and clinics are clinical operations management and data management due to the rising number of patients with chronic diseases and the increasing need for enhanced patient outcomes. Technological changes help healthcare centers develop the service quality by rendering care at low expense with shorter time to service.
- Fitness Management is anticipated to grow at a CAGR of 16.2% during the forecast period. Research studies show that VR workouts are so exciting and satisfying to our brains that players are instantly shifted into immersive states that make exercising exciting and feel less tiresome. Several companies have been trying to adopt VR for developing their products.
- Key participants include Microsoft, Google, Mindmaze, DAQRI, Psious, CAE Healthcare, Medical Realities, Atheer, Augmedix , Oculus VR, Firsthand Technology, Siemens Healthineers, Philips Healthcare, 3D Systems , VirtaMed , Virtually Better.
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For the purpose of this report, Reports and Data have segmented global Virtual Reality in Healthcare Market on the basis of Component, Technology, Application, Device type, End user and region:
Component Outlook (Revenue, USD Million; 2016-2026)
Technology Outlook (Revenue, USD Million; 2016-2026)
- Full Immersive Virtual Reality
- Non-Immersive Virtual Reality
- Semi-Immersive Virtual Reality
Application Outlook (Revenue, USD Million; 2016-2026)
- Patient Care Management
- Education and Training
- Fitness Management
- Pharmacy Management
End user Outlook (Revenue, USD Million; 2016-2026)
- Research and Diagnostics
- Hospitals & Clinics
- Research Organizations
- Pharmaceutical Companies
Device type Outlook (Revenue, USD Million; 2016-2026)
- Head-Mounted Display
- Gesture-Tracking Device
- Projectors and Display Units
Key Regional Markets Studied in the Report:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Major Highlights of the Virtual Reality in Healthcare Market Report:
- The Virtual Reality in Healthcare market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Virtual Reality in Healthcare market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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