Global Immersive Technologies Market - 2024-2031

Global Immersive Technologies Market - 2024-2031

Global Immersive Technologies market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

Virtual reality, augmented reality, mixed reality, and immersive gaming are examples of immersive technologies that have the potential to revolutionize healthcare in both the physical and mental (medical) realms. Immersive technology is changing the healthcare industry by providing fresh and creative approaches to treating mental health conditions, educating medical staff, and improving patient care.

Before exposing medical professionals and students to actual patients, immersive technologies are utilized for interactive learning. As a result of using more realistic images than books and films, learning takes less time, and surgical technique is better understood. Personalized treatment plans increase adherence and treatment success by allowing patients to actively engage in their care decisions.

Market Dynamics: Drivers & Restraints

Enhanced medical training and education

The increasing improvement in healthcare and increasing advancements in healthcare require skilled professionals with enhanced training and also the adoption of a higher level of education in institutes, schools and others are increasing the demand for immersive technology adaption that increases the market growth.

Textbooks and theoretical knowledge are frequently the main sources of information in traditional medical education. Nevertheless, by giving students dynamic, lifelike simulations of medical situations, immersive technology provides a paradigm-shifting method.

For instance, in October 2023, INSEAD launched the INSEA XR Portal. The portal hosts the world's most extensive collection of learning experiences using virtual reality technology that is coupled with comprehensive solutions to bring these immersive learning experiences to classrooms worldwide.

Additionally, Mar 3, 2023, GigXR launched a new module focused on basic life support. Mixed and virtual reality companies are making big strides to incorporate immersive tech to help clinicians and doctors-in-training enhance their skills. Basic Life Support uses mixed reality to simulate a person in need of CPR or a defibrillator.

Regulatory hurdles for the software and platforms

The regulatory hurdles and the regulatory frameworks due to the rapid development of immersive technologies create and uncertainty for the platform developers and healthcare providers. Thus, these factors are expected to hinder the market growth.

Segment Analysisn

The global immersive technologies market is segmented based on technology, component, application and region.

The Virtual Reality segment is expected to dominate the market growth

Virtual reality is vital for enhancing education, training, and experiences. It builds dynamic, immersive settings that imitate real-world situations, increase empathy, and promote learning, thus progressing disciplines like education and healthcare. Virtual reality solutions facilitate interaction between medical personnel and patients in virtual settings designed for pain management, rehabilitation, or medical education.

The increasing technological advancements and the increasing demand for platforms in the healthcare industry are expected to hold the segment in the dominant position. For instance, in November 2022, Penumbra, Inc. launched the first full-body, non-tethered immersive healthcare offering for rehabilitation. The latest REAL y-Series product uses upper and lower body sensors that allow clinicians to track full body movement and progress in real-time.

Additionally, in May 2023, the SimX virtual reality platform launched a new medical simulation sepsis scenario. This platform offers a range of cases that test learners’ ability to identify and manage various medical emergencies while honing their communication and patient management skills. Thus, the above factors are expected to drive the segment growth in the forecast period.

Geographical Analysis

North America is expected to hold a significant position in the immersive technologies market share

North America is expected to hold the dominant position in the market share due to the increasing demand for improved healthcare and also increasing technological advancements. The increasing awareness programs among individuals about healthcare advancements and the software available for the management of health are also factors that drive the market growth in the region.

For instance, in July 2023, EON Reality launched its groundbreaking application LifeLong AI Companion. This innovative application is aimed at redefining the aging experience by seamlessly integrating advanced Augmented Reality (AR) and Artificial Intelligence (AI) technologies.

Additionally, on June 14, 2023, Wolters Kluwer Health and Laerdal Medical officially launched vrClinicals for Nursing. The virtual reality (VR) based learning solution helps to address today’s gaps in nursing education and the nursing workforce by allowing students to go from the classroom to a busy hospital ward where they encounter true-to-life challenges such as prioritizing care among multiple patients and the demands of practice. Thus, the above factors are expected to drive the market growth in the region.

COVID-19 Impact Analysis

COVID-19 has had a positive impact on the immersive technologies market. The lockdown and social distancing have increased the use of these technologies where healthcare experts can monitor the patients using remote control. Immersive technologies and their simulations have become more important during the time of lockdown due to the restrictions of in-person treatments.

Market Segmentation

By Technology
• Virtual Reality (VR)
• Augmented Reality (AR)
• Mixed Reality (MR)
• Extended Reality (XR)

By Component
• Hardware
Headsets
Sensors
Controllers
Haptic devices
• Software/Platform
• Services

By Application
• Diagnosis and Treatment
• Data Simulation
• Data Visualization
• Remote Patient Control
• Training
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Immerse.io, Colan Infotech, ImmersiveTouch, Inc, Firsthand Technology Inc., EchoPixel, Proximie, XRHealth, PSICO SMART APPS, S.L., HQSoftware and N-iX LTD among others.

Why Purchase the Report?
• To visualize the global immersive technologies market segmentation based on technology, component, application and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of immersive technologies market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global immersive technologies market report would provide approximately 53 tables, 49 figures and 182 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies