Frost Radar™: Medical VR for Training and Education, 2023

Frost Radar™: Medical VR for Training and Education, 2023

The Frost Radar for the global medical virtual reality (VR) market analyzes providers developing tailored VR software solutions for medical and surgical training and education via simulated environments.

From the vast array of medical simulations market, Frost & Sullivan has focused on medical VR software providers that offer fully immersive sensory experiences (primarily visual, auditory, and tactile) through the integration of their solutions with VR headsets and haptic technologies.

This Frost Radar excludes providers that focus on other forms of medical simulation, including:

Augmented reality/mixed reality first (AR/MR) medical software solutions

Standard PC or mobile applications that offer simulated 3D environments that do not connect with a VR headset for a fully immersive experience.

Systems that mainly focus on a combination of a monitor, a mannequin hands-on simulator with haptic technologies, without the visually immersive nature of a VR headset

Providers mainly or only offering 360-degree video experiences, instead of 3D animation

This Frost Radar offers a perspective on key industry trends as well as an assessment of 10 growth and innovation leaders. It plots the selected medical VR software providers based on 10 growth and innovation criteria, comprising qualitative and quantitative factors.

The vertical axis displays the company’s Growth Index (GI). This index is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective sales and marketing strategies. For growth performance and track record, the Frost Radar of the global medical VR market will consider the revenues incurred by each company in the years 2019, 2020, 2021, and 2022. These metrics compound with three other qualitative criteria, including growth pipeline, vision and strategy, and sales and marketing, to determine the company's positioning on the vertical axis.

The horizontal axis, on the other hand, measures the company’s Innovation Index (II). This index is a measure of a company’s ability to develop offerings/features/services/solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, able to evolve and expand to serve multiple markets, and aligned to customers’ changing needs.

The inclusion criteria for medical VR software providers include:

Commercially available VR training and education solutions for more than one year

The compatibility of the company's software with VR headsets or goggles for an immersive visual experience

The availability of various training and education modules and procedures, including surgical training

The ability to customize immersive training and education content for customers

An integrated analytics platform

Providing customer support from project implementation to integration and beyond

Targeting various groups (e.g., medical institutions, medical device companies, medical schools) and different types of users (e.g., physicians, sales teams)

A proven history of case studies and testimonials

A proven track of effective skills transfer from the virtual to the real world

Being active at some point in the last 18 months with new advancements and innovations

A minimum threshold of $1 million in company revenues for CY 2022