Virtual Reality In Healthcare Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Device, By Application (Pain Management, Patient Care Management), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Virtual Reality In Healthcare Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Services), By Device, By Application (Pain Management, Patient Care Management), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Virtual Reality In Healthcare Market Growth & Trends

The global virtual reality in healthcare market size is estimated to reach USD 29.38 billion by 2030, registering a CAGR of 32.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growing application of virtual reality (VR) solutions in the healthcare domain to facilitate patient treatment, medical training for professionals and students, medical marketing, and educating patients about medical conditions and processes is driving market growth. Furthermore, factors such as favorable government initiatives, technological developments, and increased investments in advanced medical solutions are contributing to the market expansion.

The growing proclivity towards medical training comprising problem-oriented learning, communication, and VR-based learning approaches favors market expansion. Utilizing virtual reality (VR) to simulate surgical procedures and train medical residents is emerging as a notable trend in healthcare education. The American Board of Internal Medicine's endorsement of VR tools for pre-operative training underscores its effectiveness in preparing medical professionals for real-life interventions, extending its application to encompass critical skills such as mechanical ventilation and invasive hemodynamic monitoring.

Several companies operating in the market are engaged in developing and introducing innovative medical training solutions equipped with VR. For instance, in May 2023, FundamentalVR, an immersive surgical training solutions provider, launched Fundamental Core, its cutting-edge SDK, an all-in-one toolkit to help developers easily create, improve, and distribute their surgical and medical simulations from a set of intuitive building blocks and online tools. It will allow developers to build various medical training scenarios and applications, such as fast-track procedures to provide complex haptic interactions and VR experiences. Such strategies by the key players are expected to drive the market growth over the forecast period.

The growth of the market is being further driven by the increased adoption of telemedicine in the healthcare industry. The combination of telemedicine and VR technology is emerging as an effective and safer patient solution. It allows patients to get care from the comfort of their homes, improves waiting times, and offers accessibility and convenience. For instance, WorldViz, Inc. partnered with Massachusetts General Hospital for innovative research applications in the new Clinical and Translational Research Unit (CTRU). The latter uses multiple Projection VR and multi-user VR headset systems provided by the former for developing cutting-edge techniques for biomedical imaging and research, to discover new medical therapies and diagnostics to prevent, manage, and cure complex brain disorders, thereby driving the market growth.

Virtual Reality In Healthcare Market Report Highlights

• Based on component, the hardware segment accounted for a revenue share of nearly 49% in 2022 owing to increasing adoption of VR solutions such as smart glasses and head-mounted displays for medical training, surgeries, diagnostics, simulation, and others
• Based on device, the head-mounted display (HMD) segment accounted for around 62% share in 2022 owing to the product application in visualizing complex medical data, such as 3D medical images in an immersive way
• Based on application, the rehabilitation & therapy procedures segment is estimated to record a CAGR of over 33% from 2023 to 2030 as VR offers a controlled and personalized environment to patients. It helps track progress, adjust difficulty levels, and other immediate feedback, thereby driving segmental growth
• Based on end-use, the hospitals & clinics segment accounted for around 55.0% of revenue share in 2022, with the increasing prominence of advanced therapeutic and surgical solutions across these healthcare settings
• Asia Pacific is estimated to witness a growth rate of over 35% from 2023 to 2030 with increasing investments in healthcare infrastructure, rising demand for innovative medical training solutions, and expansion of telemedicine services across the region

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