VR in Healthcare Market: Current Analysis and Forecast (2022-2028)

VR in Healthcare Market: Current Analysis and Forecast (2022-2028)

Virtual reality (VR) in the healthcare market is expected to witness a CAGR of around 35% during the forecast period. Virtual reality is a computer-based technology with images and things that seem real. The market for VR technologies is expected to grow and be adopted more widely in the healthcare sector due to it helps in medical training, medical marketing, performing surgeries, and creating disease awareness. Also, the major factors that drive virtual reality in healthcare market include a rise in incidences of neurological disorders, an increase in demand for innovative diagnostic techniques, and growth in awareness regarding the benefits of virtual reality technologies. Moreover, recent advancements and collaborations boost the market growth. For instance, in July 2021, Vuzix a leading supplier of wearable AR, virtual reality, and display technology signed an agreement with TeleVU for the supply of M400 Smart Glasses which will help in remote-based medical assistance. This device is user-friendly and has an audio-visual link between remote experts and frontline clinicians.

• Based on component, the market is bifurcated into hardware and software. The hardware category is to witness the highest CAGR during the forecast period. This virtual reality hardware involves PCs, head-mounted displays (HMD), and other devices, such as mobiles and laptops. Further, the growing demand for various devices like 3D sensors, smart glasses, and displays that are head-mounted will drive segmental growth in the coming years.
• Based on technology, the market is segmented into full-immersive, semi-immersive, and non-immersive. The full-immersive category is to witness the highest CAGR during the forecast period. Full-immersion learning is a highly effective technique for many learners to advance their knowledge and abilities. In order to learn and improve new skills and practices, it offers artificial, digitally manufactured content and environments that faithfully imitate real-life scenarios. These factors will drive the growth of the segment during the forecast period.
• On the basis of application, the market is categorized into pain management, education and training, surgery, patient care management, rehabilitation and therapy procedures, and others. Among these, pain management held a significant share of the market in 2020. This is mainly due to the growing use of virtual reality (VR) in surgeries, which provides a three-dimensional image of a patient's anatomy and physiology. Planning and performing challenging operations in VR increases the chances that they will be effective when they are actually carried out. Hence, it increases the demand for VR in healthcare.
• Based on end-user, the VR in healthcare market has been classified into hospitals, clinics & surgical centers, research organizations & pharma companies, government & defense institutions, and research & diagnostics laboratories. The hospitals, clinics & surgical centers category is to witness higher adoption of VR in healthcare during the forecast period. This is mainly due to the rising demand for VR technology in surgeries in hospitals and also the growing use of VR in the treatment of cancer or neurological disorders, which is expected to drive the growth of the segment.
• For a better understanding of the market adoption of the VR in healthcare industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period owing to the rising investments and adoption of several advanced technologies, such as immersive technology in the healthcare sector, availability of major market players such as Microsoft, Apple, Google, etc. to carry out research in the VR field. Also, prototypes for medical virtual reality are also being developed at the University of Southern California Institute for Creative Technologies, which is also conducting considerable VR research. Additionally, the growing demand for VR in the healthcare industry is caused by an increase in private and public investment in the development of these technologies in the healthcare sector as well as the availability of advanced healthcare infrastructure in the region.
• Some of the major players operating in the market include Koninklijke Philips N.V., SAMSUNG, EON Reality, CAE Inc., EchoPixel, Medical Realities Ltd., XRHealth USA INC., PSICO SMART APPS, S.L., HTC Corporation, Sony Corporation