Virtual Reality (VR) in Healthcare Market Size, Share, Industry Analysis and Future Outlook 2023-2028
According to the latest report by IMARC Group, titled “Virtual Reality (VR) in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global virtual reality (VR) in healthcare market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global virtual reality (VR) In healthcare market size reached US$ 657.0 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 3,366.1 Million by 2028, exhibiting a growth rate (CAGR) of 29.5% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Virtual reality (VR) in healthcare enables both healthcare professionals and patients to interact in simulated environments tailored for medical education, rehabilitation, and pain management. It can be segmented into several types based on technology, such as head-mounted, gesture-tracking, projector, and display walls, etc.
The solutions of VR in healthcare aid patients and doctors to communicate from anywhere, evaluate medical progress in real-time, and make for more practical theoretical learning for medical students ensuring they acquire hands-on skills in risk-free conditions. They even prove highly effective in performing mock surgeries and assisting patients dealing with mental health issues and depression, thereby making them feel safer and more comfortable. Consequently, VR in healthcare procedures are extensively used in hospitals, clinics, and research laboratories, across countries.
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The increasing adoption of connected devices in healthcare establishments is primarily driving the virtual reality (VR) in healthcare market. In addition to this, the escalating advancements in dependable medical software and hardware development are acting as significant growth-inducing factors. Furthermore, the launch of smart wearable VR devices, including fitness trackers, goggles, rings, fit bands, and headsets, is also positively influencing the market growth. Apart from this, the growing geriatric population and the elevating incidences of numerous chronic and lifestyle health disorders among the masses are further catalyzing the global market.
Moreover, inflating investments in research and development activities (R&D), the rising innovations in mobile applications and telemedicine, and the expanding demand for VR technologies in pain management and post-traumatic stress disorder (PTSD) therapies are expected to stimulate the virtual reality (VR) in healthcare market over the forecasted period.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AppliedVR Inc., EchoPixel Inc., EON Reality, Firsthand Technology Inc., ImmersiveTouch Inc., Koninklijke Philips N.V., Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, SyncThink Inc., Virtually Better Inc. and XRHealth.
The report has been segmented the market into following categories:
Breakup by Component:
- Software and Services
Breakup by Technology:
- Projector and Display Walls
Breakup by Product:
- VR Semiconductor Components
- VR Devices
- VR Sensors
Breakup by Application:
- Pain Management
- Medical Training and Education
- Patient Care Management
- Rehabilitation and Therapy Procedures
Breakup by End User:
- Hospitals and Clinics
- Research Laboratories
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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