Increasing Adoption of Virtual Reality (VR) in Various Applications Globally Drives the Market Growth

The demand for virtual reality (VR) in healthcare has continued to develop in the last few years. The number of people actively using virtual reality (VR) for numerous applications has grown dramatically. Virtual reality (VR) has a multitude of applications for healthcare, from the clinical to the consumer. Thus, the increasing adoption of virtual reality (VR) in numerous applications such as patient treatment, surgery, dentistry, physical therapy, medical training, pain management, rehabilitation, and others is a major factor for the growth of the market.

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Data Bridge Market Research analyses that the Virtual Reality (VR) Health Market is expected to reach USD 28.98 billion by 2029 from USD 2.89 billion in 2021, growing with a CAGR of 33.40% in the forecast period of 2022 to 2029. Increasing number of smartphone users in organizations and growing penetration of internet services will provide potential opportunities for the market growth in the forecast period.  

Increasing government initiatives to promote food safety is expected to drive the market's growth rate

Virtual reality (VR) is the advanced technology that enables a user to simulate an experience or situation of interest. Virtual reality (VR) technology is used in various healthcare areas in multiple applications. These include medical training for doctors and students, medical marketing, patient treatment, and educating people about a medical condition or process. This technology delivers an immersive environment that allows users to have modified experiences of reality. Virtual reality is progressively used to manage patients with neurologic dysfunction, anxiety, pain, disability, obesity and depression. Therefore, the growth in adopting such innovative technologies that render advanced solutions for real-time care services and better care management is foreseen to increase the market growth in the coming years.

Report Scope and Market Segmentation

Segment Analysis:

The virtual reality (VR) health market is segmented on the basis of product, technology, application, therapeutic area, end user, and distribution channel.

• On the basis of product, the global virtual reality (VR) health market has been segmented into hardware, software and services.

The hardware segment of product segment is anticipated to dominate the virtual reality (VR) health market

Hardware is expected to dominate the global virtual reality (VR) health market with 51.55% market share because of extensive presence of virtual reality (VR) products such as glasses and headsets, high costs of hardware products as compared to services and software, and the large adoption of virtual reality (VR) devices in the hospitals.

• On the basis of technology, the global virtual reality (VR) health market has been segmented into head-mounted technology, gesture-tracking technology, projector & display walls technology, mobile device-based and others. Head-mounted technology is expected to dominate the global virtual reality (VR) health market with a 51.24% market share because of growing investments in this technology, enhanced communication between doctors, and encourage them to make right decisions regarding treatment and health of patient.
• On the basis of application, the global virtual reality (VR) health market has been segmented into , medical training and education, virtual reality exposure therapy, surgery, patient care management, rehabilitation, pain management, and others.

The medical training and education segment of application segment is anticipated to dominate the virtual reality (VR) health market.

Medical training and education is expected to dominate the global virtual reality (VR) health market with 30.27% market share because of high usage of virtual reality (VR) products in medical education and create a 3-D learning environment, which further aided enhanced human interactions.

• On the basis of therapeutic area, the global virtual reality (VR) health market has been segmented into craniofacial, cardiovascular, ophthalmology, pulmonary, neurological, sleep disorders, phobias, addictions, posttraumatic stress disorder (PTSD) and others. Posttraumatic stress disorder (PTSD) is expected to dominate the global virtual reality (VR) health market with 31.68% market share owing to surge in the usage of virtual reality (VR) to treat PSTD and to decrease symptom severity.
• On the basis of end user, the global virtual reality (VR) health market has been segmented into hospitals, clinics, surgical centres, ambulatory surgical centers, diagnostic centers, rehabilitation centers, long-term care facilities, mental health institutions, and others. Hospitals are expected to dominate the global virtual reality (VR) health market with 41.68% market share because of high implementation of virtual reality (VR) applications, such as performing surgery, training professionals providing medical consultation remotely and many others.
• On the basis of distribution channel, the global virtual reality (VR) health market has been segmented into direct tenders, retail sales and third party distributor. Retail sales are expected to dominate the global virtual reality (VR) health market with 70.23% market share because surgical centers, hospitals and other end-users, establish collaborations, partnerships and agreements, for the implementation of virtual reality (VR) products in their healthcare institution.

Major Players

Data Bridge Market Research recognizes the following companies as the major virtual reality (VR) health market players in virtual reality (VR) health market Siemens (Germany), Virtalis (U.K.), CAE Healthcare (U.S.), General Electric (U.S.), Virtual Realities LLC (U.K.), Qualcomm Technologies Inc. (U.S.), Samsung (South Korea), Vuzix (U.S.), Mimic Technologies Inc (U.S.), Brainlab AG (Germany), SAMSUNG (South Korea).

Market Development

• In 2021, AppliedVR started its partnership with Curebase to run clinical trials to assess the efficiency of VR-based therapy. In this partnership, Applied VR installed the Curebase platform to run five clinical trials assessing the efficiency of VR-based therapy to cure chronic pain. This has aided the company in developing in the market.
• In 2021, Koninklijke Philips N.V. launched a digital experience during the virtual European Society of Cardiology (ESC) 2021 Congress. With this launch, the company spotlighted smart diagnostic and treatment solutions. This will aid the company in improving its offerings and to expand in the market.
• In 2021, VirtaMed AG announced its partnership with ESG Elektroniksystem- und Logistik-GmbH. With this partnership, both companies will provide customer-specific, innovative and virtual reality-based simulation solutions for the training and education of medical service personnel and physicians. This will aid the company to increase its sales and to expand in the market.

 Regional Analysis

Geographically, the countries covered in the virtual reality (VR) health market report are

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

Europe is the dominant region in virtual reality (VR) health market during the forecast period 2022 to 2029

North America dominates the virtual reality (VR) health market due to the increasing investment in R&D activities and supportive government measures in this region. Furthermore, increasing pressure on major market payers and healthcare providers to lower the costs of treatment will further boost the growth of the virtual reality (VR) health market.

Asia-Pacific is estimated to be the fastest-growing region in virtual reality (VR) health market the forecast period 2022 to 2029

Asia-Pacific is expected to grow during the forecast period of 2022-2030 owing to the increasing awareness among population and growing healthcare infrastructure in this region. Furthermore, growing distribution of AR and VR technology in the healthcare sector is expected to propel the market's growth rate in this region.

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