Virtual reality (VR) is set to revolutionize the healthcare industry with numerous positive impacts. Integrating IT solutions, VR transforms patient treatment, offering immersive and personalized therapeutic experiences. Medical training benefits from realistic simulations, enhancing the skills and knowledge of healthcare professionals. VR facilitates medical marketing by providing engaging content for patients and stakeholders. In surgical procedures, VR aids in preoperative planning and precision, leading to better patient outcomes. Moreover, VR raises disease awareness through interactive educational experiences, empowering individuals to make informed healthcare decisions. Overall, VR's potential in healthcare promises improved patient care, advanced medical practices, and increased health awareness.
According to Data Bridge Market Research, the Global Virtual Reality (VR) Health Market is expected to reach the value of USD 2.89 billion in 2021 and is expected to reach the value of USD 28.98 billion by 2029, at a CAGR of 33.4% during the forecast period of 2022-2029
" Enhanced patient experience vehicles surge market demand"
VR technology enhances the patient experience by providing immersive and interactive experiences during various medical procedures, therapies, and rehabilitation sessions. Patients can be transported to virtual environments, easing their anxieties and creating a sense of presence. This engagement helps distract patients from pain and discomfort, making their healthcare journey more enjoyable and less stressful. Offering personalized and engaging experiences, VR improves patient satisfaction and compliance, ultimately leading to better treatment outcomes and overall healthcare experiences.
What restraints the growth of the global virtual reality (VR) health market?
" High costs can impede the market growth”
The high costs associated with VR technology and equipment pose a significant challenge for healthcare facilities, particularly in resource-constrained regions. The initial investment and ongoing maintenance expenses can be prohibitive, limiting the adoption of VR-based healthcare solutions in these areas. Additionally, training healthcare professionals to use VR effectively may also incur additional costs. As a result, the affordability of VR solutions becomes a critical consideration for healthcare organizations when implementing these advanced technologies in their medical practices.
Segmentation: Global Virtual Reality (VR) Health Market
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 virtual reality (VR) health market is segmented into hardware, software and services
- On the basis of technology, the virtual reality (VR) health market is segmented into head-mounted technology, gesture-tracking technology, projector and display walls technology, mobile device-based and others
- On the basis of application, the virtual reality (VR) health market is segmented into medical training and education, virtual reality exposure therapy, surgery, patient care management, rehabilitation, pain management and others
- On the basis of therapeutic area, the virtual reality (VR) health market is segmented into craniofacial, cardiovascular, ophthalmology, pulmonary, neurological, sleep disorders, phobias, addictions, posttraumatic stress disorder (PTSD) and others.
- On the basis of end user, the virtual reality (VR) health market is segmented into hospitals, clinics, surgical centres, ambulatory surgical centers, diagnostic centers, rehabilitation centers, long-term care facilities, mental health institutions and others
- On the basis of distribution channel, the virtual reality (VR) health market is segmented into direct tenders, retail sales and third party distributor.
Regional Insights: North America dominates the Global Virtual Reality (VR) Health Market
North America's dominance in the virtual reality (VR) health market is driven by its strong provider presence and the increasing adoption of technological innovations. The region's well-established healthcare infrastructure and advanced research facilities enable the rapid integration of VR technologies into medical practices.
Asia-Pacific dominance in the VR health market is primarily attributed to China's significant role. Patient adoption of virtual reality healthcare solutions is rapidly growing in the region due to the immersive and engaging experiences it offers. Furthermore, the Chinese government's strong emphasis on bolstering healthcare infrastructure and promoting technological advancements drives the widespread integration of VR in healthcare. China's proactive approach towards embracing innovative solutions positions it as a dominant player in the Asia-Pacific VR health market.
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Recent Developments in Global Virtual Reality (VR) Health Market
- In 2022, Moonhub, a virtual reality training platform based in the United Kingdom, announced a USD 2.6 million seed funding round with Pi Labs, a global proptech venture capital firm. ELARA, the startup's health and social care training suite, will also be launched, beginning with dementia care training.
- In 2022, Rocket VR Health, a digital therapeutics firm based in Boston, announced a research agreement with the Massachusetts General Hospital, to leverage its VR platform and jointly develop clinical therapies for cancer patients.
- In 2022, Apollo Hospitals announced a partnership with 8chili Inc, a deep-tech startup based in California. The collaboration will use virtual reality to improve patient engagement, which will improve patient outcomes and their overall experience.
- In 2020, Osso VR raised USD 14 million on, to bring virtual reality to surgical and medical device training. Palo Alto, a virtual reality distribution platform based in California, has joined the ranks of Osso VR with a USD 14 million round of funding.
The Prominent Key Players Operating in the Global Virtual Reality (VR) Health Market Include:
- 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)
- Brainlab AG
- Firsthand (U.S.)
- ImmersiveTouch, Inc (U.S.)
- Koninklijke Philips N.V (Netherlands)
- Medical Realities Ltd (U.K.)
- PSICO SMART APPS, S.L. (Spain)
- SimX (Canada)
Above are the key players covered in the report, to know about more and exhaustive list of global virtual reality (VR) health market companies contact, https://www.databridgemarketresearch.com/zh/contact
Research Methodology: Global Virtual Reality (VR) Health Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
