Virtual Reality in Healthcare Market

Market Overview

Virtual reality (VR) is a diagnostic tool with high beneficial to hospitals and medical professions in healthcare. The patient suffering from diseases such as autism, phobias, depression, and addiction this technology is considered useful in diagnosing, planning, treatment and rehabilitation. Many healthcare recognized the advantage of the virtual technology and begun the application integration in their practices. For complex surgeries this technology is considered to be a valuable tool by providing a simulated, low-risk environment. Virtual reality technology has included various application in healthcare like surgeries, diagnostics, rehabilitation, training, and education. In addition, this technology is primarily used in robotic surgeries and remote telesurgeries. During pandemic, there was drastic increase in the virtual reality tool in healthcare. Using virtual reality to understand and study influence of new strain virus has helped doctor and healthcare professions. Moreover, the technology has helped the doctors and healthcare professionals to get real-time radio graphics analysis highlighting the effect of the disease on the patient’s body. After patient’s recovery from the COVID 19 patient were suffering from post-intensive care syndrome (PICS), to help the patient get recovered from this syndrome the use of virtual rehab sessions through virtual reality technology were used. The use of virtual reality technology in medical education and training is driving factor for the upsurge of the market growth. Furthermore, the increase in the occurrence of neurological disorder, increase demand of advanced technology, rising awareness of the benefits of virtual reality technology are another factor fueling the market growth.

Virtual Reality in Healthcare Market Size

Report	Details
Market Size Value	USD 4.05 Billion in 2023
Market Size Value	USD 13.50 Billion by 2032
CAGR	27.26%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	By Component, Technology, Therapeutic Type, Applications, End-Use and Region
Geographics Covered	North America, Latin America, Europe, Asia-Pacific, Rest of the World

Major vendors in the global Virtual reality in healthcare market are AppliedVR, EchoPixel, EON Reality, Firsthand Technology, Immersive Touch, Koninklijke Philips N.V, Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, Sync Think Inc, Virtually Better and XRHealth and Others.

Enhanced surgical strategies

The healthcare market is adopting virtual reality (VR) to advance surgical techniques. VR technology offers an engaging, interactive simulations and enable surgeons to practice and refine their skills in a safe environment which leads to enhanced precision and outcomes. These advanced VR systems replicate various surgical scenarios, helping surgeons prepare for both routine and intricate procedures it reduces errors and boost the confidence. Moreover, VR facilitates remote surgical collaboration and mentorship allowing surgeons to engage in virtual consultations with global colleagues, sharing best practices and innovative techniques to elevate surgical standards. VR also profoundly impacts surgical education offering medical students and residents practical experience through virtual dissections and simulated surgeries complementing traditional cadaver-based learning. This comprehensive training ensures future surgeons possess the necessary skills and confidence for successful clinical practice. Integrating VR into surgical techniques is transforming current practices and shaping the future of surgical education and patient care.

Market Dynamics

Drivers:

• Emphasis more on digitalisation of healthcare industry
• Enhanced surgical strategies
• Increased investment in medical research sector

Opportunities:

• Reliability in diagnosis
• Improves visualisation during procedures
• Medical training and simulation

Medical training and simulation

The education and training sector lead to the revenue generation in the market in 2023. VR technology is widely utilized for medical education and training of healthcare professionals. As per the recent studies, show that VR 360 videos enhance learner’s knowledge retention and skill acquisition. The VR healthcare market is expected to rise with the significant growth due to the increase use of virtual reality in diagnostic imaging, surgical simulation, rehabilitation, and patient care management. With the private and public investments in VR technologies in healthcare is expected to drive the integration of VR into medical procedures by healthcare professionals. The growing use of virtual reality (VR) in patient care with the need for better training methods in healthcare with the increasing demand for VR in medical applications are expected to boost the market for virtual reality in medical simulation. Additionally, the rising popularity of wearable VR technology, along with its cost and time efficiency, and ongoing technological advancements in VR are driving factors for the growth of the market. Virtual reality is beneficial for medical training, marketing, surgery, and raising awareness about diseases. It is a valuable diagnostic tool when used alongside MRI/CT scans. It also aids in the treatment of panic attacks, anxiety, and pain through cognitive distraction methods combined with virtual reality.

The market for virtual reality in healthcare is dominated by North America.

By analysing the virtual reality in healthcare market globally across various country like North America, Europe, Asia-Pacific, and LAMEA in which North America holds the largest market share, driven by increased uptake of VR in this region due to rapid utilization of captivating technology in medical practices. Other factors fueling the market includes government initiatives and investment in research and development sector. Furthermore, U.S government is funding for doing research on VR application and technologies. In this region, the outsourcing of healthcare IT services is experiencing a significant increase as a cost-reduction strategy. This trend is driven by the growing pressure on healthcare professionals, and it is expected to boost market demand.

Asia-Pacific is poised to be the fastest-growing market during the forecast period fueled by rapid awareness among the population and upgrade in the healthcare sector. Emerging countries like China, India, Japan poised to lead the market in terms of revenue. China is heavily investing in telemedicine and digital health industries.

The hardware segment is anticipated to hold the largest market share during the forecast period

Based on the component segment classification including hardware, software, and content on which hardware segment is poised to hold highest share by 2030, fueled by growing importance of hardware devices like head-mounted display, desktops, and other types of display devices using virtual reality in healthcare. The hardware devices are utilized to streamline healthcare complexity and enhance efficiency is expected to drive the growth of the market during the forecast period.

Moreover, based on the component segment, medical education segment in virtual reality healthcare market is projected to exhibit substantial growth with significant CAGR during the forecast period. The growth in this segment is fueled by as it allows the medical healthcare professionals to practice complicated and critical medical procedures in safe environment, thereby significantly enhancing their skills.

Segmentations analysis of virtual reality in healthcare market: -

• By Component:
  • Hardware
  • Software
  • Services
• By Application:
  • Pain management
  • Education and training v
  • Surgery
  • Patient care management
  • Rehabilitation
  • Therapy procedures
  • Others
• By End user:
  • Hospital and clinics
  • Research organisation
  • Pharma companies
  • Others
• By Technology:
  • Augmented reality
  • Virtual reality
  • Pain distraction
  • Others
• By Region
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific

• • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Indonesia
  • Malaysia
  • Vietnam
  • Australia & New Zealand
  • Rest of Asia Pacific

• • Middle East & Africa

• • Saudi Arabia
  • UAE
  • South Africa
  • Nigeria
  • Egypt
  • Israel
  • Turkey
  • Rest of MEA

 Recent Developments

• October 2023, A healthcare simulation company in Canada has integrated its AI enhancements in its InvolveXR platform, a fully immersive simulation laboratory is created to offer training and evaluation for healthcare professionals.
• September 2022, Hybrid work challenges the perception of traditional work as shown in a recent study by Microsoft Corp. The company also introduced enhancements to Microsoft Viva and its employee experience platform to support and motivate employees amidst economic instability.
• June 2022, MediSim set up the India's inaugural fully automated Virtual Reality (VR) laboratory at Puducherry Institute of Medical Sciences (PIMS) to improve essential medical abilities and educate MBBS students for upcoming challenges.

 Answers to Following Key Questions:

• What will be the virtual reality in healthcare market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the virtual reality in healthcare market?
• What are the main forces behind worldwide virtual reality in healthcare market? Which companies dominate virtual reality in healthcare market?
• Which companies dominate virtual reality in healthcare market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Insight Engines industry's suppliers' opportunities and dangers in virtual reality in healthcare market?
• What is the Insight Engines industry's regional sales, income, and pricing analysis? In the virtual reality in healthcare market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the virtual reality in healthcare market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for virtual reality in healthcare market?
• What are the dominant revenue-generating regions for virtual reality in healthcare market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main virtual reality in healthcare market trends that are influencing the market's expansion?
• Which key product categories dominate virtual reality in healthcare market? What is virtual reality in healthcare market’s main applications?
• In the coming years, which virtual reality in healthcare market technology will dominate the market?