Categories: IT & Communication Technology

Virtual Reality In Healthcare Global Market By Component, By Application, By Technology, By End User, Regional Outlook and Forecast 2024-2033 | Atheer Inc., Augmedix Inc., Hologic Inc., XRHealth Inc., DAQRI LLC

Virtual Reality In Healthcare Market

Overview and Scope
Virtual reality (VR) is an artificial environment created with software that is presented to the user so that the user stops believing and accepts it as a real environment.

Sizing and Forecast
The virtual reality in healthcare market size has grown exponentially in recent years. It will grow from $2.94 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 44.9%. The growth in the historic period can be attributed to rise of chronic diseases, pain management and distraction therapy, telemedicine and remote consultations, patient-centric healthcare approach, increased acceptance by healthcare professionals.

The virtual reality in healthcare market size is expected to see exponential growth in the next few years. It will grow to $19.46 billion in 2028 at a compound annual growth rate (CAGR) of 46.2%. The growth in the forecast period can be attributed to remote training and simulation, integration with wearable devices, real-time surgical assistance, immersive therapy for neurological disorders, expanding applications in medical training. Major trends in the forecast period include advancements in vr technology, ai integration for personalized treatment, enhanced visualization in medical imaging, vr-based preoperative planning, virtual health communities..

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Segmentation & Regional Insights
The virtual reality in healthcare market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Technology: Full Immersive Virtual Reality, Non-Immersive Virtual Reality, Semi-Immersive Virtual Reality
3) By Device Type: Head-Mounted Display, Gesture-Tracking Device, Projectors and Display Units, Other Devices
4) By Application: Patient Care Management, Education And Training, Fitness Management, Pharmacy, Surgery, Other Applications
5) By End User: Research And Diagnostics, Laboratories, Hospitals And Clinics, Pharmaceutical Companies, Other End Users

North America was the largest region in the virtual reality in healthcare market in 2023. The regions covered in the virtual reality in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rise in incidences of neurological disorders is driving the growth of virtual reality in the healthcare market. Neurological disorders are diseases such as Alzheimer’s disease, Parkinson’s disease, dementia, multiple sclerosis, migraines, and others that affect the body’s central nervous system. Immersive VR technology assists in the development of promising applications for the treatment of neurological illnesses. Virtual Reality in Neurology is cost-efficient, patient-friendly, useful for both normal and pathological ageing, and gives ecological validity that standard neuropsychological tests do not provide. For instance, in February 2022, according to the World Health Organization (WHO), a Switzerland-based agency of the United Nations responsible for international public health, epilepsy affects about 50 million individuals worldwide, making it one of the most prevalent neurological conditions worldwide and people with epilepsy make up over 80% of the population in low- and middle-income nations. Therefore, the rise in incidences of neurological disorders is expected to fuel the growth of virtual reality in the healthcare industry going forward.

Key Industry Players
Major companies operating in the virtual reality in healthcare market report are SAMSUNG Electronics Co. Ltd., Atheer Inc., Augmedix Inc., Firsthand Technology Inc., Microsoft Corporation, Medical Realities Ltd., MindMaze, Medtronic Inc., Siemens Healthineers AG, Hologic Inc., Oculus VR (Meta Platforms Inc. ), Wipro GE Healthcare Pvt Ltd, Orca Health Inc., Koninklijke Philips N. V., HTC Corporation, Sony Corporation, EON Reality Inc., XRHealth Inc., DAQRI LLC, Psious S. L., Appello Software Inc., HypnosVR Inc., Fusion VR LLC, Sapizon Technologies Pvt. Ltd., Lucid Reality Labs Inc., Room 505 Inc., VR Simulators Inc., CAE Healthcare Inc., Groove Jones LLC, Google LLC

The virtual reality in healthcare market report table of contents includes:
1. Executive Summary