Market Size –
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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Scope Of Virtual Reality In Healthcare Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Market Drivers –
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.
Market Trends –
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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
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Regional Insights –
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
Key Companies –
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
Table of Contents
1. Executive Summary
2. Virtual Reality In Healthcare Market Report Structure
3. Virtual Reality In Healthcare Market Trends And Strategies
4. Virtual Reality In Healthcare Market – Macro Economic Scenario
5. Virtual Reality In Healthcare Market Size And Growth
…..
27. Virtual Reality In Healthcare Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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