Virtual Reality in Healthcare Market Research Report 2023
Virtual Reality in Healthcare Market Size By Component (Hardware, Software, Content), Application (Pain Management, Education & Training, Surgery, Patient Care Management, Rehabilitation & Therapy Procedures) End-Use (Research & Diagnostics, Laboratories, Hospitals & Clinics, Research Organizations, Pharmaceuticals Companies), and Region Global Market Analysis and Forecast, 2023-2030
Virtual Reality in Healthcare Market Synopsis
The Global Virtual Reality in Healthcare Market size was valued at USD 2068 Million in 2023 and is projected to reach USD 12000 Million by 2030, growing at a CAGR of 29.20% from 2023 to 2030.
Virtual Reality (VR) in the Healthcare market refers to the specific sector within the healthcare industry that involves the adoption and utilization of virtual reality technologies and applications. This market focuses on developing, distributing, and implementing VR solutions in various healthcare settings, including hospitals, clinics, medical training institutions, and research facilities.
- The market for VR in healthcare has been steadily growing due to the potential benefits and advancements offered by this technology. The global market encompasses a wide range of products and services, including hardware devices (such as VR headsets and controllers), software applications and platforms, content creation tools, and consulting services.
- The growing recognition and focus on mental health have created a demand for innovative and effective treatments. VR-based therapies have shown promise in addressing mental health conditions, driving the market growth. Advancements in VR hardware, software, and content creation tools have expanded the possibilities and applications of VR in healthcare, leading to increased adoption.
- The VR in Healthcare market is highly dynamic and competitive, with a diverse range of companies involved, including technology developers, healthcare providers, research institutions, and startups. Some companies specialize in VR hardware and software development, while others focus on specific healthcare applications or therapeutic areas.
Source - Statista
The graph illustrates the progressive adoption of AR & VR worldwide from 2018 to 2022. The number of users increased steadily during this period, starting at 1,024 million in 2018 and reaching 2,009 million in 2022. This upward trend signifies the growing interest and recognition of the potential benefits of AR and VR. These immersive technologies also have the power to transform patient care, medical training, and therapeutic applications, indicating a promising future for their integration into the healthcare industry.
Top Key Players Involved Are:
"Koninklijke Philips N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), EON Reality (US), CAE Healthcare (US), Oculus Rift (US), Medical Realities Ltd. (UK), XRHealth USA Inc. (US), Amelia (Spain), HTC Corporation (Taiwan), Sony Corporation (Japan), Osso VR (US), FundamentalVR (UK), Firsthand Technology (US), Surgical Theater (US), Oxford Medical Simulation (UK), Oncomfort (Belgium), PSICO SMART APPS S.L. (Spain), AppliedVR (US), Vicarious Surgical (US), InTouch Health (US) and Other Major Players."
Virtual Reality in Healthcare Market Trend Analysis
Increasing Application of VR for Patient Treatment
- The increasing application of virtual reality (VR) for patient treatment is a significant driver for the growth and adoption of VR in the healthcare industry. VR technology offers immersive and interactive experiences that can be utilized for therapeutic purposes. By providing engaging and personalized therapeutic experiences, VR can enhance the effectiveness of treatments and improve patient outcomes.
- VR has demonstrated effectiveness in managing pain by serving as a distraction technique during medical procedures or chronic pain episodes. By immersing patients in virtual environments, VR can divert their attention away from painful stimuli, reducing pain perception and potentially minimizing the need for analgesics or sedatives.
- VR-based exposure therapy is valuable for treating anxiety disorders and phobias. It allows patients to gradually face their fears in a controlled and safe environment. And hence these advancements contribute to the overall growth and adoption of VR in healthcare, fostering innovation and transforming patient care across various medical specialties.
Telemedicine and Remote Care
- Telemedicine and remote care present significant opportunities for the integration of virtual reality (VR) technology in healthcare. Improved Access to Healthcare: Telemedicine, enabled by VR technology, allows healthcare providers to reach patients in remote or underserved areas.
- VR can facilitate virtual visits and remote monitoring, enabling patients to receive care from the comfort of their homes. VR can create a realistic virtual environment where patients can communicate with healthcare providers, undergo assessments, and receive guidance on managing their conditions.
- VR can empower patients to actively participate in their healthcare through immersive educational content and self-management tools. Virtual reality applications can provide patients with personalized health information, treatment plans, and interactive modules for self-care. Concluding it, the integration of VR technology in telemedicine and remote care opens up opportunities for improved access to healthcare, personalized patient experiences, enhanced rehabilitation, and collaborative healthcare delivery.
Segmentation Analysis of Virtual Reality in Healthcare Market
Virtual Reality in Healthcare Market segments covers the Component, Application, End-use. By Component, the Hardware segment is Anticipated to Dominate the Market Over the Forecast period.
- The hardware segment includes VR devices such as headsets, sensors, controllers, and other peripherals. With the growing acceptance and adoption of VR technology in healthcare, there is a rising demand for these devices. Healthcare institutions, clinics, and research facilities are investing in VR hardware to integrate it into their systems and deliver immersive healthcare experiences.
- Hardware manufacturers continuously innovate and introduce advanced VR devices with improved features, performance, and user comfort. These advancements include higher display resolutions, better motion tracking capabilities, lighter and more comfortable designs, and enhanced user interfaces.
- The healthcare industry has specific requirements and considerations when it comes to VR hardware. Manufacturers are developing specialized VR devices that cater to the unique needs of medical professionals, patients, and researchers.
- Healthcare facilities often need to integrate VR hardware with their existing infrastructure and systems. This includes connectivity with electronic health records (EHR) systems, medical imaging devices, and other healthcare IT platforms.
Regional Analysis of Virtual Reality in Healthcare Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
- The Asia Pacific region has been witnessing significant investments in healthcare infrastructure development. Governments and private entities are actively focusing on improving healthcare facilities, expanding hospital networks, and enhancing healthcare services. This provides a conducive environment for the adoption of advanced technologies like VR in healthcare.
- With the rising population and increasing prevalence of chronic diseases in Asia Pacific countries, there is a corresponding increase in healthcare spending. Governments and healthcare organizations are allocating more resources to improve healthcare access, quality, and patient outcomes. The higher healthcare expenditure creates a favorable environment for the implementation of VR technology in healthcare.
- Moreover, Asia Pacific is known for its rapid adoption of technology and its innovation-driven economies. Countries like Japan, South Korea, and China have a strong presence in the global tech industry.
- The Asia Pacific region has a large population, including a substantial aging demographic. VR in healthcare offers potential solutions for addressing the healthcare needs of this population, such as remote monitoring, telemedicine, and personalized rehabilitation. The demand for innovative healthcare technologies like VR is expected to be high in this region due to the specific healthcare challenges associated with a large and aging population.
Covid-19 Impact Analysis on Virtual Reality in Healthcare Market
- The COVID-19 pandemic has significantly impacted the VR in healthcare market. The increased demand for telemedicine and remote care has driven the adoption of VR technology.
- Surgeons have used VR for surgical planning and simulation when access to operating rooms was limited. VR has also provided virtual mental health support and therapy sessions.
- The pandemic has accelerated research and development activities in the VR in healthcare market. Despite supply chain disruptions, the market has remained resilient, attracting investments and funding. Overall, COVID-19 has acted as a catalyst for the adoption of VR in healthcare, driving market growth and opening up new opportunities.
- Hence, COVID-19 accelerated VR adoption in healthcare. Demand for VR-based telemedicine, training, mental health support, and research surged. VR plays a crucial role in reshaping healthcare, driving market growth, and creating new opportunities.
Top Key Players Covered in Virtual Reality in Healthcare Market
- Koninklijke Philips N.V. (Netherlands)
- Samsung Electronics Co. Ltd. (South Korea)
- EON Reality (US)
- CAE Healthcare (US)
- Oculus Rift (US)
- Medical Realities Ltd. (UK)
- XRHealth USA Inc. (US)
- Amelia (Spain)
- HTC Corporation (Taiwan)
- Sony Corporation (Japan)
- Osso VR (US)
- FundamentalVR (UK)
- Firsthand Technology (US)
- Surgical Theater (US)
- Oxford Medical Simulation (UK)
- Oncomfort (Belgium)
- PSICO SMART APPS S.L. (Spain)
- AppliedVR (US)
- Vicarious Surgical (US)
- InTouch Health (US) and Other Major Players.
Key Industry Developments in Virtual Reality in Healthcare Market
In June 2023, EON Reality Inc. a global leader in AI-powered AR/VR solutions, expanded its partnership with Saginaw Valley State University (SVSU) to advance XR-based learning experiences. SVSU, a renowned public university in Michigan, has been a leader in innovative education. The extended partnership provides SVSU with increased access to EON Reality's advanced XR technologies, including Spatial AI capabilities.
In May 2022, CAE Healthcare partnered with Staffordshire University in the UK to establish a new Centre of Excellence (COE) for simulation training and research. The COE is designated by CAE and serves as a hub for showcasing the best practices of simulation in healthcare education to enhance patient safety.
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Global Virtual Reality in Healthcare Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2023: |
USD 2068 Mn. |
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Forecast Period 2023-30 CAGR: |
29.20% |
Market Size in 2030: |
USD 12000 Mn. |
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Segments Covered: |
By Component |
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By Application |
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By End-Use |
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By Region |
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Global Virtual Reality in Healthcare Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030 |
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Historical Data: |
2016 to 2021 |
Market Size in 2023: |
USD 2068 Mn. |
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Forecast Period 2023-30 CAGR: |
29.20% |
Market Size in 2030: |
USD 12000 Mn. |
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Segments Covered: |
By Component |
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By Application |
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By End-Use |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Component
3.2 By Application
3.3 By End-Use
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological Roadmap
4.6 Regulatory Landscape
4.7
Frequently Asked Questions
What would be the forecast period in the Virtual Reality in Healthcare Market research report?
The forecast period in the Virtual Reality in Healthcare Market research report is 2023-2030.
Who are the key players in Virtual Reality in Healthcare Market?
Koninklijke Philips N.V. (Netherlands), Samsung Electronics Co. Ltd. (South Korea), EON Reality (US), CAE Healthcare (US), Oculus Rift (US), Medical Realities Ltd. (UK), XRHealth USA Inc. (US), Amelia (Spain), HTC Corporation (Taiwan), Sony Corporation (Japan), Osso VR (US), FundamentalVR (UK), Firsthand Technology (US), Surgical Theater (US), Oxford Medical Simulation (UK), Oncomfort (Belgium), PSICO SMART APPS S.L. (Spain), AppliedVR (US), Vicarious Surgical (US), InTouch Health (US) and Other Major Players.
What are the segments of Virtual Reality in Healthcare Market?
Virtual Reality in Healthcare Market is segmented into Component, Application, End-Use, and region. By Component, the market is categorized into Hardware, Software, Content. By Application, the market is categorized into Pain Management, Education & Training, Surgery, Patient Care Management, Rehabilitation & Therapy Procedures. By End-Use, the market is categorized into Research & Diagnostics, Laboratories, Hospitals & Clinics, Research Organizations, Pharmaceuticals Companies. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia Pacific (China; India; Japan; South Korea; Malaysia; Thailand; Vietnam; The Philippines; Australia; New-Zealand; Rest of APAC), Middle East & Africa (Turkey; Bahrain; Kuwait; Saudi Arabia; Qatar; UAE; Israel; South Africa), South America (Brazil; Argentina; Rest of SA)
What is the Virtual Reality in Healthcare Market?
Virtual Reality (VR) in the Healthcare market refers to the specific sector within the healthcare industry that involves the adoption and utilization of virtual reality technologies and applications. This market focuses on the development, distribution, and implementation of VR solutions in various healthcare settings, including hospitals, clinics, medical training institutions, and research facilities.
How big is the Virtual Reality in Healthcare Market?
The Global Virtual Reality in Healthcare Market size was valued at USD 2068 Million in 2023 and is projected to reach USD 12000 Million by 2030, growing at a CAGR of 29.20% from 2023 to 2030.
