NEW YORK, United States, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Virtual Reality in Healthcare Market Size, Share, Growth Analysis Report By Component (Hardware and Software), By Technology (Full-Immersive, Semi-Immersive, and Non-Immersive), By Application (Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education, and Others), By End-use (Hospitals, Clinics & Surgical Centers, Research Organizations &Pharma Companies, Government & Defense Institutions, Research & Diagnostics Laboratories and Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Virtual Reality in Healthcare Market size & share in terms of revenue was worth of USD 431.90 million in 2021 and it is expected to surpass around USD 2793.69 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 36.50% during the forecast period 2022 to 2028.”
What is Virtual Reality in Healthcare? How big is the Virtual Reality in Healthcare Industry?
Market Overview:
Medical professionals and hospitals have benefited greatly from the use of virtual reality in healthcare. Planning, treating and diagnosing people with autism, phobias, depression, and addiction all include this technology. Virtual reality has several advantages, and healthcare professionals are starting to use it in their operations.
The technology has been demonstrated to be an effective tool for challenging treatments since it offers risk-free settings. For the best learning programs for students and doctors, major virtual reality providers have combined 3D interactive content with 360-degree video.
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- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 213+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
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- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 431.90 Million |
| Projected Market Size in 2028 | USD 2793.69 Million |
| CAGR Growth Rate | 36.50% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Microsoft, Firsthand Technology Inc., Alphabet, General Electric, Koninklijke Philips N.V., SyncThink Inc., Applied VR Inc., EchoPixel, DAQRI, Orca Health, and Others |
| Key Segment | By Component, Technology, Application, End-use, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Global Virtual Reality in Healthcare Market Dynamics
The market is anticipated to rise as a result of an increase in surgeries and the use of advanced technologies in medical training and education. Owing to the rise in demand for Virtual Reality in Healthcare, the global Virtual Reality in Healthcare market is estimated to grow at a CAGR of 36.50% during the forecast period.
Other factors influencing market expansion include rising demand for robotic surgery, expanding healthcare infrastructure, and helpful government efforts. Countries are opening more medical schools around the world because there is a demand for more medical experts. The market for virtual reality in healthcare is anticipated to increase as a result of the rising need for high-quality medical education worldwide. The market is anticipated to rise as a result of an increase in surgeries and the use of advanced technologies in medical training and education. Recent advancements in information technology, such as sophisticated computers, laptops, internet connectivity, and mobile apps, will propel market expansion even more. However, high treatment costs, user data privacy issues, and lack of access to virtual reality technology in poorer economies are projected to stymie industry expansion.
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Virtual Reality in Healthcare Market: COVID-19 Impact Analysis
The COVID-19 outbreak raised the possibility of integrating virtual reality into the medical industry. During the epidemic, there was an increase in the number of healthcare providers looking for virtual reality technologies. Because virtual reality is used in the healthcare industry, specialists in the medical field have been able to better understand and investigate the impacts of the newly discovered strain. The medical professionals were aided by the device since it provided them with real-time radiological insights into how the sickness affected the bodies of their patients. Post-Intensive Care Syndrome affects the majority of COVID-19 patients who make a full recovery. Patients are able to better rehabilitate when they participate in virtual rehabilitation programmes that make use of virtual reality technologies.
Segmentation Analysis
The Global Virtual Reality in Healthcare Market is segregated based on component, technology, application, end-use, and region.
Based on components, the market is bifurcated into Software and Hardware. Among these, the hardware segment dominates the market in 2021. Based on technology, the market is divided into Full-Immersive, Semi-Immersive, and Non-Immersive. Among these, the full-immersive segment dominates the market in 2021. Based on application, the market is divided into Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training & Education and Others. Over the forecast period, the Medical Training & Education segment is expected to develop at the fastest rate in 2021.
Based on end-use, the market is divided into Hospitals, Clinics & Surgical Centers, Research Organizations & Pharma Companies, Government & Defense Institutions, Research & Diagnostics Laboratories and Others. Over the forecast period, the hospital segment is expected to develop at the fastest rate in 2021.
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Competitive Landscape
The report contains qualitative and quantitative research on the global virtual reality in healthcare market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Some of the main competitors dominating the global Virtual Reality in Healthcare market include -
- Microsoft
- Firsthand Technology Inc.
- Alphabet
- General Electric
- Koninklijke Philips N.V.
- SyncThink Inc.
- Applied VR Inc.
- EchoPixel
- DAQRI
- Orca Health
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Virtual Reality in Healthcare market is estimated to grow annually at a CAGR of around 36.50% over the forecast period (2022-2028).
- In Terms Of Revenue, The Virtual Reality in Healthcare market size was valued at around USD 431.90 million in 2021and is projected to reach USD 2793.69 million by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- By component, the hardware segment dominated the market in 2021.
- By application, the Medical Training & Education segment dominated the market in 2021.
- North America dominated the Global Virtual Reality in Healthcare market in 2021.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Virtual Reality in Healthcare industry?
- What are the main driving factors propelling the Virtual Reality in Healthcare Market forward?
- What are the leading companies in the Virtual Reality in Healthcare Industry?
- What segments does the Virtual Reality in Healthcare Market cover?
- How can I receive a free copy of the Virtual Reality in Healthcare Market sample report and company profiles?
Regional Dominance:
- Rising prevalence of spinal problems is likely to help North America dominate the global market
North America is expected to dominate the Global Virtual Reality in Healthcare Market in 2021. Significant expenditures are being made in the region to incorporate new technologies into medical treatments, such as immersive technology. This is likely to boost market growth throughout the region. Similarly, rising healthcare research and development would boost regional market growth.
Over the forecast period, the Asia Pacific regional market is expected to grow at a significant rate in 2021. Revenue-wise, major economies like India, China, and Japan are anticipated to rule the healthcare sector. Investments in telemedicine and digital healthcare have been boosted by China. This is expected to hasten the uptake of virtual reality in the nation's healthcare industry. It is projected that businesses in the healthcare sector will increase their investments in VR.
Recent Developments
- In April 2021, Medtronic and Surgical Theater cooperated on a virtual platform for cranial surgeries. The collaboration will result in the integration of Medtronic's StealthStation S8 surgical navigation system with SyncAR technology Surgical Theater, which is projected to improve visibility for neurosurgeons during cranial surgeries.
- In March 2020, for COVID-19 patients, XRHealth USA Inc. established a virtual reality telemedicine support group. Patients and clinicians experiencing similar symptoms can use virtual reality equipment to connect for true human interactions.
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The global Virtual Reality in Healthcare market is segmented as follows:
By Component
- Hardware
- Software
By Technology
- Full-Immersive
- Semi-Immersive
- Non-Immersive
By Application
- Surgery
- Fitness Management
- Patient Care Management
- Pharmacy Management
- Medical Training & Education
- Others
By End-Use
- Hospitals
- Clinics & Surgical Centers
- Research Organizations &Pharma Companies
- Government & Defense Institutions
- Research & Diagnostics Laboratories
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Component, Technology, Application, End-use, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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