New York, NY, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Virtual Reality In Healthcare Market By Offering (Hardware Devices, Software, and Services), By Application (Visualization, Computer Assisted Surgery, Radiotherapy, Dentistry, Mental Health, Psychological Therapy, & PTSD, Phobias, Telehealth, Disability & Rehabilitation, Medical Training/Teaching/Determining Level of Skill, Pain Management, and Others), and By End-User (Hospitals, Clinics, & Surgical Centers, Diagnostic Laboratories, Healthcare Institutes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2027”. According to the report, the global virtual reality in healthcare market was USD 260 million in 2018 and is expected to generate around USD 3,441 million by 2027, growing at a CAGR of around 33.2% between 2019 and 2027.
Virtual reality (VR) is the creation of a simulated virtual environment that provides real-life sensory experiences to a person. It creates a highly immersive, visual, and 3D environment where an individual can perform a series of tasks and manipulate virtual objects. The virtual treatment has various advantages over conventional treatments, such as virtual treatment eliminates using complex invasive surgical procedures and drugs in treatment, which helps in saving time and cost. Some major factors driving the virtual reality in healthcare market are rising innovative diagnostic techniques demand, growing neurological disorders incidences, and an increasing number of disease awareness programs. Virtual reality plays an important role in robotic surgery, patient education, psychological and mental health therapy, and pain management, and physical therapy.
Browse through 54 Tables & 36 Figures spread over 110 Pages and in-depth TOC on “Global Virtual Reality In Healthcare Market: By Type, Size, Share, Applications, Trends, Analysis and Forecast, 2018–2027”.
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The virtual reality in healthcare market is fragmented on the basis of offering, application, and end-user. By offering, the market includes software, services, and hardware devices (head tracking systems, non-immersive systems, head-mounted displays, and others). Hardware devices held a major market share in 2018. The display devices are of great significance as visual simulation is a key component to create virtual reality. Hardware devices like smart glasses are experiencing a rise in adoption rate since this wearable technology is improving clinical outcomes and providing improved patient care. Head-mounted displays are also gaining importance, due to their applications in simulation, education, visualized data, telemedicine, video recording, telemonitoring, etc.
Based on application, the virtual reality in healthcare market is divided into computer-assisted surgery, visualization, dentistry, radiotherapy, mental health, psychological therapy, and post-traumatic stress disorder (PTSD), phobias, disability and rehabilitation, pain management, telehealth, medical training/teaching/determining level of skill, and others. The visualization segment accounted for a major share of the global market in 2018. Visualization is gaining momentum since it provides great hands-on experience in medical education.
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On the basis of end-user, the virtual reality in healthcare market is segmented into clinics, and surgical centers, hospitals, diagnostic laboratories, healthcare institutes, and others. The hospitals segment is anticipated to dominate the market in the future, owing to the rapid increase in the VR usage for diagnosis and performing surgeries.
North America dominated the virtual reality in healthcare market in 2018, due to excellent and supportive healthcare coverage and advancements in technology. The U.S. leads this regional market for virtual reality in healthcare, due to the prevalence of psychological and neurological disorders and the presence of sophisticated healthcare infrastructure. The market vendors are highly focused on offering value-based pricing models based on customer needs and value perception.
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Europe is the second leading regional market, which is expected to show significant growth in the years ahead. The extensive research and development activities in Europe, growing funding from government, and rising expenditure for VR technologies are the key factors contributing toward the region’s virtual reality in healthcare market. Germany, the U.K., and France accounted for majority shares in the European virtual reality in healthcare market, owing to the high acceptance of newer technologies and huge disposable income of people.
The Asia Pacific virtual reality in healthcare market is likely to register the highest CAGR, as countries like China, Japan, and India have emerged as the most preferred destinations for faster adoption of the latest healthcare technologies. Some growth drivers of this regional market are rising chronic diseases prevalence and exponentially growing smartphone and internet users, increasing healthcare expenditure, and rising government initiatives for the adoption of digital and advanced technologies for better patient outcome.
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Latin America and the Middle East and Africa are important regional markets for virtual reality in healthcare, which will experience moderate growth over the forecast time period. This can be attributed to the growing acceptance for better treatment and surgical procedures. The virtual reality-based teaching tools are shortening the learning timeframe for life science students. In the Middle East, medical devices and digital technologies associated with the prediction of acute events are fuelling the regional market.
Some leading players in the virtual reality in healthcare market are Facebook Technology, Firsthand Technology, FundamentalVR, General Electric, ImmersiveTouch, Intuitive Surgical, Koninklijke Philips, Medical Realities, Mindmaze, Osso VR, Program-Ace, Psico Smart Apps, Qualcomm Technologies, Samsung Electronics, Siemens Healthcare, SimX, Surgical Theater, Vicarious Surgical, and zSpace.
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This report segments the global virtual reality in healthcare market into:
Global Virtual Reality in Healthcare Market: Offering Analysis
- Hardware Devices
- Head Tracking Systems
- Head-Mounted Displays
- Non-Immersive Systems
- Others
- Software
- Services
Global Virtual Reality in Healthcare Market: Application Analysis
- Visualization (Virtual Endoscopy, Colonoscopy)
- Computer Assisted Surgery (Training, Planning, Rehearsal, and Delivery)
- Radiotherapy
- Dentistry
- Mental Health, Psychological Therapy, and Post Traumatic Stress Disorder (PTSD)
- Phobias
- Telehealth
- Disability and Rehabilitation
- Medical Training/Teaching/Determining Level of Skill
- Pain Management
- Others
Global Virtual Reality in Healthcare Market: End-User Analysis
- Hospitals, Clinics, and Surgical Centers
- Diagnostic Laboratories
- Healthcare Institutes
- Others
Global Virtual Reality in Healthcare Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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