Virtual Reality (VR) in Healthcare Market to Reach $2.4 Billion by 2026: AMR

Growing demand for innovative diagnostic techniques and increase in awareness regarding the benefits of virtual reality technologies drives the growth of the global VR in healthcare market. North America contributed the highest share in 2018, and will maintain its dominance throughout the forecast period. The revenue generated from hospitals and clinics will be increased significantly owing to treatment of growing count of patients affected due to COVID19 and other diseases.

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Portland, OR, May 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Virtual Reality (VR) in healthcare market generated $240.9 million in 2018, and is estimated to reach $2.4 billion by 2026, registering a CAGR of 33.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

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Growing demand for innovative diagnostic techniques, surge in incidences of neurological disorders, and increase in awareness regarding the benefits of virtual reality technologies drive the growth of the global VR in healthcare market. However, data privacy concerns of the users, high cost of treatment, and lack of awareness regarding use of virtual reality technology in developing nations hinder the market growth. On the other hand, surge in usage of VR in cancer therapies and advanced dental procedures are expected to create new opportunities in the coming years.

Covid-19 scenario:

  • In late March, governments of various countries across the globe declared the lockdowns to slow down the spread of the novel coronavirus (COVID-19). Thus, industries that manufacture semiconductor devices, virtual reality devices, and sensors have shut down their operations, which declined the production of VR tools and devices for healthcare applications.
  • During the coronavirus pandemic, the revenue generated from hospitals and clinics will be increased significantly, owing to treatment of growing count of patients affected due to COVID-19 and other diseases.
  • Several VR tools and devices manufacturers across China and India have a huge opportunity to grow and generate maximum revenue as COVID-19 pandemic is receding slowly in these countries and governments are now lifting the lockdown to start the industrial activities.

The report offers detailed segmentation of the global VR in healthcare market based on product, technology, end-user, and region. On the basis of product, the VR sensors segment contributed to the largest share in 2018, accounting for nearly one-fifth of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is expected to register the highest CAGR of 33.9% from 2019 to 2026.

Based on technology, the projector and display walls segment accounted for the largest share in 2018, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, it is expected to portray the highest CAGR of 33.3% during the forecast period.

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Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 37.4% from 2019 to 2026.

Leading market players analyzed in the research include Alphabet Inc. (Google), Microsoft Corporation, Koninklijke Philips N.V. (Philips), General Electric, Firsthand Technology Inc., SyncThink Inc., EchoPixel, AppliedVR, Inc., Orca Health, Inc., and DAQRI.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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