The Virtual Reality in Healthcare Market is estimated to reach USD 8.03 Billion by 2027, according to a new report by Reports and Data. This can be mainly associated with the increasing demand for innovative diagnostic techniques, neurological disorders, and increasing disease awareness. Based on statistics, advancements in the field of information technology pertaining to laptops, computers, internet connectivity, and mobile applications are significantly boosting market demand.
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Due to the constant technological upgradation of related products, the prevalence of neurological & psychological disorders, and the presence of sophisticated healthcare infrastructure, the North America region accounted for the highest market share of nearly 45% in 2019. Moreover, emerging technological advancements in information technology and government support for the integration of these technologies in the medical field contribute to the largest share of the market. Advantages such as improved flexibility and activity and the ability to deploy new applications more quickly are the major reasons for growth in this region. In the United States, organizations that have more than 100 employees are approving cloud-based applications.
Further key findings from the report suggest
- Full Immersive Virtual Reality is projected to grow at a CAGR of 16.58% during the forecast period. Different medical training institutes have combined fully immersive Virtual Reality (VR), medical data, highly advanced medical simulation technologies, to enable modern medical education and training globally. The adaptability offered by the institutions assist as a practical teaching tool today and will continue to do so in the future. This will serve as an excellent vehicle for accelerating the development to the next level of medical practice.
- APAC is estimated to register the highest CAGR of 16.6% among the leading regions during the forecast period. More institutions and organizations in the APAC region are adopting the VR approach. As a result, virtual reality has now become a favored option for modernization.
- North America is expected to reach USD 3.8 billion by 2027 due to the constant technological advancements in related products, the prevalence of neurological & psychological disorders, and the presence of sophisticated healthcare infrastructure.
- The Virtual Reality in Healthcare Market is divided into hardware and software. The hardware segment accounted for the largest market share of approximately 65% by 2019. The hardware segment is again divided into position trackers, semiconductors, and cameras, displays, and Projectors and Sensors, among others.
- The use of head-mounted displays (HMDs) for patient care management, medical training, pharmacy management, and education would be the primary driver for the growth of HMDs in virtual reality in healthcare. Head-mounted displays are gaining attention due to their applications in training, visualized data, telemedicine, simulation, video recording, and telemonitoring, among others.
- Hospitals and clinics account for the largest share of 26.1% in 2018. This segment is expected to observe an improvement with regard to the adoption of VR technology. Fundamental challenges are faced by hospitals and clinics in clinical operations management and data management due to the rising number of patients with chronic diseases and the increasing need for enhanced patient outcomes. Technological advancements will help healthcare centers enhance service quality by rendering care at low expenses and shorter time-to-service.
- The application of VR in Fitness Management is anticipated to grow at a CAGR of 16.2% during the forecast period. Research studies suggest that VR workouts are so exciting and satisfying to our brains that players are instantly shifted into immersive states that make exercising exciting and less tiring. Several companies have been trying to integrate VR into their products.
- Key participants include Microsoft, Google, Mindmaze, DAQRI, Psious, CAE Healthcare, Medical Realities, Atheer, Augmedix, Oculus VR, Firsthand Technology, Siemens Healthineers, Philips Healthcare, 3D Systems, VirtaMed, and Virtually Better.
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For the purpose of this report, Reports and Data segments the Global Virtual Reality in Healthcare Market on the basis of Component, Technology, Application, Device type, End-user, and Region:
Component Outlook (Revenue, USD Million; 2017-2027)
Technology Outlook (Revenue, USD Million; 2017-2027)
- Full Immersive Virtual Reality
- Non-Immersive Virtual Reality
- Semi-Immersive Virtual Reality
Application Outlook (Revenue, USD Million; 2017-2027)
- Patient Care Management
- Education and Training
- Fitness Management
- Pharmacy Management
End user Outlook (Revenue, USD Million; 2017-2027)
- Research and Diagnostics
- Hospitals & Clinics
- Research Organizations
- Pharmaceutical Companies
Device type Outlook (Revenue, USD Million; 2017-2027)
- Head-Mounted Display
- Gesture-Tracking Device
- Projectors and Display Units
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- South-east Asia
- Latin America
- Middle East & Africa
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