VR in Healthcare Market is expected to display a steady growth of 35% due to the rise in research & development activities for new technologies | UnivDatos Market Insights

NOIDA, India, Feb. 20, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the VR in Healthcare Market was valued at more than USD 400 million in 2020 and is expected to grow at a CAGR of around 35% from 2022-2028. The analysis has been segmented into Components (Hardware and Software); Application (Pain Management, Education and Training, Surgery, Patient Care Management, Rehabilitation and Therapy Procedures, and Others); End-User (Hospitals, Clinics & Surgical Centers, Research Organizations & Pharma Companies, Government & Defense Institutions, and Research & Diagnostics Laboratories); Region/Country.

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The VR in healthcare market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the VR in healthcare market. The VR in healthcare market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the VR in healthcare market at the global and regional levels.

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Market Overview

Virtual Reality (VR) is the use of computer technology to create a simulated environment and it is also an all-enveloping artificial and fully immersive experience that obscures the natural world. VR technology is a growing force beyond entertainment and an important tool in the medical sector, education, science, commerce, manufacturing, and more.

Virtual reality (VR) technology is very useful for surgeons and other healthcare professionals for better diagnostic & treatment facilities. Major factors such as increased precision and accuracy during surgical procedures, better visibility & access provided to the physician, accurate diagnosis of the disease condition, suitable selection of line of treatment, and digitalization in the healthcare sector will be driving the growth of the market during the forecast period. For instance, in March 2021, AppliedVR, based in Los Angeles, raised USD 29 million to create pain-relieving digital treatment using virtual reality technology. It saw a 42% reduction in severe pain in the studies.

Some of the major players operating in the market include Koninklijke Philips N.V., SAMSUNG, EON Reality, CAE Inc., EchoPixel, Medical Realities Ltd., XRHealth USA INC., PSICO SMART APPS, S.L., HTC Corporation, Sony Corporation 

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. During the pandemic, the need for virtual reality technologies in the healthcare business increased owing to a sudden surge in demand for rapid digitalization, training of healthcare experts, and an increase in adoption by the healthcare sector during the pandemic situation.

The global VR in healthcare market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• Based on application, the market is segmented into pain management, education and training, surgery, patient care management, rehabilitation and therapy procedures, and others. The pain management category is to witness robust CAGR during the forecast period. Virtual reality (VR) has been used to manage pain and distress associated with a wide variety of known painful medical procedures. In clinical settings and experimental studies, participants immersed in VR experience reduced levels of pain, and general distress/unpleasantness and report a desire to use VR again during painful medical procedures.
• On the basis of end-user, the market is categorized into hospitals, clinics & surgical centers, research organizations & pharma companies, government & defense institutions, and research & diagnostics laboratories. Among these, hospitals, clinics & surgical centers held a significant share of the market in 2020. This is mainly due to the Increasing adoption of connected devices in the healthcare sector, rising demand for these VR technologies for accuracy, training for medical professionals and better treatment in hospitals, and increasing cases of cancer, neurological diseases, and complicated surgical procedures. For instance, in 2020, VR raised funds of about 14 million U.S. dollars for developing medical and surgical devices that are virtual reality-based and providing training modules for medical devices.

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VR in Healthcare Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increased use of innovative technologies, financial support for R&D, and helpful government initiatives. The U.S. government's National Institute of Health is providing funding for virtual reality research with a focus on healthcare. Furthermore, due to rising pressure from payers and healthcare providers to lower treatment costs, there is an increase in North America in the outsourcing of healthcare IT services. This factor has positively impacted the growth of the market for virtual reality in healthcare in the region.

The major players targeting the market include

• Koninklijke Philips N.V.
• SAMSUNG
• EON Reality
• CAE Inc.
• EchoPixel
• Medical Realities Ltd.
• XRHealth USA INC.
• PSICO SMART APPS, S.L.
• HTC Corporation
• Sony Corporation

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the VR in healthcare market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the VR in healthcare market?
• Which factors are influencing the VR in Healthcare Market over the forecast period?
• What are the global challenges, threats, and risks in the VR in healthcare market?
• Which factors are propelling and restraining the VR in healthcare market?
• What are the demanding global regions of the VR in healthcare market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.

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VR in Healthcare Market Report Coverage

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UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.

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