December 14, 2020
According to the research report titled ‘Global Virtual Reality (VR) in Healthcare Market Size study, by Technology (Full Immersive VR, Semi-Immersive VR, Non- Immersive VR), by Component (Hardware, Software), by Application (Surgery Simulation, Tele-Surgery, Robotic Surgery, Visualization and Rehabilitation, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global virtual reality (VR) in healthcare market was worth USD 2.2 billion in 2019 and is anticipated to record a 42.4% CAGR during 2020-2027.
Growing cases of neurological disorders, surging demand for innovative diagnostic techniques, and increasing investment by organizations in healthcare VR are the key factors driving the growth of global virtual reality (VR) in healthcare market.
For those unversed, virtual reality (VR) refers to virtual environment generated by computer to offer realistic sensory experience to the person using it. The VR technology has developed as a top innovation in the healthcare sector in the recent years. It can create 3D environment through which an individual can manipulate virtual objects and perform tasks.
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Notably, VR technologies are largely adopted in medical education and training institutions owing to their 360-degree video and 3D collaborative content to develop finest learning programs for physicians and students. In addition, several healthcare organizations have started deploying VR in their operations to ensure efficiency and precision, which is further augmenting global virtual reality (VR) in healthcare industry share.
Despite the favorable scenario, hefty cost of VR technology, and lack of experienced professionals are likely to impede global virtual reality (VR) in healthcare industry expansion over the estimated timeframe.
Yet again, the COVID-19 outbreak has a positive impact on the market, owing to boosted demand for healthcare VR technology for its ability to aid patients process the emotional aspects of traumatic memories and understand beneficial resources to handle stressors associated with COVID-19.
Considering the geographical terrain, worldwide virtual reality (VR) in healthcare market sphere is bifurcated into Asia Pacific, North America, Latin America, Europe, and Rest of the World. As per the report, North America currently holds a significant market share and is posed to accrue modest gains over the study period, on account of prevalence of manufacturers in the region, and prompt adoption of technologically advanced products linked with VR.
On the other hand, Asia Pacific virtual reality (VR) in healthcare industry is slated to grow substantially through 2027, owing to growing government initiatives for adoption of advanced & digital technologies for improved medical results, and increasing pervasiveness of neurological & psychological diseases.
Major contenders impacting global virtual reality (VR) in healthcare market dynamics are Samsung Healthcare, Vuzix Corporation, Brainlab AG, WorldViz LLC, Mimic Technologies Inc., Qualcomm Technologies Inc., Virtual Realities Ltd., GE Healthcare, CAE Healthcare Inc., and Virtalis Ltd.