According to the latest report by IMARC Group, titled “Virtual Reality (VR) in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global virtual reality (VR) in healthcare market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global virtual reality (VR) In healthcare market size reached US$ 657.0 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 3,366.1 Million by 2028, exhibiting a growth rate (CAGR) of 29.5% during 2023-2028.
Virtual reality (VR) is utilized in healthcare as a diagnostic tool that allows surgeons and doctors to reach a diagnosis in confluence with other methods, such as magnetic resonance imaging (MRI). This approach involves expertise training, enabling the use of minimally invasive surgery, simulation, and eliminating the need for invasive procedures. The utilization of virtual reality (VR) headsets assists patients in dealing with depression and mental health issues in real-time, making them feel safer and more comfortable. A combination of wearable devices and virtual reality allows doctors and patients to communicate from anywhere while assessing medical progress in real-time. This technology is mainly used for remote telesurgeries and robotic surgeries. As a result, virtual reality (VR) in healthcare finds widespread applications in planning, diagnosing, and treating autism, depression, phobia, and addiction.
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Market Trends
The extensive utilization of connected devices in the medical industry is among the primary factors driving the virtual reality (VR) in healthcare market. Besides this, continual advancements in dependable medical hardware and software development are further augmenting the market growth. Moreover, the incorporation of virtual reality (VR) and augmented reality (AR) with intricate healthcare procedures, including pain management, social cognition training, and damage evaluation and rehabilitation, is also catalyzing the global market. Apart from this, the escalating incidences of health disorders among the masses, particularly the geriatric population, are acting as significant growth-inducing factors. Additionally, the launch of innovative mobile applications and telemedicine, the inflating medical expenditure, and the extensive research and development (R&D) activities are also stimulating the market growth. Furthermore, the introduction of smart wearable devices, such as rings, fit bands, fitness trackers, goggles, and headsets, is anticipated to propel the virtual reality (VR) in healthcare market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
AppliedVR Inc., EchoPixel Inc., EON Reality, Firsthand Technology Inc., ImmersiveTouch Inc., Koninklijke Philips NV, Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, SyncThink Inc., Virtually Better Inc. and XRHealth. .
Report segmentation:
The report has been segmented the market into following categories:
Breakup by Component:
- Hardware
- Software and Services
Breakup by Technology:
- Head-Mounted
- Gesture-Tracking
- Projector and Display Walls
Breakup by Product:
- VR Semiconductor Components
- VR Devices
- VR Sensors
- Others
Breakup by Application:
- Pain Management
- Medical Training and Education
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others
Breakup by End User:
- Hospitals and Clinics
- Research Laboratories
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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