The Worldwide Virtual Reality in Healthcare Industry is Expected to Reach $22.5 Billion by 2030

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Nov 08, 2022, 06:30 ET

DUBLIN, Nov. 8, 2022 /PRNewswire/ -- The "Virtual Reality in Healthcare Market By Component, By Technology, By Application, By End-Use and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global virtual reality (VR) in healthcare market size is expected to reach USD 22507.6 Million in 2030 and register a revenue CAGR of 38.0% over the forecast period, according to the latest report. Increasing adoption of VR technology in the healthcare sector to provide better patient care and diagnosis is driving market growth. The use of VR for surgical training, anatomy learning, pain management, and rehabilitation is providing several opportunities for market players operating in the industry.

The healthcare industry has been one of the early adopters of virtual reality technology. The technology has been used in the healthcare sector for several years now and has found applications in various areas such as surgical training, anatomy learning, pain management, and rehabilitation. The use of VR technology in the healthcare sector is expected to grow at a rapid pace in the coming years due to the increasing adoption of VR headsets and other VR devices by healthcare professionals.

VR training enlightens aspiring doctors and surgeons with a chance to practice on life-like models of human anatomy and organs, in an immersive 3D environment. Surgeons can use VR training to enhance their skills for performing delicate procedures. A study conducted by Stanford University School of Medicine revealed that surgeons who underwent virtual reality simulation for just two hours had a decrease in the rate of complications by 50% and an overall decrease in the number of errors made by 36%.

VR is increasingly being used for training surgeons as it offers a realistic environment for practicing surgery. It allows surgeons to get a feel for the procedure before actually performing it on patients. This is helping in reducing surgical errors and complications. Moreover, VR can also be used for pain management during and after surgery. This is expected to fuel the growth of the VR in healthcare market during the forecast period.

Today, healthcare providers are offering new and improved treatments to their patients with the help of VR technology. For instance, pain management is one of the most difficult things to deal with in healthcare. In 2017, a team of researchers from Stanford University developed a VR game that helped patients with chronic pain to reduce their pain by 50%. The VR game worked by distracting the patient's attention from the pain.

Some Key Highlights from the Report

In terms of product type, the global VR in healthcare market has been segmented into VR headsets, VR simulators, and VR software. Among these, the VR headsets segment is expected to grow at the fastest pace in the coming years due to the increasing adoption of VR headsets by healthcare professionals for various applications such as surgical training and anatomy learning.
In terms of application, the global VR in healthcare market has been segmented into surgical training, anatomy learning, pain management, and rehabilitation. Among these, the surgical training application segment is expected to grow at the fastest pace in the coming years due to the increasing use of VR technology for surgical training by healthcare professionals. Also, the rising number of partnerships and collaborations between various market players and healthcare organizations is projected to further drive the growth of this application segment in the coming years.
In terms of end-use, the global VR in healthcare market has been segmented into hospitals and clinics, research and development centers, and academic and training institutes. Among these, the hospitals and clinics segment is expected to grow at the fastest pace in the coming years due to the increasing number of surgeries being performed using VR technology. Also, VR is being used for preoperative planning by surgeons to provide them with a better understanding of the patient's anatomy.
Hospitals and clinics segment is expected to grow at the fastest pace in the coming years due to the increasing number of surgeries being performed using VR technology. Also, VR is being used for preoperative planning by surgeons to provide them with a better understanding of the patient's anatomy. This is expected to boost the growth of the VR in healthcare market during the forecast period.
In terms of region, the global VR in healthcare market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America is expected to dominate the market in the coming years due to the increasing adoption of VR technology in the healthcare sector in the region.
Companies profiled in the global market report include Samsung Group, Microsoft Corporation, Alphabet Inc., Koninklijke Philips N.V, Meta Platforms, Inc., Apple, Inc., Nvidia Corporation, Advanced Micro Devices, Inc., VirtaMed AG, and WorldViz Inc.

Key Topics Covered:

Chapter 1. Market Synopsis

Chapter 2. Executive Summary

Chapter 3. Indicative Metrics

Chapter 4. Virtual Reality in Healthcare Market Segmentation & Impact Analysis
4.1. Virtual Reality in Healthcare Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing adoption of connected devices in the healthcare sector
4.2.2.2. Increased investment in the healthcare VR
4.2.2.3. Increasing need to reduce healthcare costs
4.2.2.4. Rise in incidences of neurological disorders
4.2.2.5. Increase in number of VR based startups
4.2.2.6. Increasing trend of wearable technologies in healthcare
4.2.2.7. Rising adoption in patient treatment
4.2.2.8. Improved pain management
4.2.3. Market restraints analysis
4.2.3.1. Lack of competence in deployment of the VR solutions
4.2.3.2. Lack of adequate training for medical professionals to adopt VR
4.2.3.3. Data privacy concerns of the users
4.2.3.4. Technological limitations
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis
4.9. Customer Mapping
4.10. COVID-19 Impact Analysis
4.11. Global Recession Influence

Chapter 5. Virtual Reality in Healthcare Market By Component Insights & Trends

Chapter 6. Virtual Reality in Healthcare Market By Technology, Insights and Trends

Chapter 7. Virtual Reality in Healthcare Market By Application Insights & Trends

Chapter 8. Virtual Reality in Healthcare Market By End-Use Insights & Trends

Chapter 9. Virtual Reality in Healthcare Market Regional Outlook

Chapter 10. Competitive Landscape
10.1. Market Revenue Share By Manufacturers
10.2. Manufacturing Cost Breakdown Analysis
10.3. Mergers & Acquisitions
10.4. Market positioning
10.5. Strategy Benchmarking
10.6. Vendor Landscape

Chapter 11. Company Profiles
11.1. Microsoft
11.1.1. Company Overview
11.1.2. Financial Performance
11.1.3. Technology Insights
11.1.4. Strategic Initiatives
11.2. Alphabet
11.2.1. Company Overview
11.2.2. Financial Performance
11.2.3. Technology Insights
11.2.4. Strategic Initiatives
11.3. General Electric
11.3.1. Company Overview
11.3.2. Financial Performance
11.3.3. Technology Insights
11.3.4. Strategic Initiatives
11.4. Koninklijke Philips N.V.
11.4.1. Company Overview
11.4.2. Financial Performance
11.4.3. Technology Insights
11.4.4. Strategic Initiatives
11.5. SyncThink Inc.
11.5.1. Company Overview
11.5.2. Financial Performance
11.5.3. Technology Insights
11.5.4. Strategic Initiatives
11.6. Firsthand Technology Inc.
11.6.1. Company Overview
11.6.2. Financial Performance
11.6.3. Technology Insights
11.6.4. Strategic Initiatives
11.7. AppliedVR Inc.
11.7.1. Company Overview
11.7.2. Financial Performance
11.7.3. Technology Insights
11.7.4. Strategic Initiatives
11.8. EchoPixel
11.8.1. Company Overview
11.8.2. Financial Performance
11.8.3. Technology Insights
11.8.4. Strategic Initiatives
11.9. DAQRI
11.9.1. Company Overview
11.9.2. Financial Performance
11.9.3. Technology Insights
11.9.4. Strategic Initiatives
11.10. Orca Health
11.10.1. Company Overview
11.10.2. Financial Performance
11.10.3. Technology Insights
11.10.4. Strategic Initiatives