The global VR in healthcare market was valued at $240.91 million in 2018 and is projected to reach $2,383.68 million by 2026, registering a CAGR of 33.18% from 2019 to 2026. Virtual reality is one of the current trends in the fields of healthcare and medicine. It reality is the creation of computer generated simulated virtual environment to provide real-life sensory experience to the person. It creates a highly immersive, visual and three-dimensional environment, in which an individual is able to manipulate virtual objects and perform a series of tasks. The environment is either of real or simulated world, in which an individual is able to feel and interact with the objects and characters. Virtual treatment has certain advantages over conventional methods of treatment such as virtual treatment often eliminates the use of drugs and complex invasive surgical procedures for treatment; thus, saving the cost and time.
The major factors that drive the growth of the global virtual reality in healthcare market include rise in incidences of neurological disorders, increase in demand for innovative diagnostic techniques, and increase in awareness regarding the benefits of VR technologies. Moreover, recent advancement in the field of information technology such as advanced computer, laptop, internet connectivity, and mobile applications further fuel market growth. However, high cost of treatment, data privacy concerns of the users, and inaccessibility to virtual reality technology in developing economies are expected to hinder market growth.
The global virtual reality in the healthcare market is segmented on the basis of technology, product, end user, and region. On the basis of technology, the market is segmented into head-mounted, gesture-tracking, and projector & display walls. The market, on the basis of product segmented into VR semiconductor components, VR devices, VR sensors, and others. Based on end user, the VR in healthcare market is categorized into hospitals & clinics, research laboratories, and other end users. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the strategies adopted by top industry players include new product launches. For instance, recently in 2019, AT&T and VITAS Healthcare launched a study combining 5G with virtual reality to help reduce anxiety and chronic pain for hospice patients. The report provides a comprehensive analysis of the key players operating in the global VR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Product
By Technology
By End User
By Region
KEY MARKET PLAYERS
The major factors that drive the growth of the global virtual reality in healthcare market include rise in incidences of neurological disorders, increase in demand for innovative diagnostic techniques, and increase in awareness regarding the benefits of VR technologies. Moreover, recent advancement in the field of information technology such as advanced computer, laptop, internet connectivity, and mobile applications further fuel market growth. However, high cost of treatment, data privacy concerns of the users, and inaccessibility to virtual reality technology in developing economies are expected to hinder market growth.
The global virtual reality in the healthcare market is segmented on the basis of technology, product, end user, and region. On the basis of technology, the market is segmented into head-mounted, gesture-tracking, and projector & display walls. The market, on the basis of product segmented into VR semiconductor components, VR devices, VR sensors, and others. Based on end user, the VR in healthcare market is categorized into hospitals & clinics, research laboratories, and other end users. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the strategies adopted by top industry players include new product launches. For instance, recently in 2019, AT&T and VITAS Healthcare launched a study combining 5G with virtual reality to help reduce anxiety and chronic pain for hospice patients. The report provides a comprehensive analysis of the key players operating in the global VR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a detailed quantitative analysis of the current market trends and future estimations from 2019 to 2026, which assists to identify the prevailing market opportunities.
- An in-depth analysis of various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders to formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the growth of the global AR in healthcare market is provided.
- An extensive analysis of various regions provides insights that allow companies to strategically plan their business moves.
KEY MARKET SEGMENTS
By Product
- VR Semiconductor Components
- VR Devices
- VR Sensors
- Others
By Technology
- Head-Mounted
- Gesture-Tracking
- Projector & Display Walls
By End User
- Hospitals and Clinics
- Research Laboratories
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Spain
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- India
- China
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Microsoft Corporation
- Alphabet Inc. (Google)
- General Electric
- Koninklijke Philips N.V. (Philips)
- SyncThink Inc.
- Firsthand Technology Inc.
- AppliedVR, Inc.
- EchoPixel
- DAQRI
- Orca Health, Inc.
Frequently Asked Questions about the Global VR in Healthcare Market
What is the estimated value of the Global VR in Healthcare Market?
What is the growth rate of the Global VR in Healthcare Market?
What is the forecasted size of the Global VR in Healthcare Market?
Who are the key companies in the Global VR in Healthcare Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 201 |
| Published | April 2020 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 240.91 million |
| Forecasted Market Value ( USD | $ 2383.68 million |
| Compound Annual Growth Rate | 33.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Vr in Healthcare Market, by Technology
Chapter 5: Vr in Healthcare Market, by Product
Chapter 6: Vr in Healthcare Market, by End-user
Chapter 7: Global Vr in Healthcare Market, by Region
Chapter 8: Company Profiles
Executive Summary
According to the report titled, 'VR in Healthcare Market by Product, Technology, and End User: Opportunity Analysis and Industry Forecast, 2019-2026” the global VR in healthcare market was valued at $0.24 billion in 2018 and is projected to reach $2.38 billion by 2026, registering a CAGR of 33.18% from 2019 to 2026.VR in healthcare is responsible for transforming the medical sector by overlaying the digital information onto the real-world scenarios. VR applications allow the learners the ability to visualize and interact simultaneously with three-dimensional representations of the body. Currently, virtual reality is used in vein visualization for eliminating the pain caused due to injection and blood taken.
The factors that drive the growth of the VR in healthcare include increase in usage of virtual reality in diagnostic imaging, rehabilitation, and surgical simulation along with rise in number if VR start-ups across the globe. In addition, growth in private and public investments for developing VR technologies in healthcare is expected to propel the growth of VR in healthcare market. However, data privacy concerns of the technology users are anticipated to hamper the growth of the VR in healthcare market.
The VR in healthcare market is classified based on technology, product type, end-user and region. Based on technology, the market is divided into head-mounted, gesture-tracking, and projector & display walls. The projector & display walls segment is currently dominating the global VR in healthcare market and is expected to remain dominant during the forecast period, owing to increase in usage and convenience of the projector & display walls such as touch screen devices, tablets, smart phones, and monitors, among others. However, the head mounted technology segment is projected to witness significant growth due to increase in demand for head-mounted devices in the fields of medicine and research.
Based on product type, the global VR in healthcare market is categorized into VR semiconductor components, VR devices, VR sensors, and others. The VR sensors segment was the major contributor in 2018 and is anticipated to continue this trend during the forecast period due to increase in usage of sensors in movement and gesture tracking in several cancer and neurological surgeries. Based on end user, the hospitals and clinics segment is the highest revenue contributor, owing to growth in adoption of VR in medical training and education.
The report provides a comprehensive analysis of the key players operating in the global VR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc., among others.
Key Findings Of The Study
By product, the VR semiconductor components segment occupied 12.25% share of the VR in healthcare market in 2018.
By technology, head mounted technology segment is anticipated to grow with the highest CAGR throughout the forecast period.
The hospital and clinics segment accounted for 57.7% share of the market in 2018
Companies Mentioned
- Microsoft Corporation
- Alphabet Inc. (Google)
- General Electric
- Koninklijke Philips N.V. (Philips)
- SyncThink Inc.
- Firsthand Technology Inc.
- AppliedVR Inc.
- EchoPixel
- DAQRI
- Orca Health Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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