Virtual Reality In Healthcare Global Market Report 2024

Virtual reality (VR) refers to an artificial environment generated through software, presented to users in a manner that convinces them to perceive it as a real setting.

In the healthcare sector, virtual reality comprises two main components, hardware and software. The hardware segment includes headsets, goggles, and additional accessories utilized in healthcare facilities for purposes such as medical training and conducting virtual surgeries. These devices aim to immerse users in a 3D environment. VR in healthcare utilizes technologies such as full-immersive virtual reality, non-immersive virtual reality, and semi-immersive virtual reality, incorporating various device types like head-mounted displays, gesture-tracking devices, projectors, and display units. Its applications span research and diagnostics, laboratories, hospitals, clinics, pharmaceutical companies, and more, with uses in patient care management, education and training, fitness management, pharmacy, surgery, and other areas.

The virtual reality in healthcare market research report is one of a series of new reports that provides statistics on virtual reality in the healthcare market, including global market size, regional shares, competitors with a virtual reality in healthcare market share, detailed virtual reality in healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the virtual reality in healthcare industry. This virtual reality in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The virtual reality in healthcare market size has grown exponentially in recent years. It will grow from $2.94 billion in 2023 to $4.26 billion in 2024 at a compound annual growth rate (CAGR) of 44.9%. The increase observed in the historical period can be ascribed to factors such as the escalation of chronic diseases, the advancement of pain management and distraction therapy, the prevalence of telemedicine and remote consultations, the adoption of a patient-centric healthcare approach, and the growing acceptance among healthcare professionals.

The virtual reality in healthcare market size is expected to see exponential growth in the next few years. It will grow to $19.46 billion in 2028 at a compound annual growth rate (CAGR) of 46.2%. The expansion anticipated in the forecast period is linked to factors such as remote training and simulation, integration with wearable devices, real-time surgical assistance, immersive therapy for neurological disorders, and the broadening applications in medical training. Key trends expected in the forecast period involve progress in VR technology, AI integration for personalized treatment, improved visualization in medical imaging, VR-based preoperative planning, and the establishment of virtual health communities.

The increasing prevalence of neurological disorders is propelling the expansion of the virtual reality in the healthcare market. Neurological disorders, including Alzheimer’s disease, Parkinson’s disease, dementia, multiple sclerosis, and migraines, impact the central nervous system. Immersive Virtual Reality (VR) technology is proving beneficial for developing applications to treat these disorders. Virtual Reality in Neurology is cost-effective, patient-friendly, and applicable to both normal and pathological aging. It offers ecological validity not provided by standard neuropsychological tests. For example, the World Health Organization (WHO) reported in February 2022 that epilepsy affects around 50 million people globally, making it one of the most prevalent neurological conditions. Over 80% of those affected reside in low- and middle-income nations. Consequently, the increasing incidence of neurological disorders is expected to drive the growth of virtual reality in the healthcare sector.

The surge in digital healthcare is anticipated to be a driving force behind the growth of virtual reality in the healthcare market. Digital healthcare, also known as eHealth, involves leveraging information technology, digital tools, and electronic systems to enhance healthcare service delivery, management, and monitoring. Virtual reality is utilized in digital healthcare for advanced medical training, therapeutic options, pain management, and cognitive rehabilitation. OECD i Library reported in 2021 that on average, 93% of primary care practices across 24 OECD countries use Electronic Medical Records (EMRs), showcasing the increasing adoption of digital healthcare. Consequently, the rise in digital healthcare is expected to foster the growth of virtual reality in the healthcare industry.

Technological advancements play a pivotal role in shaping the virtual reality landscape in the healthcare market. Key players in the virtual reality healthcare sector are concentrating on developing innovative technological solutions to strengthen their market position. In March 2021, the UK's National Health Service (NHS) introduced a free treatment plan utilizing virtual reality technology to assist individuals with trypanophobia (fear of needles) in overcoming their fears during vaccinations. This plan incorporates learning exercises and breathing techniques to help patients train their brains and alleviate anxiety associated with needle-related procedures.

Strategic partnerships are a prevalent approach among major companies operating in the virtual reality healthcare industry to deliver essential services to individuals, businesses, and governments. Strategic partnerships involve companies leveraging each other’s strengths and resources for mutual benefits and success. For instance, in April 2023, Vuzix, a US-based smart eyewear manufacturer, partnered with VSee, a US-based software developer, to develop smart glasses for the telemedicine industry. This collaboration aims to enhance precision, save time and costs for medical practitioners, and facilitate knowledge sharing when needed.

In January 2021, Hologic Inc., a US-based healthcare technology company, acquired Biotheranostics for an undisclosed amount. This acquisition enabled Hologic Inc. and Biotheranostics to combine their capabilities and expertise in oncology diagnostics and advanced women's health diagnostics. The acquisition aimed to advance Hologic's presence in additional areas of oncology, complementing its existing efforts in cancer and women's health. Biotheranostics is a US-based medical technology company.

Major companies operating in the in the virtual reality in healthcare market report are SAMSUNG Electronics Co. Ltd., Atheer Inc., Augmedix Inc., Firsthand Technology Inc., Microsoft Corporation, Medical Realities Ltd., MindMaze, Medtronic Inc., Siemens Healthineers AG, Hologic Inc., Oculus VR (Meta Platforms Inc. ), Wipro GE Healthcare Pvt Ltd, Orca Health Inc., Koninklijke Philips N. V., HTC Corporation, Sony Corporation, EON Reality Inc., XRHealth Inc., DAQRI LLC, Psious S. L., Appello Software Inc., HypnosVR Inc., Fusion VR LLC, Sapizon Technologies Pvt. Ltd., Lucid Reality Labs Inc., Room 505 Inc., VR Simulators Inc., CAE Healthcare Inc., Groove Jones LLC, Google LLC

North America was the largest region in the virtual reality in healthcare market in 2023. The regions covered in the virtual reality in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the virtual reality in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The virtual reality in the healthcare market includes revenues earned by entities by offering 3D environment to create more impactful visual experiences of space and human anatomy, lowering medical costs, decreasing traumatic events, and improving outcomes. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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