Virtual Reality (VR) in Healthcare Market to Hit USD 25.12 Billion by 2030 due to Growing Trend for Remote Consultations and Telemedicine
Research Reports
Oct 18, 2023
Virtual Reality (VR) in Healthcare Market Overview:
As per SNS Insider’s research, the growth of Virtual Reality (VR) in Healthcare Market is underpinned by its ability to enhance patient engagement, revolutionize medical training, offer effective therapeutic interventions, provide innovative healthcare solutions, and drive groundbreaking research and development.
The SNS Insider report indicates that the virtual reality (VR) in healthcare market, valued at USD 2.42 billion in 2022, is expected to reach USD 25.12 billion by 2030, demonstrating a robust compound annual growth rate (CAGR) of 33.98% during the forecast period from 2023 to 2030.
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Major Key Players Included in the Report are:
• Samsung Electronics Co. Ltd.
• Oculus Rift
• CAE Healthcare
• EON Reality
• Koninklijke Philips N.V
• Medical Realities Ltd.
• HTC Corporation
• XRHealth USA Inc
• Sony Corporation
• Amelia
• Others
Market Report Scope
VR technology is proving to be a game-changer in pain management. Patients undergoing painful medical procedures or chronic pain conditions can now immerse themselves in virtual environments, effectively distracting them from the discomfort. Additionally, VR-based therapy is being utilized to treat various mental health issues, including anxiety disorders and post-traumatic stress disorder (PTSD). Medical professionals are using VR simulations to enhance their skills and knowledge. Surgeons can practice complex procedures in a risk-free virtual environment, allowing them to refine their techniques before performing surgeries on real patients.
Market Analysis
VR technology enables immersive experiences, allowing patients to actively participate in their own healing process. Engaging virtual reality applications are being used to manage pain, reduce anxiety, and enhance overall patient well-being. The ability to escape the confines of a hospital room and experience calming, virtual environments contributes significantly to patient satisfaction and compliance with treatment plans. VR therapy is gaining traction in various branches of healthcare, particularly in mental health treatment. Exposure therapy for phobias, PTSD treatment, and anxiety disorders are being effectively addressed using VR applications. The immersive nature of VR therapy helps patients confront and manage their fears in a controlled and supportive environment, leading to more successful therapeutic outcomes. The use of VR in healthcare research and development has accelerated the pace of medical discoveries. Researchers are utilizing VR simulations to model diseases, study their progression, and test potential treatments. All these factors to foster the virtual reality (VR) in healthcare market growth.
Market Segmentation and Sub-Segmentation Included Are:
By Component:
• Hardware
• Software
• Content
By Application:
• Pain Management
• Education & Training
• Surgery
• Patient Care Management
• Rehabilitation and Therapy Procedures
• Post-Traumatic Stress Disorder (PTSD)
By End-Use:
• Research and Diagnostics
• Laboratories
• Hospitals & Clinics
• Research Organizations
• Pharmaceutical Companies
Impact of Recession
The ongoing recession has paradoxically bolstered the growth of the virtual reality (VR) in healthcare market. The adaptability, cost-efficiency, and innovative potential of VR applications have positioned them as indispensable tools for healthcare providers navigating these challenging times. As the healthcare industry continues to evolve, the synergy between recession-induced cost considerations and the transformative power of VR technology promises a future where advanced healthcare solutions are accessible to all, irrespective of economic challenges. This unique amalgamation of economic necessity and technological innovation underscores the resilience of the healthcare sector and reaffirms the pivotal role of virtual reality in shaping its future.
Impact of Russia-Ukraine War
The Russia-Ukraine conflict poses significant challenges to the virtual reality (VR) in healthcare market. The conflict has disrupted the supply chains of VR hardware components, leading to shortages and price fluctuations. This challenge directly affects healthcare institutions relying on VR technology for medical training, therapy, and surgical simulations. However, with physical movement restricted in conflict zones, there is a growing emphasis on telemedicine. VR technology can bridge the gap by enabling immersive virtual consultations, creating opportunities for VR healthcare solutions providers. Companies in the VR healthcare sector may adapt by exploring new partnerships, diversifying supply chains, and investing in research to create more resilient and cost-effective VR solutions.
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Key Regional Development
North America stands at the forefront of the virtual reality (VR) in healthcare market. The region’s advanced healthcare infrastructure and technological expertise have paved the way for pioneering VR applications. Europe has emerged as a hub for VR-driven therapeutic interventions. Healthcare professionals in countries like the United Kingdom, Germany, and the Netherlands are increasingly adopting VR solutions for pain management, physical rehabilitation, and post-traumatic stress disorder (PTSD) treatments. The Asia-Pacific region is witnessing rapid adoption of VR in healthcare, driven by a burgeoning population and rising healthcare needs. Countries like China, Japan, and South Korea are investing heavily in VR technology to address healthcare challenges.
Key Takeaway from Virtual Reality (VR) in Healthcare Market Study
• The pain management segment has emerged as a frontrunner, revolutionizing the way patients perceive and cope with pain. Virtual reality is redefining pain management techniques, providing patients with immersive and interactive experiences that distract them from their pain, enhance relaxation, and facilitate faster recovery.
• The research and diagnostics segment is also making significant strides in the virtual reality landscape within the healthcare industry. Researchers and diagnosticians are leveraging VR technology to enhance medical training, diagnostics, and research methodologies, leading to more accurate diagnoses and improved patient outcomes.
Recent Developments Related to Virtual Reality (VR) in Healthcare Market
• Two prominent companies, XRHealth and Amelia Virtual Care, have recently announced their merger. This strategic alliance aims to revolutionize the healthcare sector by combining cutting-edge VR technology with innovative healthcare solutions. The decision to merge was driven by the shared vision of both companies, aiming to create a seamless blend of immersive VR experiences and advanced healthcare services.
• Accenture has recently announced a strategic investment in BehaVR, a pioneering company at the forefront of virtual reality-based mental and behavioral healthcare solutions. This collaboration aims to revolutionize the accessibility and effectiveness of mental health treatments using cutting-edge virtual reality (VR) technology.
Table of Contents – Major Key Points
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1. COVID-19 Impact Analysis
4.2. Impact of Ukraine- Russia war
4.3. Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Virtual Reality (VR) in Healthcare Market Segmentation, By Component
9. Virtual Reality (VR) in Healthcare Market Segmentation, By Application
10. Virtual Reality (VR) in Healthcare Market Segmentation, By End-Use
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
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