Virtual Reality in Healthcare Market Size is set to register a lucrative CAGR from 2022 to 2028. This rise can be attributed to the extensive applicability of VR in the development of new life-saving techniques for training the doctors of the future. The technology has numerous uses in the healthcare sector such as in robotic surgeries, that can be performed with the help of robotic devices like robotic arms that are controlled by a human surgeon.
On the basis of technology, the immersive VR segment is estimated to record appreciable growth, positively influencing virtual reality in healthcare statistics over the forecast period. Immersive technologies offer the advantage of reduced costs and training budgets while maintaining the content quality. Furthermore, immersive VR helps in data capture and tracking the usage, performance, and completion of a particular procedure.
The technology is also useful in understanding the way users interact with an experience, where they succeed, and where they fail, enabling constant improvement and in-depth analysis of training materials.
Based on end-use, the virtual reality in healthcare market is expected to witness considerable proceeds from the education and training segment through 2028. This is because VR enables the examination of minute details of any part of the body in a 360 degree CGI reconstruction, fostering the creation of training scenarios that are similar to common surgical procedures.
In addition to training healthcare professionals, virtual reality also finds increasing application in patient education. The technology makes it possible to take patients through their surgical plan via 360 degree and patient-specific VR reconstruction of their pathology and anatomy. The result is higher patient satisfaction and increased understanding of the treatment.
By region, North America virtual reality in healthcare market is projected to showcase substantial growth by 2028. This upsurge is due to mounting regulatory approvals for a range of products in light of the multiple benefits of virtual reality in healthcare. For instance, in November 2021, the U.S. FDA authorized the marketing of prescription-use immersive VR system, EaseVRx. The solution deploys cognitive behavioral therapy and other behavioral methods for pain reduction in patients above the age of 18 years, who are diagnosed with chronic lower back pain.
Major companies across the virtual reality in healthcare industry include Vicarious Surgical, CyberGlove Systems, Virtalis, Virtual Realities, Philips Healthcare, Oculus VR, Qualcomm Technologies, SimX, GE Healthcare, and others. These players are focusing on the adoption of strategic initiatives such as mergers, acquisitions, and product developments for strengthening their position in the market.
For instance, in May 2021, GE Healthcare launched Xeleris V, the company’s new virtual processing and reviewing solution for providing nuclear medicine clinicians more time and greater flexibility with patients. The solution provides clinicians with secure access to data from various locations by eliminating the requirement for a standalone workstation.
A number of researchers are working on the development of innovative technologies in efforts to combat the COVID-19 pandemic. This is set to open an array of opportunities for virtual reality in the healthcare industry as the technology is beneficial for remote locations for exploring the treatment, planning, telemedicine, and controlling of infections. Additionally, VR helps in the reduction of the face to face interaction of doctors with the infected coronavirus patients, driving the technology deployment during the pandemic period.
Market, by Technology
Market, by Application
The above information is provided for the following regions and countries: