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Virtual Reality in Healthcare Market (Device - Head-mounted Displays, Smart Glasses, and Sensors; Application - Surgery, Patient Care, Education & Training, Fitness, Pharmacy Management, and Others; End User - Hospitals and Clinics, Research Organizations, Diagnostics Laboratories, Pharmaceutical Companies, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : August, 2021

  • Rep Id : HC0075

  • Category : Healthcare & Medical Devices

  • Status : Published

A recent report published by Infinium Global Research on virtual reality in healthcare market provides in-depth analysis of segments and sub-segments in the global as well as regional virtual reality in healthcare market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional virtual reality in healthcare market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of global virtual reality in healthcare market. According to the report, the global virtual reality in healthcare market is projected to grow at a CAGR of 35.28% over the forecast period of 2021-2027, growing from nearly USD 2,338 million in 2021 to about USD 14,328 million in 2027.


Virtual Reality in Healthcare Market

 

Market Insight

Virtual reality (VR) simulates the surrounding visual experience similar or different from the real world with the help of wearable devices, as well as mounted displays. VR has found numerous applications across various sectors including manufacturing, retail, and healthcare. With the help of VR, healthcare providers can streamline several functions, and improve the efficiency of healthcare professionals. Virtual reality helps patients, doctors, and healthcare workers to easily visualize certain procedures, and operate various medical devices. Healthcare professionals and patients use VR for numerous applications, including surgery, patient care, education, training, etc. Moreover, the vendors offering virtual reality solutions are developing innovative devices and systems with different features. This, in turn, is anticipated to boost the competition in virtual reality in the healthcare market.

 

Increasing the use of virtual reality to efficiently diagnose diseases is driving the growth of global VR in the healthcare market. VR is being used for a wide range of healthcare and research purposes, including detection of disease, management of chronic conditions, delivery of health services, and medical training. Moreover, the growing importance of VR in administrative workflow assistance is also driving market growth. Virtual reality in healthcare administration effectively drops administrative expenses and helping health care providers dedicate more of their limited resources to patient care. However, the higher installation cost of VR solutions and poor technological and healthcare infrastructure in developing economies is anticipated to hamper the growth of virtual reality in the healthcare market. Additionally, numerous apps that use virtual reality to offer personalized health assessments and fitness guidance are currently in demand, creating opportunities for the market players.

 

Among the regions, North America dominated the VR in the healthcare market owing to the continued American leadership in VR. The United States currently holds a slight edge over every other country, due to the deployment of a large number of VR devices in the healthcare sector. High spending on healthcare, especially in the US and Canada, is likely to supplement the growth of next-gen technologies such as VR in the region. Europe is the second-largest market in the VR in the healthcare market. The Nordic countries and the Netherlands are European pioneers in the use of VR tools in the healthcare sector. Moreover, the demand for VR devices is certainly increasing, especially in Switzerland and Spain. The Asia Pacific is the fastest-growing region for VR in the healthcare market. Explosive economic growth combined with changing demographics and shifting consumer expectations will predictably lead to significant healthcare transformation and VR adoption in this region.

 

Segment Covered

The report on global virtual reality in healthcare market covers segments such as device, application, and end user. On the basis of device, the sub-markets include head-mounted displays, smart glasses, and sensors. On the basis of application, the sub-markets include surgery, patient care, education & training, fitness, pharmacy management, and others. On the basis of end user, the sub-markets include hospitals and clinics, research organizations, diagnostics laboratories, pharmaceutical companies, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as GE Healthcare, Alphabet Inc., Microsoft Corporation, CAE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, VirtaMed, SyncThink Inc., Firsthand Technology Inc., and Orca Health, Inc..

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of virtual reality in healthcare market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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