Virtual Reality in Healthcare Market to Grow at a CAGR of 42.0%
Virtual Reality in Healthcare Market is thriving owing to the increased penetration of connected devices in healthcare, growing awareness of virtual reality exposure therapy in developed countries, introduction of unconventional healthcare accessories and gadgets supported by virtual reality, and increasing application of virtual reality in patient care.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Virtual Reality in Healthcare Market is projected to grow at a CAGR of 42.0%, earning revenues of around USD 5.32 billion by the end of 2028. The Global Virtual Reality in Healthcare Market is booming owing to some of the fundamental factors expected to drive the growth and adoption of augmented reality (AR) and virtual reality (VR) technologies in the healthcare industry including technological advancements and digitalization in healthcare, favorable government initiatives, rising healthcare expenditure, increasing usage in surgical procedures, and medical training. These technologies have a wide range of applications in healthcare, such as surgery, diagnostics, rehabilitation, training, and education. However, a lack of awareness of virtual reality exposure therapy in developing countries, in turn, may act as a huge restraining factor for the market growth.
Improvements in the Surgeon's Ability
Enhancements in the surgeon’s ability to diagnose and perform surgery may contribute to the growth of Augmented Reality in the Healthcare Market. Recent advancements in medical imaging technology, combined with rising demand for virtual reality in the healthcare industry, are significant driving factors for AR in the healthcare market. The increased availability of real-time data, as well as faster disease diagnosis and treatment, are expected to drive the growth of augmented reality in the healthcare market. Furthermore, the surgeon has access to 2D and 3D reconstructed images, which can be useful during ongoing surgery. As a result, the Global Virtual Reality in Healthcare Market is predicted to develop at a significant rate during the forecast period (2022-2028).
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Wearable Healthcare Technology is in High Demand
Another factor expected to fuel market revenue growth during the forecast period is the rising trend of wearable technologies in healthcare. The increased use of wearables in healthcare is a recent market development due to their benefits. Wearable technology has emerged as a very useful tool for monitoring patient health in the healthcare industry. Body sensors are one of the most common types of wearable technology. They can track a variety of illnesses by being implanted within or on the body, including blood pressure, heart function, stomach stimulation, and others.
Challenge: Lack of Training for Medical Professionals to Adopt VR
Lack of adequate training for medical professionals to adopt VR is a significant factor that is anticipated to impede the market growth. Medical professionals who want to use virtual reality must learn how to use the controls in the environment. Complex controllers that are difficult to use may be required by complex software. Because it can be time-consuming and challenging to learn how to use VR for healthcare, not enough medical professionals with the required training have embraced the use of VR. The inability of VR controllers to mimic human fine motor skills is a significant disadvantage of using VR in the healthcare sector.
Segmental Coverage
Global Virtual Reality in Healthcare Market – By Application
Based on application, the Global Virtual Reality in Healthcare Market is segmented into Pain Management, Education and Training, Surgery, Patient Care Management, Rehabilitation and Therapy Procedures, and Others (Post-Traumatic Stress Disorder (PTSD) and Others). A greater revenue share is anticipated for the surgery over the forecast period. This is because more and more surgical procedures are using virtual reality (VR), which offers a three-dimensional view of a patient's anatomy and physiology. The likelihood that difficult VR procedures will be successful when performed rises with planning and practice. Therefore, it enhances safety by lessening the possibility of surprises. Surgical robots, which use a robotic arm that is controlled by a surgeon at a console, also require VR. A camera that is inserted inside the body to provide a view of the area being operated on is essential to the procedure. During surgery, input from the tactile and sensory systems is essential, and
Impact of COVID-19 on Global Virtual Reality in Healthcare Market
Numerous original equipment manufacturers have been impacted by the economic crisis and lockdown brought on by the COVID-19 pandemic. Throughout the year, many suppliers encountered significant resource limitations in their logistics and material supply chains, which had a noticeable negative impact on their operations. Additionally, the India Brake pad Market is significantly impacted by supply chain disruptions. The market, on the other hand, is improving and is probably going to go back to normal as government aid increases. The market is anticipated to grow between 2022 and 2028 as a result of some regions' quickening rates of economic recovery and rising sales of electric vehicles. which was expected to lead to an increase in demand for brake pads.
Competitive Landscape
The leading market players in the Global Virtual Reality in Healthcare Market are Bioflight VR, CAE, Eon Reality, Inc, GE Healthcare, HTC Corporation, Intuitive Surgical, Koninklijke Philips N.V., Layar, Medical Realities Ltd., Mindmaze, Oculus Rift, Psious, Samsung Electronics Co. Ltd., Siemens Ltd, Sony Corporation, TheraSim Inc, WorldViz, XRHealth USA Inc., and other prominent players. The Global Virtual Reality in Healthcare Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Virtual Reality in Healthcare Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Virtual Reality in Healthcare Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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