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Virtual Reality (VR) in Healthcare Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A6324
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Market Overview:
The global virtual reality (VR) in healthcare market size reached US$ 657.0 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 3,366.1 Million by 2028, exhibiting a growth rate (CAGR) of 29.5% during 2023-2028.
In healthcare, virtual reality (VR) is used as a diagnostic tool that allows doctors and surgeons to reach a diagnosis in conjunction with other methods, such as magnetic resonance imaging (MRI). This approach involves simulation, expertise training, enabling the use of minimally invasive surgery and eliminating the need for invasive procedures. The utilization of virtual reality headsets assists patients in dealing with mental health issues and depression in real time, making them feel safer and more comfortable. Additionally, a combination of wearable gadgets and virtual reality allows patients and doctors to communicate from anywhere while evaluating medical progress in real-time. This technology is mostly used for robotic surgeries and remote telesurgeries. Apart from this, virtual reality in healthcare is widely used to plan, diagnose, and treat phobia, autism, depression, and addiction.
Virtual Reality (VR) in Healthcare Market Trends:
The market is majorly driven by the escalating adoption of connected devices in the healthcare industry. This can be attributed to the growing incorporation of virtual reality (VR) and augmented reality (AR) with intricate medical procedures, including pain management, social cognition training, and damage evaluation and rehabilitation. In addition to this, continual advancements in dependable medical hardware and software development are providing an impetus to the market growth. Moreover, the introduction of smart wearable VR devices, such as rings, fit bands, fitness trackers, goggles, and headsets, is further creating a positive outlook for the market. Apart from this, the growing incidences of health disorders among the masses, particularly the geriatric population, is also contributing to the market. Some of the other factors providing a boost to the market include continuous developments in mobile applications and telemedicine, expanding medical expenditure and extensive research and development (R&D) activities.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual reality (VR) in healthcare market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, technology, product, application and end user.
Breakup by Component:
- Hardware
- Software and Services
Breakup by Technology:
- Head-Mounted
- Gesture-Tracking
- Projector and Display Walls
Breakup by Product:
- VR Semiconductor Components
- VR Devices
- VR Sensors
- Others
Breakup by Application:
- Pain Management
- Medical Training and Education
- Surgery
- Patient Care Management
- Rehabilitation and Therapy Procedures
- Others
Breakup by End User:
- Hospitals and Clinics
- Research Laboratories
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AppliedVR Inc., EchoPixel Inc., EON Reality, Firsthand Technology Inc., ImmersiveTouch Inc., Koninklijke Philips N.V., Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, SyncThink Inc., Virtually Better Inc. and XRHealth.
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Million |
| Segment Coverage | Component, Technology, Product, Application, End User, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | AppliedVR Inc., EchoPixel Inc., EON Reality, Firsthand Technology Inc., ImmersiveTouch Inc., Koninklijke Philips N.V., Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, SyncThink Inc., Virtually Better Inc. and XRHealth |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
The global Virtual Reality (VR) in healthcare market was valued at US$ 657.0 Million in 2022.
We expect the global Virtual Reality (VR) in healthcare market to exhibit a CAGR of 29.5% during 2023-2028.
The rising adoption of Virtual Reality (VR) across the healthcare sector to plan, diagnose, and treat phobia, autism, depression, addiction, etc., is primarily driving the global Virtual Reality (VR) in healthcare market.
The sudden outbreak of the COVID-19 pandemic has led to the growing utilization of Virtual Reality (VR) in healthcare, as it enables doctors to communicate from anywhere while evaluating medical progress in real-time, thereby reducing the risk of the coronavirus infection upon hospital visits.
Based on the technology, the global Virtual Reality (VR) in healthcare market has been segmented into head-mounted, gesture-tracking, and projector and display walls. Currently, projector and display walls hold the majority of the total market share.
Based on the product, the global Virtual Reality (VR) in healthcare market can be divided into VR semiconductor components, VR devices, VR sensors, and others. Among these, VR sensors currently exhibit a clear dominance in the market.
Based on the application, the global Virtual Reality (VR) in healthcare market has been categorized into pain management, medical training and education, surgery, patient care management, rehabilitation and therapy procedures, and others. Currently, pain management accounts for the majority of the global market share.
Based on the end user, the global Virtual Reality (VR) in healthcare market can be segregated into hospitals and clinics, research laboratories, and others. Among these, hospitals and clinics hold the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global Virtual Reality (VR) in healthcare market include AppliedVR Inc., EchoPixel Inc., EON Reality, Firsthand Technology Inc., ImmersiveTouch Inc., Koninklijke Philips N.V., Microsoft Corporation, Siemens Healthineers AG (Siemens AG), Surgical Science Sweden AB, SyncThink Inc., Virtually Better Inc., and XRHealth.
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