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Virtual Reality In Healthcare Global Market Report 2022

Virtual Reality In Healthcare Global Market Report 2022

  • June 2022
  • 175 pages
  • ID: 6284385
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the virtual reality in healthcare market are Samsung, Atheer Inc., Augmedix Inc., Firsthand Technology Inc., Microsoft Corporation, Medical Realities Ltd, Mindmaze, Medtronic Inc, Siemens Healthineers, Hologic Inc., Oculus VR, GE Healthcare and Orca Health Inc.

The global virtual reality in healthcare market is expected to grow from $1.42 billion in 2021 to $2.07 billion in 2022 at a compound annual growth rate (CAGR) of 45.7%. The market is expected to grow to $9.25 billion in 2026 at a compound annual growth rate (CAGR) of 45.5%.

The virtual reality in the healthcare market consists of sales of virtual reality hardware and software by entities (organizations, sole traders, and partnerships) that manufacture VR technology and devices for use in the healthcare industry.VR in healthcare refers to the use of immersive, computer-generated technology in medicine and treatment.

VR in healthcare has the potential to create more impactful visual experiences of space and human anatomy, lowering medical costs, reducing fear and stress, decreasing traumatic events, and improving outcomes.

The main types of components in virtual reality in healthcare market are hardware and software.The hardware virtual reality in the healthcare includes headsets, goggles, and other accessories used in the healthcare facilities for medical training, performing virtual surgeries and others to make the user feel immersed in the 3D environment.

The main technology used in VR in healthcare are full immersive virtual reality, non-immersive virtual reality, semi-immersive virtual reality and has various device type such as head-mounted display, gerture-tracking device, projectors and display units, others. VR in healthcare is used in research and diagnostics, laboratories, hospitals and clinics, pharmaceutical companies, others and applied in patient care management, education and training, fitness management, pharmacy, surgery, others.

North America was the largest region in the virtual reality in healthcare market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The rise in incidences of neurological disorders is driving the growth of the virtual reality in healthcare market.Neurological disorders are diseases such as Alzheimer’s disease, Parkinson’s disease, dementia, multiple sclerosis, migraines, and others that affect the body’s central nervous system.

Immersive VR technology assists in the development of promising applications for the treatment of neurological illnesses.Virtual Reality in neurology is cost-efficient, patient-friendly, useful for both normal and pathological ageing, and gives ecological validity that standard neuropsychological tests do not provide.

For instance, in 2019, Pan American Health Organization reported 533,172 deaths due to neurological disorders of which 40% deaths were in men, and 60% were in women in 33 countries of the American region. In addition, the Neurological Alliance of the United Kingdom reported 14.7 million neurological cases in 2019 through a study, indicating that at least one in every six people suffers from one or more neurological illnesses. Therefore, the rise in incidences of neurological disorders is expected to fuel the growth of virtual reality in the healthcare market going forward.

The growing technological advancements is shaping the virtual reality in the healthcare market.Major companies operating in virtual reality in the healthcare sector is focusing on developing new technological solutions for the healthcare industry to strengthen their position in the market.

For instance, in March 2021, National Health Service (NHS), a UK based government department launched a free treatment plan that uses virtual reality technology to help people with trypanophobia conquer their phobias and receive their vaccinations without anxiety. With this plan, the patients can train their brains to overcome the fear of needles by engaging in learning exercises and breathing techniques.

In January 2020, Teladoc Health, Inc., a US based virtual healthcare company acquired InTouch Health for an undisclosed amount. This acquisition enables Teladoc Health as the first virtual care provider addressing the full range of acuity – from critical to chronic to everyday care – through a single solution across all locations of care globally. InTouch Health is a US based company that provides virtual reality in healthcare.

The countries covered in the Virtual Reality In Healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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