Increasing trend of wearable technologies in healthcare sector is driving virtual reality in healthcare market revenue growth
The global virtual reality (VR) in healthcare market size is expected to reach USD 20.62 Billion in 2030 and register a revenue CAGR of 32.8% over the forecast period, according to the latest report by Reports and Data. Technological advancement in healthcare sector is driving virtual reality in healthcare market revenue growth.
Rising adoption of Virtual Reality (VR) in healthcare sector is attributed to its several benefits, which include its ability to provide effective healthcare services and its capacity to train healthcare personnel. VR training enlightens aspiring doctors on details of several procedures and foundations. It offers a three-dimensional view of human body to medical students and enables them to access and practice on it during their on-job training period. For instance, in 2018, Johnson & Johnson Institute initiated a global VR training program. Aim of this program was to educate medical personnel, such as doctors, nurses and aspiring doctors, on performing medical procedures. Additionally, VR technologies teach emergency care providers (ECPs) about cardiopulmonary resuscitation (CPR) procedures without practically performing them on an individual, and these technologies help medical personnel gain insight regarding several infectious disease control methods.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
Samsung Group, Microsoft Corporation, Alphabet Inc., Koninklijke Philips N.V, Meta Platforms, Inc., Apple, Inc., Nvidia Corporation, Advanced Micro Devices, Inc., VirtaMed AG, and WorldViz Inc
Market Segmentation by Types:
Technology Outlook (Revenue, USD Billion; 2018–2030)
- Full Immersive
Component Outlook (Revenue, USD Billion; 2018–2030)
Market Segmentation by Applications:
Application Outlook (Revenue, USD Billion; 2018–2030)
- Patient Care Management
- Education and Training
- Fitness Management
- Pharmacy Management
End-use Outlook (Revenue, USD Billion; 2018–2030)
- Research and Diagnostic
- Hospitals and Clinics
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Virtual Reality in Healthcare market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some Key Highlights From the Report
- In August 2021, VirtaMed AG, which is a Switzerland-based company, involved in medical training, collaborated with STAN Institute, a provider of technical and non-technical training to medical teams. VirtaMed’s high-fidelity simulators are the world’s most advanced simulators, which integrate virtual reality graphics along with anatomic models and adopted surgical tools for realistic assessment. This advanced technology would be installed in hospitals to train residents autonomously.
- Hardware segment accounted for larger revenue share in 2020 owing to increasing deployment of VR in various areas of healthcare sector. Use of VR technologies require several hardware devices, such as head-mounted displays, haptic gloves, and smart glasses. Smart glasses are a type of new generation smart devices that help doctors to come up with accurate diagnostic tests and medical procedures. Besides, smart glasses eliminate the requirement for manual data entry, as they enable clinicians to capture and record patient data automatically. Therefore, this process also saves time.
- Full immersive VR segment accounted for significant revenue share in 2020. Immersive VR is capable of creating deep understanding and empathy, which simplifies complex training in no time. Therefore, these factors are increasingly driving its deployment in the healthcare sector for training and treatment purposes.
- Surgery segment accounted for a significant revenue share in 2020. Virtual reality helps surgeons organize forthcoming operations. VR offers a three-dimensional view of patient’s physiology and anatomy and therefore helps surgeons in the operating room.
- Market in North America accounted for largest revenue share in 2020. Rising investment toward adoption of several advanced technologies, such as immersive technology, in healthcare sector is driving market growth in the region. Increasing deployment of clinical trials, improvements in surgery and diagnostic procedures and rising research and development (R&D) activities are boosting market growth in several regions, such as Asia Pacific, North America, and Europe.
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