Virtual Reality (VR) In Healthcare Market Size, Share, Growth Analysis, By Component(Hardware, Software, Service), By Application(Pain Management, Education & Training, Surgery, Patient Care Management), By Region - Industry Forecast 2024-2031

Virtual Reality (VR) In Healthcare Market size was valued at USD 2.89 billion in 2019 and is poised to grow from USD 4.03 billion in 2023 to USD 79.85 billion by 2031, growing at a CAGR of 39.36% in the forecast period (2024-2031).

virtual reality (VR) in healthcare market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focusing on R&D to supply industries with the most efficient and cost-effective solutions. 'AppliedVR', 'CAE Healthcare', 'DeepStream VR', 'Firsthand Technology Inc.', 'General Electric Company (GE Healthcare)', 'ImmersiveTouch Inc.', 'Intuitive Surgical Inc.', 'Medical Realities Ltd.', 'Mindmaze', 'Osso VR Inc.', 'Psious', 'SAMSUNG', 'Surgical Theater LLC', 'VirtaMed AG', 'Virtually Better Inc.', 'Virtual Realms (a subsidiary of Facebook)', 'Virtuplex LLC', 'VRE Medical B.V.', 'XRHealth', 'zSpace Inc.'

Healthcare professionals are using virtual reality to improve patient treatment capability. With the use of virtual reality medical care, experts can swiftly recognize, diagnose, instruct, and cure medical issues. Virtual reality technologies are being used more often by psychiatrists to treat patients. In healthcare, virtual reality (VR) is utilized in therapy sessions for phobias including claustrophobia, fear of heights, and fear of the dark. For instance, it helps claustrophobic patients during MRI exams. Additionally, the usage of Virtual Reality (VR) in therapeutic sessions is growing quickly.

Wearable technology has changed how society views physical activity and health. Customers think wearable tech makes healthcare more affordable and available. The considerable technology advancement in the healthcare industry is expected to be led by wearables. It is projected that the usage of virtual reality (VR) in the healthcare industry would increase as wearable technologies such as rings, fit bands, fitness trackers, goggles, headsets, and others are combined with VR.

According to geography, North America dominated the virtual reality (VR) in healthcare market, accounting for more than 46% of total revenue in 2022. High acceptance of these technologies, investment in R&D activities, and supportive government efforts are factors that are fueling growth in this region. The U.S. government's National Institute of Health is providing funding for virtual reality research with a focus on healthcare. For example, as it continues to gather data to back up its virtual reality therapy for pain management, the company AppliedVR has secured a new investment of $36 million to support its expansion. Additionally, the Los Angeles-based business is anticipating the Food and Drug Administration's (FDA) response to its initial de novo application. Following FDA clearance, the business is now ready to fully commercialize its main medication, EaseVRx. With this money, AppliedVR also plans to expand its product pipeline, carry out more clinical research, develop its VR pharmacy platform, and trial more payers. F-Prime Capital, JAZZ Venture Partners, Sway Ventures, and SVB Ventures all contributed to the round B fundraising. To date, the business has raised $71 million. Furthermore, due to rising demand from payers and healthcare providers to lower treatment costs, there is an increase in North America in the outsourcing of healthcare IT services. The virtual reality in healthcare market in the region has grown as a result of this reason.