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

According to geography, North America dominated the global 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 global virtual reality in healthcare market in the region has grown as a result of this reason.

However, due to rising public awareness and better healthcare infrastructure, Asia Pacific is anticipated to see the greatest growth throughout the projection period. Promising locations for outsourcing services connected to the creation and distribution of VR technology in healthcare include developing economies like India, China, Brazil, and Mexico. Due to low knowledge and population uptake, Latin America, the Middle East, and the Asia Pacific are still in the early stages of the development of these technologies. Healthcare spending and service quality are rising in nations like Israel and the United Arab Emirates, which is projected to further fuel market expansion in the area over the coming years.