What is the global market size of Virtual Reality (VR) In Healthcare Market?

Virtual Reality (VR) In Healthcare Market size was valued at USD 2.89 billion in 2021 and is poised to grow from USD 4.03 billion in 2022 to USD 79.85 billion by 2030, growing at a CAGR of 39.36% in the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global Virtual Reality (VR) In Healthcare Market?

Global 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.'.

Q: Which region accounted for the largest share in Global Virtual Reality (VR) In Healthcare Market?

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.

Report ID: SQSG35G2017 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 67 | Figures: 75

Virtual Reality (VR) In Healthcare Market Insights

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).

The use of immersive, computer-generated technologies in therapeutic virtual reality (VR) is quickly becoming commonplace. Medical professionals, these days, recommend a trip to a virtual reality (VR) environment in some hospitals and clinics to relieve pain or anxiety or to clarify a challenging medical procedure or condition. There has been an ongoing research on VR for pain management and other medical applications for decades. However, because of technological advancements, hardware is now more affordable, portable, quick, dependable, and user-friendly. This indicates that there will likely be an increase in VR therapeutic possibilities.

The use of virtual reality in operations and diagnostics is growing. The global virtual reality (VR) in healthcare market is anticipated to increase as a result of systems like touch surgery, which employ virtual reality to provide surgeons with a visual of the patient's anatomy and physiology in the operating room.
One of the main drivers propelling market expansion over the last few years has been the increasing use of Virtual reality (AR) and Virtual Reality (VR) technologies in surgical operations to optimize surgical processes and boost the efficiency of treatment.

The need for virtual reality technology in the healthcare industry grew during the pandemic. Virtual rehab sessions offer value additions for virtual patients seeking therapies to overcome mental illnesses. Via a virtual therapy, patients can experience positive improvements in their condition.

US Virtual Reality (VR) In Healthcare Market is poised to grow at a sustainable CAGR for the next forecast year.

Virtual Reality (VR) In Healthcare Market Report Snapshots

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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.

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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 Insights

Virtual Reality (VR) In Healthcare Market Report Snapshots

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What is the market size of Virtual Reality (VR) In Healthcare Market?

Who are the key vendors in the Virtual Reality (VR) In Healthcare Market?

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Which region accounted for the largest share in Virtual Reality (VR) In Healthcare Market?

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