What Has Been the Growth of the Virtual Reality In Healthcare Market So Far?
The virtual reality in healthcare market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the virtual reality market within the healthcare sector. The market size is projected to increase from $4.19 billion in 2024 to $6.02 billion in 2025, indicating a compound annual growth rate (CAGR) of 43.8%.
The surge in the historic period is a result of a growing occurrence of chronic illnesses, the development of pain management and distraction therapy, the application of telemedicine and the provision of remote consultations, a focus on patient-centered healthcare, and increased adoption by healthcare professionals.
What Are the Future Growth Projections for the Virtual Reality In Healthcare Market?
The virtual reality in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of virtual reality in healthcare is projected to undergo remarkable growth in the coming years. Its value is forecasted to reach $29.13 billion by 2029, increasing at a compound annual growth rate (CAGR) of 48.3%.
The potential expansion during the forecast period could be credited to factors such as integration with wearable devices, remote training and simulation, immediate surgical assistance, immersive treatments for neurological conditions, and a wider range of applications in medical training. Notable trends expected during the forecast period encompass advancements in VR technology, the introduction of AI for tailored treatments, improved visualization in medical imaging, VR-derived preoperative planning, and the emergence of virtual health communities.
Which Factors Are Boosting Growth In The Virtual Reality In Healthcare Market?
The escalation of neurological ailments is propelling the expansion of the virtual reality in the healthcare sector. Disorders affecting the central nervous system, including Alzheimer's, Parkinson's, dementia, multiple sclerosis, migraines, and others fall under the neurological disorders umbrella. The utilization of immersive VR technology is the key to carving out useful applications for treating these neurological diseases. Virtual Reality in Neurology offers a cost-effective, patient-friendly approach, and it holds validity in ecological aspects that standard neuropsychological tests fail to offer. It is pertinent for both normal and pathological aging. Citing data from February 2022, the Switzerland-based World Health Organization (WHO), a United Nations agency dedicated to global public health, reported that about 50 million people across the globe suffer from epilepsy, marking it as one of the most common neurological conditions. Over 80% of individuals with epilepsy are from lower- to middle-income countries. Hence, the growing incidences of neurological disorders are likely to stimulate the growth of the virtual reality segment in the healthcare field in the future.
What Key Areas Define The Segmentation Of The Global Virtual Reality In Healthcare Market?
The virtual reality in healthcare market covered in this report is segmented –
1) By Component: Hardware, Software
2) By Technology: Full Immersive Virtual Reality, Non-Immersive Virtual Reality, Semi-Immersive Virtual Reality
3) By Device Type: Head-Mounted Display, Gesture-Tracking Device, Projectors And Display Units, Other Devices
4) By Application: Patient Care Management, Education And Training, Fitness Management, Pharmacy, Surgery, Other Applications
5) By End User: Research And Diagnostics, Laboratories, Hospitals And Clinics, Pharmaceutical Companies, Other End Users
Subsegments:
1) By Hardware: VR Headsets, Motion Sensors, Haptic Devices
2) By Software: VR Simulation Software, Training And Education Software, Therapy And Rehabilitation Applications
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How Are Emerging Trends Reshaping The Dynamics Of The Virtual Reality In Healthcare Market?
Technological progress is increasingly influencing the role of virtual reality in healthcare. Companies prominent in the application of virtual reality in healthcare are concentrating on creating innovative technology solutions to consolidate their dominance. A case in point is the Indian-based healthcare provider Amrita Hospital, which has state-of-the-art facilities, and inaugurated the first healthcare extended reality ecosystem in June 2023. After several years of development, their extended reality applications have already achieved impressive results with 150 patients successfully treated. Working with partners like Microsoft India, this technology enables healthcare providers to perceive organs as holograms, and future upgrades are expected to improve teaching resources and enhance telemedicine capabilities.
Who Are the Key Players in the Virtual Reality In Healthcare Market?
Major companies operating in the virtual reality in healthcare market include:
• SAMSUNG Electronics Co. Ltd.
• Atheer Inc.
• Augmedix Inc.
• Firsthand Technology Inc.
• Microsoft Corporation
• Medical Realities Ltd.
• MindMaze
• Medtronic Inc.
• Siemens Healthineers AG
• Hologic Inc.
• Oculus VR (Meta Platforms Inc. )
• Wipro GE Healthcare Pvt Ltd
• Orca Health Inc.
• Koninklijke Philips N. V.
• HTC Corporation
• Sony Corporation
• EON Reality Inc.
• XRHealth Inc.
• DAQRI LLC
• Psious S. L.
• Appello Software Inc.
• HypnosVR Inc.
• Fusion VR LLC
• Sapizon Technologies Pvt. Ltd.
• Lucid Reality Labs Inc.
• Room 505 Inc.
• VR Simulators Inc.
• CAE Healthcare Inc.
• Groove Jones LLC
• Google LLC
What Is The Most Dominant Region In The Virtual Reality In Healthcare Market?
North America was the largest region in the virtual reality healthcare market in 2024. The regions covered in the virtual reality in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
