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Virtual Reality (VR) in Healthcare Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Content), By Application (Pain Management, Education & Training, Surgery, Patient Care Management, Rehabilitation & Therapy Procedures, and Post-Traumatic Stress Disorder (PTSD)), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101679

 

KEY MARKET INSIGHTS

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The global virtual reality (VR) in healthcare market size was USD 885.7 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with virtual reality in healthcare witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 36.0% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 1,206.6 million in 2021 to USD 11,657.8 million in 2028 at a CAGR of 38.3% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


The technology has proved to be a boon for hospitals and medical professionals. It is being used to diagnose, plan and rehabilitate people suffering from autism, phobias, depression, and addiction. Many healthcare providers have realized the its applications and have started applying it in their operations. The technology has proved to be a powerful tool for complex surgeries as it offers risk-free environments. Major solution offering companies have integrated 3D interactive content and 360-degree video to develop the best learning programs for physicians and students. For instance, platforms such as SentiAR and Proximie, which are based on a 360-degree scale, offer real-time body scan to help surgeons.


COVID Impact


COVID-19 Crisis Boosted Opportunity for Virtual Reality Implementation in Healthcare Industry


The demand for virtual reality tools drastically increased in the healthcare industry during the pandemic. Its implementation helped medical staff with an opportunity to understand and study the impact of the new strain. The technology helped medical professionals with real-time radio graphical insights, showcasing the impact of the disease on patients’ bodies. In most cases, COVID recovered patients suffer from Post-Intensive Care Syndrome. In such a situation, VR technology helps patients to recover from such syndrome through virtual rehab sessions.


Similarly, owing to the pandemic, the demand for online and interactive learning sessions increased drastically. For instance, the medical students faced challenges for practical sessions, as no available technology could offer face-to-face or clinical conditions such as education. This would fuel the technology’s implementation in medical learning and training sessions. Virtual simulation-based training option suited best for the medical students during the pandemic. Thus, the onset of coronavirus significantly surged the virtual reality (VR) in healthcare market growth. However, owing to the restriction on manufacturing and supply chain industries, the market growth was impacted initially.


LATEST TRENDS


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Growing Wearable Technology in Healthcare is a Prominent Trend


Wearable technology has improved the approach of society towards health and fitness. Today, customers believe that wearable technology makes healthcare more convenient and affordable. The healthcare field is experiencing an advanced technological transformation, and wearables are expected to lead the way. Its combination with wearable devices such as fit bands, rings, fitness trackers, headsets, goggles, and more are likely to expand the application of the technology in the healthcare industry.


Mental health and depression can be treated instantly with the help of VR headsets, allowing patients to feel safer and more comfortable. Wearable devices integrated with virtual tools will enable interaction between the patient and the doctor from any location for analyzing real-time medical insights. These aspects are expected to increase the market revenue in the coming years.


DRIVING FACTORS


Increasing Application of VR in Patient Treatment to Drive Market Growth


Healthcare providers are using the technology to improve patient’s treatment capacity. Through VR medical treatment, professionals are able to detect, diagnose, train, and treat health issues easily. Its tools are being extensively used by psychiatrists for the treatment of patients’ phobias. The technology is witnessing growing application in therapy sessions for fear of heights, darkness, claustrophobia, and other such phobias. For instance, it is helping patients during MRI scans to overcome claustrophobia. Along with therapy sessions, virtual reality is increasingly adopted in other treatments. For instance, Vivid Vision, a vision care provider based in San Francisco, treats lazy eye medical conditions with the support of virtual immersive experience. It can offer remote treatment for crossed eyes, weak eyes, and convergence disorder.


Similarly, other applications of patient treatment are pain management, damage examination and rehabilitation, social cognition training for an autistic patient, recovery after a stroke, PTSD (post-traumatic stress disorder), and more. For instance, medical professionals are implementing the solutions for treating the PTSD suffering military veterans. As per the healthcare expert, the technology offered a 40% improvement in the patient’s symptoms. Thus, the increasing application and its remarkable positive effect are expected to drive the market growth.


RESTRAINING FACTORS


Technical Limitation Likely to Challenge Market Growth


The virtual reality headsets and other hardware might challenge the technical limitation in the healthcare industry. In certain clinical settings, the system’s size might limit the operation. Similarly, for some healthcare centers, the available resolution and computer specification might act as a limiting factor. Also, as the industry has worked on the paper-based system for a longer period, the adoption of electronic medical records might require certain technical knowledge. This is likely to impact virtual reality (VR) in healthcare market share. However, as per the industry experts, these factors can be handled over a period.


SEGMENTATION


By Component Analysis


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Surging Applications in Various Sectors to Fuel the Content Segment


Based on the component, the market is categorized into hardware, software, and content. The hardware segment is expected to lead the market during the forecast period. The hardware involves head-mounted displays (HMD), PCs, and other devices such as laptops and mobiles. Its headsets are extensively used for training, learning, and treatment applications. The software segment is expected to gain steady growth owing to the increasing demand for healthcare professionals' training. This is expected to fuel the implementation of Virtual Reality (VR) in healthcare.


Content segment is expected to augment the market growth during the forecast period. There are two major types of content in this category: 360-degrees videos and 3D animations. The demand for its content is growing in the healthcare industry to offer virtual training of human anatomy and for patient treatment such as therapy sessions, rehabilitation, post-traumatic stress disorder (PTSD), and more. For instance, Psious offers a toolkit that includes more than 70 virtual scenes with 360-degree videos to treat almost any kind of mental disorder.


By Application Analysis


Education and Training Segment to Dominate Backed by Need to Improve Learners’ Skills


By application, the market is segmented into pain management, education & training, surgery, patient care management, rehabilitation & therapy procedures, and post-traumatic stress disorder (PTSD). Education and training to lead the segment with maximum revenue share. The technology is vastly adopted for medical education and the training of professionals. As per the recent studies, the VR 360° Video improves learner’s knowledge retention and skill acquisition level. Considering the growing demand, in March 2021, Osso VR announced the expansion of its virtual training platform for interventional surgical procedures and endoscopy.


Similarly, it helps the patients to soothe the pain to some extent during skin grafting, open surgeries, bandaging a burn patient are very agonizing procedures. As the patient focuses on headset content, it helps in reducing pain. This is driving the demand for the technology in pain management. For instance, in March 2021, Los Angeles-based AppliedVR raised USD 29 million and developed digital therapy based on VR technology to reduce pain. In the trials, it witnessed a 42% reduction in intense pain. 


It’s exposure in therapy significantly reduces post-traumatic stress disorder (PTSD) symptoms, which are mainly useful for military personnel and other patients suffering from the same. Similarly, the technology has a significant role in supporting surgeons, as it creates a three-dimensional model of the patient’s surgery part using MRI and CT scans. This model helps surgeons in understanding the actual operation trajectory and helps in reducing errors. This is driving the demand for virtual reality in healthcare industry.


REGIONAL INSIGHTS


North America Virtual Reality (VR) in Healthcare Market Size, 2020 (USD Million)

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Geographically, the market is fragmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.


North America is expected to dominate the market during the forecast period. The region is witnessing significant investments in implementing advanced technologies such as immersive technology in medical practices. This is expected to drive market growth across the region. Similarly, growing research and development in the healthcare field would expand the market size across the region.


Asia-Pacific is expected to gain a lucrative growth rate during the forecast period. Developing economies such as India, China, and Japan are set to dominate in terms of revenue in the healthcare market. China is highly investing in its telehealth and digital healthcare industry. This is likely to drive the adoption of the solution in healthcare industry of the country. Within the healthcare market, organizations are expected to spend more on the technologies. In India, as per the Invest India report, health tech startups in the country witnessed a 45.6% increase in investment in the 2015-2020 period.


Europe is expected to hold a remarkable position in the market during the forecast period. The healthcare sector of the region is the second-largest in terms of growing investments and funds. As per the Healthcare Investments and Exits Annual Report 2020, UK shares 30% of the deals in venture capitals. The European Union is highly committed to advancing the technologies for the proper healthcare systems. In July 2018, healthcare meetup was scheduled in Belgium to identify specific use cases of the technology to empower treatment, patients, and medical staff.


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The Middle East and Africa is expected to have a significant growth rate owing to the growing focus on enhancing the healthcare industry. Countries such as the U.A.E., Saudi Arabia, and Qatar are investing in advanced technologies such as artificial intelligence, the internet of things, virtual and augmented reality to improve their healthcare system. Latin America is anticipated to showcase steady growth with increasing research and developments for VR in healthcare systems. For instance, in August 2020, BID Lab and the Healthcare Professionals Institute (IEPROES) collaborated to launch virtual training for 3,000 plus healthcare workers.


KEY INDUSTRY PLAYERS


Key Players Emphasize on Advanced Virtual Medical Toolkits to Reinforce their Positions


The key players in the market are focused on offering advanced medical technologies to support healthcare workers and their patients. These companies are collaborating with hospitals and caregivers to offer virtual care and inspection solutions. Besides, the players are offering advanced virtual headsets and goggles for medical training and learning processes. With the help of new content, these companies are offering virtual medical applications such as rehabilitation, vision inspection, psychological and mental administration, and more.


January 2020 – Samsung Electronics Co. Ltd., in partnership with IrisVision, launched wearable vision-assistance headsets. The new headsets offer support to people with lower vision. The company is focusing on market expansion worldwide.


September 2019 – XRHealth USA Inc., in partnership with Allscripts Healthcare Solutions, Inc., launched AR/VR platform to support medical staff in prescribing and monitoring patient health. Its ARHealth and VRHealth portals provide real-time assistance to evaluate patient progress and its insights.


LIST OF KEY COMPANIES PROFILED:



  • Koninklijke Philips N.V. (Amsterdam, Netherlands)

  • Samsung Electronics Co. Ltd. (Suwon-si, South Korea)

  • EON Reality (California, United States)

  • General Electric (Massachusetts, United States)

  • CAE Healthcare (Florida, United States)

  • Google LLC (California, United States)

  • Oculus Rift (Facebook Inc.) (California, United States)

  • Microsoft Corporation (Washington, United States)

  • Medical Realities Ltd. (London, United Kingdom)

  • XRHealth USA Inc. (Massachusetts, United States)

  • Psious (Barcelona, Spain)

  • HTC Corporation (Taoyuan City, Taiwan)

  • Sony Corporation (Tokyo, Japan)


KEY INDUSTRY DEVELOPMENTS:



  • March 2020 – XRHealth USA Inc. launched a support group, virtual reality telehealth, for COVID-19 patients. Patients with similar symptoms and their doctors can use VR systems to connect with each other for authentic human interactions.


REPORT COVERAGE


An Infographic Representation of Virtual Reality (VR) in Healthcare Market

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The virtual reality in healthcare market research report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry and market trends and analyzes technologies deployed at a rapid pace at the global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION














































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Million)



Segmentation



  Component; Application; and Geography



By Component




  • Hardware

  • Software

  • Content



By Application




  • Pain Management

  • Education and Training

  • Surgery

  • Patient Care Management

  • Rehabilitation and Therapy Procedures

  • Post-Traumatic Stress Disorder (PTSD)



By Region




  • North America (By Component, By Application, and By Country)

    • United States (By Component)

    • Canada (By Component)





  • Europe (By Component, By Application, and By Country)

    • United Kingdom (By Component)

    • Germany (By Component)

    • France (By Component)

    • Italy (By Component)

    • Spain (By Component)

    • Rest of Europe





  • Asia Pacific (By Component, By Application, and By Country)


    • China (By Component)

    • Japan (By Component)

    • India (By Component)

    • Southeast Asia (By Component)

    • Rest of Asia Pacific




  • The Middle East & Africa (By Component, By Application, and By Country)

    • GCC (By Component)

    • South Africa (By Component)

    • Rest of the Middle East & Africa





  • Latin America (By Component, By Application, and By Country)

    • Brazil (By Component)

    • Mexico (By Component)

    • Argentina (By Component)

    • Rest of Latin America





Frequently Asked Questions

The market is projected to reach USD 11,657.8 million by 2028.

In 2020, the market stood at USD 885.7 million.

The market is projected to grow at a CAGR of 38.3% in the forecast period (2021-2028).

By components, the hardware segment is likely to lead the market.

The rising application of VR in treating the patients is likely to drive market growth.

Koninklijke Philips N.V., Samsung Electronics Co. Ltd., EON Reality, CAE Healthcare, Google LLC, Oculus Rift, Microsoft Corporation, XRHealth USA Inc., and Psious are the top players in the market.

North America is expected to hold the highest market share.

By applications, the pain management segment is expected to grow with the highest CAGR.

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