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 Others), and Regional Forecast, 2022-2029

The global Virtual Reality (VR) in healthcare market size was valued at USD 459.0 million in 2021 and is projected to grow from USD 628.0 million in 2022 to USD 6.20 billion by 2029, exhibiting a CAGR of 38.7% during the forecast period. Based on our analysis, the global VR in healthcare market exhibited an average growth of 36.0% in 2020 as compared to 2019.

Virtual reality in healthcare has proven to be a boon to hospitals and medical practitioners. This technology is used to plan, treat, and diagnose persons with autism, phobias, depression, and addiction. Many healthcare providers have recognized the benefits of virtual reality and have begun to incorporate it into their operations. As it provides risk-free conditions, the technology has proven to be a good tool for difficult procedures. Major virtual reality providers have blended 3D interactive material with 360-degree video to provide the supreme learning programs for physicians and students.

• For instance, platforms, such as Proximie and SentiAR, use a 360-degree scale, which provides surgeons with a real-time body scan.

COVID-19 IMPACT

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

During the pandemic, the need for virtual reality technologies in the healthcare business increased. The use of virtual reality in healthcare allowed medical personnel to better comprehend and study the impact of the new strain. Medical practitioners were aided by the technology, which provided real-time radiographic insights into the disease's impact on patients' bodies.

Post-intensive Care Syndrome affects majority of COVID-19 recovered patients. In such cases, virtual rehab sessions using virtual reality technology assist patients in recovering from the condition.

Similarly, as a result of the pandemic, demand for online and interactive learning sessions has exploded.

• For instance, medical students encountered difficulties during practical sessions since no current technology could provide face-to-face or clinical situations, such as teaching. This would encourage the use of Virtual Reality (VR) in healthcare education and training sessions.

During the pandemic, medical students benefited most from virtual reality simulation-based training. As a result, the emergence of the coronavirus accelerated the expansion of Virtual Reality (VR) in healthcare business. However, due to the supply chain and manufacturing restriction, the market growth was initially impacted.

LATEST TRENDS

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Growth of Wearable Technology in Healthcare to Propel the Market

Wearable technology has improved society's view toward exercise and health. Customers believe that wearable technology makes healthcare more accessible and inexpensive. Wearables are projected to lead the way in the healthcare field's significant technological development. The merging of virtual reality with wearable devices, such as rings, fit bands, fitness trackers, goggles, headsets, and others, is anticipated to broaden the use of Virtual Reality (VR) in healthcare businesses.

Virtual reality headsets can be used to treat mental health and depression in real-time, making patients feel safer and more at ease. Wearable gadgets combined with virtual reality will allow patients and doctors to communicate from any place while evaluating real-time medical findings. In the next few years, these factors are likely to boost market revenue.

DRIVING FACTORS

Increasing Application of Virtual Reality in Patient Treatment to Drive Market Growth

Virtual reality is being used by healthcare practitioners to increase patient treatment capacity. Professionals can quickly identify, diagnose, teach, and treat health conditions with virtual reality medical care. Psychiatrists are increasingly using virtual reality technologies to address patients' anxieties. Virtual Reality (VR) in healthcare is used in treatment sessions for fears of heights, darkness, claustrophobia, and other phobias that are on the rise. It is, for example, assisting people with claustrophobia during MRI tests. Further, Virtual Reality (VR) in healthcare is rapidly used in different therapy sessions.

• For instance, Vivid Vision, a San Francisco-based vision care service, uses virtual reality to address lazy eye medical issues. It can cure crossed eyes, weak eyes, and convergence issues from a distance.

Other patient therapy applications include pain management, damage evaluation and rehabilitation, social cognition training for autistic patients, stroke recovery, Post-Traumatic Stress Disorder (PTSD), and others.

• For instance, medical experts are applying virtual reality technologies to treat PTSD in combat veterans. As a result, the growing use of Virtual Reality (VR) in healthcare and its beneficial impact are projected to boost the market growth.

RESTRAINING FACTORS

Technical Limitations to Challenge the Market Growth

Virtual reality headsets and other hardware might challenge the healthcare industry's technical limitations. The size of the virtual reality system may limit its use in some healthcare situations. Similarly, the available resolution and computer specifications may be a constraint for some healthcare facilities. Furthermore, as the sector has been working on a paper-based system for a longer time, the adoption of electronic medical records may require certain technological skills, which can impede the Virtual Reality (VR) in healthcare market growth as there is a lack of technical professionals in this industry. However, according to industry experts, these concerns may be addressed with time.

SEGMENTATION

By Component Analysis

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Surging Applications in Various Sectors to Fuel the Content Segment

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

Virtual reality content is expected to augment the market growth during the forecast period. There are two major types of content in this category, 3D animations and 360-degrees videos. The demand for VR content is growing in the healthcare industry to offer virtual training in human anatomy and for patient treatment such as Post-Traumatic Stress Disorder (PTSD), rehabilitation, therapy sessions, and more.

• For instance, Psious offers a toolkit that includes more than 70 virtual reality scenes with 360-degree videos to treat almost any mental disorder.

By Application Analysis

Pain Management Segment to Dominate the Market Owing to Rise in PTSD Patients

By application, the Virtual Reality (VR) in healthcare market is segmented into pain management, education & training, surgery, patient care management, rehabilitation & therapy procedures, and others (Post-Traumatic Stress Disorder (PTSD) and others).

Pain management is anticipated to grow at the highest CAGR during the forecast period. The technology is vastly adopted for medical education and the training of professionals. As per recent studies, the VR 360° Video improves learners’ knowledge retention and skill acquisition level.

• Considering the growing demand, in March 2021, Osso VR announced the expansion of its VR training platform for interventional surgical procedures and endoscopy.

Similarly, virtual reality aids patients in reducing discomfort during painful operations such as skin grafts, open surgeries, and bandaging a burn patient. The patient's attention to the headset content aids in pain reduction. This is fueling the demand for Virtual Reality (VR) in healthcare for pain treatment.

• For instance, in March 2021, AppliedVR, based in Los Angeles, raised USD 29 million to create pain-relieving digital treatment using virtual reality technology. It saw 42% reduction in severe pain in the studies.

Exposure to Virtual Reality (VR) in healthcare significantly reduces PTSD symptoms, which is especially beneficial for military members and other individuals suffering from the condition. Similarly, the technology assists surgeons by creating a three-dimensional model of the patient's operation section using MRI and CT images. This model assists surgeons in comprehending the real operation trajectory and aids in mistake prevention. These trends are fueling the need for VR in the healthcare sector.

REGIONAL INSIGHTS

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

North America is anticipated to lead the Virtual Reality (VR) in healthcare market. Significant investments are being made in the region to incorporate modern technologies such as immersive technology in medical procedures. This is likely to fuel the market expansion throughout the area. Similarly, increasing healthcare research and development would augment the market growth across the region.

Asia Pacific is predicted to grow at a healthy rate. Major economies, such as India, China, and Japan, are expected to dominate the healthcare sector in terms of revenue. China has fueled investments in telemedicine and digital healthcare. This is anticipated to accelerate the adoption of virtual reality in the country's healthcare business. Organizations in the healthcare industry are anticipated to invest more in VR technology.

• According to the Invest India study, health IT businesses in India had 45.6% growth in investment between 2015 and 2020.

Europe is likely to have a dominant position in the market. The region's healthcare industry is the second largest in terms of expanding investments and finances. According to the Exits Annual Report 2020 and Healthcare Investments, the U.K. accounts for 30% of venture capital agreements. The European Union is deeply dedicated to developing technology that will enable proper healthcare systems to be implemented. A meetup aimed toward VR in healthcare was planned in Belgium in July 2018 to find particular use cases to empower patients, therapy, and medical personnel.

The Middle East & Africa is expected to have a substantial growth rate owing to the rising focus on enhancing the healthcare industry. The U.A.E., Saudi Arabia, and Qatar are investing in advanced technologies, such as artificial intelligence, the Internet of Things, and virtual and augmented reality, to improve their healthcare system. Latin America is anticipated to showcase steady growth with increasing research and developments for Virtual Reality (VR) in healthcare systems.

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• For instance, in August 2020, BID Lab and the Healthcare Professionals Institute (IEPROES) collaborated to launch VR training for 3,000 plus healthcare workers.

KEY INDUSTRY PLAYERS

Key Players Emphasize Advanced Virtual Medical Toolkits to Reinforce their Positions

The market's leading players are focused on providing sophisticated medical technology to help healthcare staff and patients. These businesses work with hospitals and caregivers to provide virtual care and inspection solutions. Furthermore, the players are providing superior virtual headsets and eyewear for medical training and learning. These firms are providing virtual medical applications, such as rehabilitation, eyesight inspection, psychological and mental administration, and more, with the use of fresh material.

January 2020 – Samsung Electronics Co. Ltd. announced the debut of wearable vision-assistance headsets in collaboration with IrisVision. People with limited eyesight will benefit from the new VR headsets. The organization is concentrating on global market expansion.

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 insights.

List of the Key Companies Profiled:

• Koninklijke Philips N.V. (Netherlands)


• Samsung Electronics Co. Ltd. (South Korea)


• EON Reality (U.S.)


• CAE Healthcare (U.S.)


• Oculus Rift (Facebook Inc.) (U.S.)


• Medical Realities Ltd. (U.K.)


• XRHealth USA Inc. (U.S.)


• Psious (Spain)


• HTC Corporation (Taiwan)


• Sony Corporation (Japan)

KEY INDUSTRY DEVELOPMENTS:

• March 2020 – XRHealth USA Inc. created a virtual reality telemedicine support group for COVID-19 sufferers. Patients with comparable symptoms and doctors can utilize virtual reality devices to connect for genuine human interactions.

REPORT COVERAGE

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

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The 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.

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