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The global virtual reality (VR) in healthcare market size stood at USD 1.56 billion in 2018 and is projected to reach USD 30.40 billion by 2026, exhibiting a CAGR of 42.4% during the forecast period
The humongous growth in information communication and technologies over recent years has enhanced the ways to communicate, relate, and live. Due to the advances in technology, many industries have gone through a drastic transformation. The healthcare industry is one of them to experience emerging technology trends such as virtual reality, which is playing a important role in the industry.
Many healthcare organizations have realized the benefits of VR and have started implementing it in their operations. Launch of Oculus Rift and HTC Vive has given traction to the adoption of virtual reality. Virtual reality has proved to be a powerful tool for open surgeries in risk-free environments.
VR technologies have been widely used in medical education and training. Major VR-based companies integrate 360-degree video and 3D interactive content to develop the best learning programs for physicians and students. Virtual reality is also making ways in nursing. It is the best way to show the doctors and nurses how things work from within the body.
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Image-guided surgeries, individual patient anatomy, and visualization of anatomical structures have now become possible due to virtual reality. Visualization, computer-assisted surgery, radiotherapy, dentistry, rehabilitation and therapy, telemedicine, phobias, and others are some of the VR applications in medicine.
VR devices are parallelly integrated with the telehealth and home-based applications. Moreover, there are many opportunities for partnerships, mergers, and acquisitions between the healthcare community and developers looking towards the future of virtual reality applications in healthcare.
“Substantial Investments of Organizations in Healthcare VR to Optimize the Healthcare Cost”
Virtual reality is becoming a game-changer in the healthcare industry. When we implement VR solutions in healthcare, it’s essential to keep track of the pros and cons of VR technology, such as the availability of skilled engineers, capabilities, cost, and others.
Many healthcare start-ups are emerging across the globe. For instance, Vivid Vision, a healthcare start-up based in San-Francisco, supports the VR headsets, which help the people to improve their vision. The VR experiences are designed to treat crossed eyes, vergence disorder.
Similarly, VR health is an Israel health tech company headquartered in Boston. The company develops several VR products designed for psychology, rehabilitation and therapy procedures, patient care management, pain management, and other disorders. There VR solutions can be used in home healthcare as well.
With the increasing cost of healthcare rising faster than the inflation owing to the surge in prices of drugs, medical devices, and other hospital services, there is a need for affordable healthcare solutions at the global level. For instance, VR headsets cost much less compared to expensive surgrical instruments.
Ongoing activities, spending and development in VR will drive virtual reality (vr) in healthcare market. Hence we can conclude that substantial investments of organizations in healthcare VR to optimize the healthcare cost will expand the market size in the future.
“Increasing Use of Smart Wearable Devices is Primarily Driving the Demand for Virtual Reality in Healthcare”
As technology advances, devices become more accessible and affordable, and hence virtual reality applications can be widely applied. 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 enhanced visual environment. Wearables will continue to lead the way. Mental health and depression can be treated instantly with the help of VR headsets, allowing patients to feel safer and more comfortable. The most broadly used wearables today are Fitbit and other smart devices.
Wearable devices integrated with the virtual reality will enable interaction between the patient and the doctor in any area. The deployment of the 5G communication system will become an enabling factor for the IoT and VR applications integrated with the wearables. These aspects will increase market revenue in the coming years.
Virtual reality in healthcare industry is growing at a high rate. Some factors fuelling the market growth are rapid adoption of VR amongst the healthcare professionals, benefits offered by VR in healthcare applications, growing investments, and funding to develop innovative healthcare based VR.
Accordingly, we can conclude that increasing use of virtual reality in smart wearable devices, will drive demand for virtual reality (vr) in healthcare during the forecast period.
“VR Hardware and Content Segment are Expected to Inflate Market Growth”
Based on the component, the market is divided into hardware, software, and content.Hardware, software, and content are the major components of virtual reality in the healthcare market. The VR hardware involves head-mounted displays (HMD), graphics processing units (GPUs), PCs and other devices such as laptops and mobiles. Four primary hardware devices used to experience the VR are HMDs, host systems, tracking systems, and controllers.
Many companies provide hardware, software, and content as a service to various industry verticals. For instance, zSpace offers hardware, software, and educational VR content to offer combined AR and VR solutions for an interactive, immersive and multi-sensory learning experience.
The VR content segment is expected to augment the market growth during the forecast period. There are two major types of VR content 360-degrees videos and 3D animations. virtual reality is in an excessive need for high-quality content as it is the primary factor in user adoption of virtual reality.
Similarly, Psious offers a complete virtual reality tool kit for healthcare that includes VR googles and unlimited access to an online VR therapy platform. This toolkit also includes more than 70 virtual reality scenes with 360-degree videos that would treat almost any kind of mental disorder.
“Education and Training, Pain Management will Drive the Need for Virtual Reality Solutions in Healthcare”
By application, the virtual reality in the healthcare market has been segmented as pain management, education and training, surgery, patient care management, rehabilitation and therapy procedures, and post-traumatic stress disorder (PTSD).
VR is highly effective in pain management. Very often, we try to divert our attention to take our minds out of the pain and feel better. Skin grafting, open surgeries, bandaging a burn patient are very agonizing procedures. Virtual reality helps the patients to soothe the pain to some extent.
VR technology provides an immersive experience that affects the brain’s neural pathways in the same way as real-life experiences. Patients are given VR headsets so that they can focus on something different rather than on the pain. This helps the patient to marginalize their pain they are suffering from. Pain management is projected to be the fastest-growing segment during the forecast period.
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Virtual reality in healthcare provides an opportunity to integrate encouragement and entertainment into rehabilitation and therapy procedures. For instance, VR headset helps to create a virtual environment to help patient suffering from pain and injuries. Patients exercising their lower limbs on the treadmill will experience themselves walking in a beautiful green garden using the VR headsets.
Virtual reality exposure therapy significantly reduces post-traumatic stress disorder (PTSD) symptoms, which mainly useful for military personnel and other patients suffering from the same. Hospitals will use VR devices and applications for post-traumatic stress disorder (PTSD) on a large scale as there is no other resemblance to the VR technology.
Geographically, the market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
North America is expected to emerge dominant in the virtual reality in the healthcare market during the forecast period. North America houses to major market players in the virtual reality market such as Microsoft, Apple, Google, IBM, and others. This will drive the market growth across the region. The rapid adoption of advanced technologies and substantial investments of organizations in R&D would expand the market size across the region.
Asia-Pacific is forecasted to grow at a significant CAGR in the virtual reality (vr) in healthcare industry, followed by North America. Developing economies such as India, China, Japan would contribute the maximum market share in the virtual reality in healthcare market. Within the healthcare market, the organizations are expected to spend more on VR technologies.
Europe is expected to hold a remarkable position in the virtual reality in healthcare industry and is expected to generate a remarkable market revenue during the forecast period. Europe accounts for the large consumer population and the long history of the industrial revolution. This will spread the market value across the region.
North America Virtual Reality in Healthcare Market Size (USD Million), 2018
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Middle-East and Africa is expected to have a steady growth rate during the forecast period. Cost of hardware, lack of awareness about the VR capabilities, limited content are some of the limiting factors that will inhibit the market growth in the region. The increasing involvement of the government and private organizations in deploying advanced technologies in healthcare industry is likely to drive the market growth in the region.
“Google, Samsung Electronics, Intouch Technologies, Psious are Focusing on Developing VR Healthcare Solutions”
Google has developed Google Cardboard, which offers virtual reality in a simple, encouraging and affordable way. Google also provides many VR SDK for key VR features. Google Cardboard is affordable compared to the other VR headsets or devices.
InTouch Technologies provides a virtual care platform to deliver care for any use case. The company offers specialty telehealth solutions, consumer telehealth solutions, and emergent telehealth solutions. Along with the solutions, the company provides VR based telehealth devices platform and other services.
Psious has developed ESense Biofeedback, which measures the patients’ physiological response. The company also provides online workshops, webinars, and other courses to train users for VR applications in healthcare. The company uses hyper-realistic virtual environments to treat mental or disorders through virtual exposure.
Tremendous opportunities are emerging in the healthcare industry due to the advances in technologies like virtual reality, artificial intelligence, and others. The concept of VR hospital is gaining momentum in the healthcare domain. On the other hand, major ICT giants such as Apple, Samsung, Google, Facebook continue to work with other organizations to validate the applications of virtual reality.
An Infographic Representation of Virtual Reality (VR) in Healthcare Market
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The report provides qualitative and quantitative insights into Virtual Reality in the Healthcare market and detailed analysis of market size & growth rate for all possible segments in the market. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape.
Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key virtual reality in healthcare market industry trends, competitive landscape, and company profiles.
Value (USD Billion)
Fortune Business Insights says that the value of the global virtual reality in the healthcare market was USD 1.56 Billion in 2018
As per our study, the market is projected to reach USD 30.40 Billion by 2026.
The market will grow at a rate of 42.4% CAGR. Many healthcare startups are making investments in VR applications in healthcare.
The North America is projected to hold the largest market share in the virtual reality in the healthcare market. The rapid adoption of advanced technologies and substantial investments of organizations in R&D would expand the market size across the region.
In virtual reality in the healthcare industry, hardware and content segments are expected to lead the VR in healthcare industry market. Virtual Reality is in an excessive need for high-quality content as it is the primary factor in user adoption of virtual reality. Hence the content segment is expected to lead the market.
Substantial investments of organizations in healthcare VR to optimize the healthcare cost and increasing use of virtual reality in smart wearable devices primarily used in healthcare are the factors that are driving the market.
Facebook Technologies, LLC., Samsung, Google, Microsoft, are the top players in the virtual reality in the healthcare market. These players are focusing on acquisition and partnership with other players to provide virtual reality in healthcare.
North America is expected to hold the highest market share in virtual reality in the healthcare market. North America houses the major market players in the virtual reality (vr) in healthcare, such as Microsoft, Apple, Google, IBM, and others. This drives market growth across the region
Asia Pacific is estimated to grow at a remarkable CAGR in virtual reality in the healthcare market. Developing economies such as India, China, Japan would contribute the maximum market share in the virtual reality in healthcare market
Cost of hardware, lack of awareness about the VR capabilities, limited content are some of the limiting factors likely to restrict the market growth.
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