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The global virtual reality (VR) in healthcare market size was USD 885.7 million in 2020. The market is expected 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. This information is provided by Fortune Business Insights™ in its report titled, “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.” As per our analysts, the growth of the market is attributed to the increasing requirement of advanced technology solutions in the healthcare sector to deliver the best results to the patients.
COVID-19 Outbreak Enhanced Chance for Virtual Reality Application in Healthcare Industry
Since the pandemic demands constant working hours from the healthcare sector, the industry observed affirmative consequences as compared to other adverse impacts faced by various industries. The demand for virtual reality devices dramatically hiked in the healthcare industry amid the pandemic. The employment of VR granted medical staff a chance to recognize and assess the effect of this newly added strain in the existing medical R&D field. The technology guided several clinical authorities with real-time transistor graphical perceptions, displaying the consequence of the infection on the sick patient.
The essentiality and requirement for virtual and communicative educational sittings augmented intensely. Also, healthcare institutions began offering prescriptions and workout plans for their patients via a virtual medium to avoid the virus from further transmission. For instance, VRPhysio based in the U.S. presents environment physical treatment exercises via a virtual platform to be directed at home and conveys the data to the medical professionals in the hospitals.
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CAE Healthcare Releases Training Session with Microsoft HoloLens 2
CAE Healthcare released its prime training platforms for Microsoft HoloLens 2, which incorporates holographic, molded structure into the patient emulators. The assorted reality uses quickens the educational process by exhibiting 3D, respiratory, interactive cardiac, and circulatory systems that permit students to visualize the human structure. This application is created to function on HoloLens 2, the new generation of its wearable holographic computer, lately launched by Microsoft.
CAE amplified reality platforms offer individual, virtual patients for pre-updating or interdisciplinary group training with CAE Healthcare patient emulators. HoloLens 2 permits intuitive communications using AI to trace the hand gestures and eye stare of people in order for them to observe a hologram moving in front of them and touch it to change its size or relocate it.
Consequently, the HoloLens channel assists users to network with people, locations, and objects in regular methods. For instance, CAE AresAR enables students to communicate in six representative emergency situations: Myocardial Infarction; Tension Pneumothorax with Internal Bleeding; Pulmonary Embolism; Closed Head Injury, and Sepsis Ischemic Cerebral Vascular Accident (CVA) or Stroke.
Rising Wearable Technology in Healthcare to Drive Market Growth
Wearable technology has enhanced the attitude of people towards fitness and well-being. In this modern era of technology and inventions, consumers have faith that wearable technology converts healthcare into more suitable and reasonable. The healthcare sector is undergoing a radical technological revolution, and wearable technologies are anticipated to navigate the path. The amalgamation of virtual reality with the wearable gadgets such as fit bands, rings, fitness tracking devices, headsets, glasses, and many such is probable to magnify the execution of VR in healthcare market.
Emotional health and dejection can be cured promptly with the assistance of VR headsets, guiding patients towards a harmless and more relaxed sense. Wearable gadgets combined with virtual reality shall allow interface amid the patient and the medical expert from remote sites for examining real-time medical perceptions. These features are anticipated to upsurge the virtual reality in healthcare industry in the forthcoming years.
VR Technology Application in PTSD Treatment to Bolster Market Growth
Along with several proven efficient applications of VR in the medical industry, few other implementations in patient curing are ache management, injury inspection and restoration, social understanding training for autistic patients, retrieval after a stroke, PTSD (post-traumatic stress disorder), and many others. For example, clinical experts are executing virtual reality solutions for curing PTSD mental stress among military troupers. According to a healthcare professional, the technology presented 40% development in the patient’s indicators. Therefore, the escalating VR implementation and its extraordinary affirmative impact are projected to reinforce virtual reality (VR) in healthcare market growth.
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Value (USD Million)
Component; Application; and Geography