Virtual Reality in Healthcare Market to Grow at a CAGR of

New Delhi, Oct. 04, 2022 (GLOBE NEWSWIRE) — Global Virtual Reality in Healthcare Market is booming thanks to the iIncreased penetration of connected devices in healthcare, growing awareness of virtual reality exposure therapy in developed countries, introduction of unconventional healthcare accessories and gadgets supported by virtual reality and increasing application of virtual reality in patient care.

A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global virtual reality in healthcare market is expected to grow at a CAGR of 42.0%, generating revenue of approximately USD 5.32 billion by the end of 2028. Virtual reality in healthcare Market is booming due to some of the fundamental factors that are expected to drive the growth and adoption of Augmented Reality (AR) and Virtual Reality (VR) technologies in the healthcare industry, including technological advancements and digitization of healthcare, favorable government initiatives, increased healthcare spending, increased use in surgical procedures and medical training. These technologies have a wide range of applications in healthcare, such as surgery, diagnosis, rehabilitation, training and education. However, a lack of awareness about virtual reality exposure therapy in developing countries can in turn act as a huge restraining factor in the growth of the market.

Surgeon Capacity Improvements

Improving the surgeon’s ability to diagnose and perform surgery can help the growth of augmented reality in the healthcare market. Recent advancements in medical imaging technology, combined with the growing demand for virtual reality in the healthcare industry, are driving factors for AR in the healthcare market. The increased availability of real-time data, along with faster diagnosis and treatment of diseases, is expected to drive the growth of augmented reality in the healthcare market. In addition, the surgeon has access to 2D and 3D reconstructed images, which can be useful during an ongoing surgery. As a result, the global virtual reality in healthcare market is expected to grow at a significant rate over the forecast period (2022-2028).

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Wearable healthcare technology is in high demand

Another factor expected to fuel the market revenue growth over the forecast period is the rising trend of wearable technologies in healthcare. The increased use of wearable devices in healthcare is a recent market development due to their advantages. Wearable technology has become a very useful tool for monitoring patient health in the healthcare sector. Body sensors are one of the most common types of wearable technology. They can track a variety of diseases by being implanted in or on the body, including blood pressure, heart function, stomach stimulation, and others.

Challenge: Lack of training for healthcare professionals to adopt virtual reality

Lack of proper training of healthcare professionals to adopt virtual reality is a major factor expected to hinder the growth of the market. Healthcare professionals who want to use virtual reality should learn how to use environmental controls. Complex controllers that are difficult to use may be required by complex software. Because it can be time-consuming and difficult to learn how to use virtual reality for healthcare, few medical professionals with the required training have embraced the use of virtual reality. The inability of VR controllers to mimic human fine motor skills is a major downside to using VR in healthcare.

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Segmental coverage

Global virtual reality in healthcare Market – By request

Based on application, the global virtual reality 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). A larger revenue share is projected for surgery over the forecast period. Indeed, more and more surgeries are using virtual reality (VR), which offers a three-dimensional view of a patient’s anatomy and physiology. The likelihood of difficult VR procedures being successful when performed increases with planning and practice. Therefore, it improves security by reducing the possibility of surprises. Surgical robots, which use a robotic arm controlled by a surgeon at a console, also require virtual reality. A camera that is inserted inside the body to provide a view of the operated area is essential to the procedure. During surgery, input from the tactile and sensory systems is essential, and

Impact of COVID-19 on Global virtual reality in healthcare Market

Many equipment manufacturers have been impacted by the economic crisis and the confinement caused by the COVID-19 pandemic. Throughout the year, many suppliers encountered significant resource limitations in their logistics and material supply chains, which had a noticeable negative impact on their operations. Additionally, the Indian brake pad market is significantly affected by supply chain disruptions. The market, on the other hand, is improving and will likely normalize with increased government support. The market is expected to grow between 2022 and 2028 due to accelerating economic recovery rates of certain regions and increasing sales of electric vehicles. which was to lead to an increase in demand for brake pads.

Competitive landscape

The major market players in the global virtual reality in healthcare market are Bioflight VR, CAE, Eon Reality, Inc, GE Healthcare, HTC Corporation, Intuitive Surgical, Koninklijke Philips NV, Layar, Medical Realities Ltd., Mindmaze , Oculus Rift, Psious, Samsung Electronics Co. Ltd., Siemens Ltd., Sony Corporation, TheraSim Inc, WorldViz, XRHealth USA Inc. and other top players. The global virtual reality in healthcare market is highly fragmented with the presence of several manufacturing companies in the country. Market leaders maintain their supremacy by investing in research and development, incorporating advanced technologies into their products and offering improved items to customers. Various tactics including strategic alliances, agreements, mergers and partnerships are used.

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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Virtual Reality in Healthcare market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global Virtual Reality in Healthcare market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.

Recent development

  • In MindMaze Healthcare announced four new collaboration agreements with Surgicorp, Alkholi, Guttmann Barcelona and Swiss Rehabilitation in May 2021, which will bring MindMaze’s digital neurotherapy to patients in Latin America, the Middle East, Spain and Switzerland.

Report scope

Attributes Details
Years considered Historical data – 2018-2021
Base year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in billions of dollars
Product Service/Segmentation By component, by application, by region
Key players Bioflight VR, CAE, Eon Reality, Inc, GE Healthcare, HTC Corporation, Intuitive Surgical, Koninklijke Philips NV, Layar, Medical Realities Ltd., Mindmaze, Oculus Rift, Psious, Samsung Electronics Co. Ltd., Siemens Ltd, Sony Corporation, TheraSim Inc, WorldViz, XRHealth USA Inc. and other top players.

By component

  • Material
  • Software
  • Contents

By app

  • pain management
  • Education and formation
  • Operation
  • Patient Care Management
  • Rehabilitation and therapy procedures
  • Others (post-traumatic stress disorder (PTSD) and others)

By region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America
  • Middle East and Africa (MEA)

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