According to a new market research report, the VR in healthcare industry is expected to grow from $240.91 million in 2018 to $2.38 billion by 2026, expanding at a remarkable CAGR of 33.18% from 2019 to 2026. The market is primarily driven by growing demand for innovative diagnostic techniques, rising incidences of neurological disorders, and increasing awareness of virtual reality’s clinical benefits. However, data privacy concerns, high treatment costs, and limited awareness in developing regions remain key challenges slowing broader adoption. On the opportunity front, the expanding use of VR in cancer therapies and advanced dental procedures is expected to unlock significant new growth avenues in the coming years.
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VR in healthcare is responsible for transforming the medical sector by overlaying the digital information onto the real-world scenarios. VR applications allow the learners the ability to visualize and interact simultaneously with three-dimensional representations of the body. Currently, virtual reality is used in vein visualization for eliminating the pain caused due to injection and blood taken.
The factors that drive the growth of the VR in healthcare include increase in usage of virtual reality in diagnostic imaging, rehabilitation, and surgical simulation along with rise in number if VR start-ups across the globe. In addition, growth in private and public investments for developing VR technologies in healthcare is expected to propel the growth of VR in healthcare market. However, data privacy concerns of the technology users are anticipated to hamper the growth of the VR in healthcare market.
The VR in healthcare market is classified based on technology, product type, end-user and region. Based on technology, the market is divided into head-mounted, gesture-tracking, and projector & display walls. The projector & display walls segment is currently dominating the global VR in healthcare market and is expected to remain dominant during the forecast period, owing to increase in usage and convenience of the projector & display walls such as touch screen devices, tablets, smart phones, and monitors, among others. However, the head mounted technology segment is projected to witness significant growth due to increase in demand for head-mounted devices in the fields of medicine and research.
COVID-19 scenario-
• Due to the pandemic, several government bodies across the globe have declared lockdowns to decelerate the spread of the novel coronavirus. Therefore, virtual reality devices manufacturing companies have shut down their maneuvers. Furthermore, the halt has also affected the production of VR tools and devices for healthcare applications.
• On the other hand, the revenue generation from health care centers, clinics, and hospitals during the coronavirus pandemic has increased significantly, due to the treatment of patients affected due to corona virus and other diseases.
• Moreover, several VR tools and devices manufacturers across various regions have entered the recovering phase which offers them a huge opportunity to grow and harvest maximum revenue as the impact ofCOVID-19 pandemic is diminishing slowly in these countries.
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The projector and display walls segment to maintain its dominant position by 2026-
Based on technology, the projector and display walls segment accounted for the largest share in 2018, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, the segment is projected to manifest the highest CAGR of 33.3% during the forecast period. Increase in use of VR rooms equipped with projector-based immersive 3D visualization systems simulating virtual or real environments by involving multiple users drives the growth of the segment.
North America to maintain its leadership status during the forecast period-
Based on region, North America contributed to the highest share, accounting for more than two-fifths of the total market share in 2018. Increase in private and government funding toward developing these technologies in the healthcare sector and availability of advanced healthcare infrastructure drive the growth in the region. However, Asia-Pacific is expected to grow at the highest CAGR of 37.4% from 2019 to 2026. Increase in acceptance of VR technologies across several industries and presence of major vendors in this region fuel the growth of the market.
Leading market players-
• Alphabet Inc. (Google)
• General Electric
• Microsoft Corporation
• Koninklijke Philips N.V. (Philips)
• Firsthand Technology Inc.
• SyncThink Inc.
• EchoPixel
• AppliedVR, Inc.
• Orca Health Inc.
• DAQRI
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