VR in Healthcare Market: Current Analysis and Forecast (2022-2028)

Report Description

The global VR in healthcare market is expected to grow at a significant rate of around 35% during the forecast period. Virtual Reality (VR) is a computer technology that can create a simulated environment and it is also an all-enveloping artificial and fully immersive experience that obscures the natural world. VR technology is a growing force beyond entertainment and an important tool in the medical sector, education, science, commerce, manufacturing, and more.

Virtual reality (VR) technology is very useful for surgeons and other healthcare professionals for better diagnostic & treatment facilities. Major factors such as increased precision and accuracy during surgical procedures, better visibility & access provided to the physician, accurate diagnosis of the disease condition, suitable selection of line of treatment, and digitalization in the healthcare sector will be driving the growth of the market during the forecast period. 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 a 42% reduction in severe pain in the studies.

Koninklijke Philips N.V., SAMSUNG, EON Reality, CAE Inc., EchoPixel, Medical Realities Ltd., XRHealth USA INC., PSICO SMART APPS, S.L., HTC Corporation, Sony Corporation. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst application, pain management category to witness robust CAGR during the forecast period”

Based on application, the market is segmented into pain management, education and training, surgery, patient care management, rehabilitation and therapy procedures, and others. The pain management category is to witness robust CAGR during the forecast period. Virtual reality (VR) has been used to manage pain and distress associated with a wide variety of known painful medical procedures. In clinical settings and experimental studies, participants immersed in VR experience reduced levels of pain, and general distress/unpleasantness and report a desire to use VR again during painful medical procedures.

“Amongst end-user, the hospitals, clinics & surgical centers held a significant share in the market in 2020”

On the basis of end-user, the market is categorized into hospitals, clinics & surgical centers, research organizations & pharma companies, government & defense institutions, and research & diagnostics laboratories. Among these, hospitals, clinics & surgical centers held a significant share of the market in 2020. This is mainly due to the Increasing adoption of connected devices in the healthcare sector, rising demand for these VR technologies for accuracy, training for medical professionals and better treatment in hospitals, and increasing cases of cancer, neurological diseases, and complicated surgical procedures. For instance, in 2020, VR raised funds of about 14 million U.S. dollars for developing medical and surgical devices that are virtual reality-based and providing training modules for medical devices.

“North America to hold a significant share in the market”

For a better understanding of the market adoption of the VR in healthcare industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increased use of innovative technologies, financial support for R&D, and helpful government initiatives. The U.S. government’s National Institute of Health is providing funding for virtual reality research with a focus on healthcare. Furthermore, due to rising pressure from payers and healthcare providers to lower treatment costs, there is an increase in North America in the outsourcing of healthcare IT services. This factor has positively impacted the growth of the market for virtual reality in healthcare in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global VR in healthcare market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the VR in Healthcare Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global VR in healthcare market were the three major steps undertaken to create and analyze the adoption of VR in healthcare in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global VR in healthcare market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the VR in healthcare market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the VR in healthcare market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, application, technology, and end-user . Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the VR in healthcare market. Further, we conducted factor analysis using dependent and independent variables such as various component, application, technology, and end-user of VR in healthcare. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the VR in healthcare market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global VR in healthcare market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the VR in healthcare market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global VR in healthcare market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global VR in healthcare market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of component, application, technology, and end-user in the global VR in healthcare market.

The Main Objective of the Global VR in Healthcare Market Study

The current & future market trends of the global VR in healthcare market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the VR in healthcare market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of component, application, technology, and end-user.
• Define and analysis of the regulatory framework for the VR in healthcare
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the VR in healthcare market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the VR in healthcare market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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