Emphasis on Application (Medical Training & Education, Pain Management & Therapy, Surgical Simulations, and Others); End User (Hospitals & Clinics, Educational Institutes, and Others); and Region/Country
The Global Virtual Reality (VR) in Medical Simulation Market is expected to grow at a significant rate of around 31.25% during the forecast period. Virtual reality (VR) in medical simulation allows both healthcare professionals and patients to interact with simulated environments tailored for medical education, pain management, or rehabilitation. There has been a significant rise in the market due to the higher rate of adoption of such devices in healthcare facilities. In addition to this, investments in healthcare departments as well as government investments and new policy introduction have facilitated the export and import of such devices from one region to another in recent years, which serve as the key factors that are creating opportunities for the market. For instance, in July 2022, the Indian government tabled a draft for the new Drugs, Medical Devices and Cosmetics Bill 2022, to ensure and offer thorough legal protections to ensure that the medical items sold in India are reliable, efficient, and up to the required standards. Many other factors were identified that helped in propelling the market in the forecast period such as the rising company collaborations are also driving the growth of the market.
Siemens Healthineers AG; Virtalis; CAE Healthcare Inc.; General Electric; Qualcomm Technologies Inc.; Vuzix; Mimic Technologies, Inc.; Brainlab AG; Firsthand Technology Inc.; SimX 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, surgical simulations to witness higher CAGR during the forecast period”
Based on application, the market is segmented into medical training & education, pain management & therapy, surgical simulations, and others. The surgical simulations segment is expected to grow with a high CAGR during the forecast period as there is an increasing number of surgeries performed per year and a lack of medical professionals. Innovative product launches are also driving the growth of this segment. For instance, in April 2022, Alcon introduced state-of-the-art virtual reality surgical training technology, the Alcon Fidelis virtual reality (VR) ophthalmic surgical simulator, which is a portable VR tool for cataract surgeons-in-training. The simulator can be used from any location around the world with the ability to invite others to join virtual instruction and training sessions. Thus, surgical simulations in the application segment are expected to witness a higher CAGR during the forecast period.
“Amongst end users, educational institutes held a significant share of the market in 2022”
Based on end use, the market is segmented into hospitals & clinics, educational institutes, and others. The hospitals & clinics held a significant share of the market in 2022. Educational institutes are gaining traction in the market due to the promotion of virtual reality simulators in medical academies. Virtual reality simulators serve as a good medium to understand the human body without using cadavers. It provides ease of transferring valuable information efficiently. For instance, in October 2023, Virtual Reality-based education was launched at Children’s Hospital of Philadelphia (CHOP) to promote an innovative learning environment. Hence, educational institutes held a significant share of the market in 2022.
“Amongst regions, APAC is expected to witness a higher CAGR during the forecast period”
APAC is expected to grow with a high CAGR in the global virtual reality (VR) medical simulation market in the forecast period. Several factors such as a surge in the development of a wide range of techno-products, enhanced accessibility, and diversified healthcare costs are driving the market’s growth during the forecast period. Further, the rising company collaboration and acquisitions are also having a positive impact on the market’s growth. There have been significant improvisations and enhancements in medical simulators in the region by the manufacturers. Also, there has been rising investment and funding in the medical device sector which is propelling the growth of the market in this region. For instance, in India in FY20, foreign investments in the medical devices sector increased 98% YoY to USD 301.01 million, as against USD 151.87 million in FY19. Thus, APAC is expected to witness a higher CAGR during the forecast period.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Virtual Reality (vr) In Medical Simulation Market
6. Virtual Reality (vr) In Medical Simulation Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Application
8. Market Insights By End User
9. Market Insights By Region
10. Middle East Digital Out Of Home (dooh) Market Dynamics
11. Virtual Reality (vr) In Medical Simulation Market Opportunities
12. Virtual Reality (vr) In Medical Simulation Market Trends
13. Demand And Supply-side Analysis
14. Value Chain Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for Virtual Reality (VR) in Medical Simulation Market Analysis (2023-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global virtual reality (VR) in the medical simulation market were the three major steps undertaken to create and analyze the adoption of virtual reality (VR) in medical simulations 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 virtual reality (VR) in the medical simulation 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:
A detailed secondary study was conducted to obtain the historical market size of virtual reality (VR) in the medical simulation 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 virtual reality (VR) in the medical simulation 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 application, end user, and regions. 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 virtual reality (VR) in the medical simulation market. Further, we conducted factor analysis using dependent and independent variables such as application, end user, and regions of virtual reality (VR) in medical simulations. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the virtual reality (VR) in the medical simulation 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 virtual reality (VR) in the medical simulation 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 2030 00for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
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 virtual reality (VR) in the medical simulation market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of application, end user, and regions in the global Virtual reality (VR) in the medical simulation market.
The main objective of the Global Virtual Reality (VR) in Medical Simulation Market Study
The current & future market trends of global virtual reality (VR) in the medical simulation 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:
Q1: What is the current market size and growth potential of virtual reality (VR) in the medical simulation market?
Q2: What are the driving factors for the growth of virtual reality (VR) in the medical simulation market?
Q3: Which segment has the largest share of virtual reality (VR) in the medical simulation market by application?
Q4: What are the emerging technologies and trends in virtual reality (VR) in the medical simulation market?
Q5: Which region will dominate virtual reality (VR) in the medical simulation market?
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