Healthcare industry is one of the earliest and biggest adopters of virtual reality. The VR technology assists in surgery simulation, robotic surgery, phobia treatment, and skills training. With VR, medical professionals and surgeons can learn new skills and refresh the existing ones in a safe environment. The global virtual reality (VR) in healthcare market is expected to witness significant growth during the forecast period, owing to increasing demand for virtual reality settings. The global virtual reality (VR) in healthcare market focuses on six regions including North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Market Dynamics- Drivers
Rising incidences of neurological disorders and growing demand for novel diagnostic techniques are expected to drive growth of the global virtual reality (VR) in healthcare market during the forecast period. According to Alzheimer’s Association, Alzheimer’s disease is the sixth leading cause of death in the U.S. and by 2050, 5.8 million Americans will be with Alzheimer’s. Furthermore, advancements in the field of information technology such as laptops, computers, internet connectivity, and mobile applications are expected to propel the global virtual reality (VR) in healthcare market in the near future. Virtual reality also finds applications in treatment of autistic fears and phobias. According to the Centers for Disease Control and Prevention (CDC) stats on autism spectrum disorder, September 2019, prevalence of autism in North America is between 1 and 2 %. Thus, these factors are expected to drive the global virtual reality (VR) in healthcare market over the forecast period.
Market Dynamics- Restraints
High cost of investment, lack of accessibility to this technology in emerging and low-income economies, and lack of skilled workers are expected to restrain growth of the global virtual reality (VR) in healthcare market in the near future.
Regional Insights
Among Regions, North America is expected to witness significant growth in the global virtual reality (VR) in healthcare market during the forecast period. This is owing to robust healthcare infrastructure and availability of novel technology in the region. Furthermore, Europe is expected to register lucrative CAGR during the forecast period, owing to proactive initiatives from the government and growing investment in VR technology.
Competitive Landscape
Key players in the market are adopting various growth strategies such as partnerships and collaborations, in order to gain competitive edge in the market. For instance, in April 2019, NASSCOM entered into a partnership with GE Healthcare for health-tech innovation with inclusion of artificial intelligence, 3D printing, VR tech, etc.
Major companies operating in the global virtual reality (VR) in healthcare market are General Electric, Koninklijke Philips, Osso VR, Surgical Theater, Qualcomm Technologies, Psico Smart Apps, and Medical Realities.
Section 1: Definition
Section (2 3): Manufacturer Detail
CAE Healthcare
Firsthand Technology
EON Reality
GE Healthcare
Intuitive Surgical
Medtronic
Mimic Technologies
Philips Healthcare
Siemens Healthineers
Surgical Science Sweden
Virtual Realities
Section 4: Region Segmentation
North America Country (United States, Canada)
South America
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7): Segmentation:
Product Type Segmentation
Software System
Hardware Devices
Industry Segmentation
Surgical Training
Surgical Navigation
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2018-2025)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
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