Global VR in healthcare market size was valued at $240.91 million in 2018 and is projected to reach $2,383.68 million by 2026, registering a CAGR of 33.18% from 2019 to 2026. The major factors that drive the global virtual reality in healthcare market include rise in incidences of neurological disorders, increase in demand for innovative diagnostic techniques, and growth in awareness regarding the benefits of virtual reality technologies. Moreover, recent advancement in the field of information technology such as advanced computer, laptop, internet connectivity, and mobile applications would further fuel the market growth. However, high cost of treatment, data privacy concerns of the users, and inaccessibility to virtual reality technology in developing economies are expected to hinder the market growth. On the contrary, increase in usage of VR in advanced dental procedures and cancer therapies is anticipated to provide lucrative opportunities for the growth of virtual reality in healthcare market in coming future.
Virtual reality is all set to revolutionize the healthcare industry in coming years. It allows the integration of IT solutions in healthcare fields by transforming the way by which the patients are treated. Further, it helps in medical training, medical marketing, performing surgeries, and creating disease awareness. Virtual reality is a powerful diagnostic tool in combination with other techniques such as MRI/CT scans. Moreover, it helps in treating panic attacks & anxiety; cognitive distraction methods along with virtual reality are helpful in treating pain.
Segments Review
The global virtual reality in the healthcare market is segmented on the basis of technology, product, end user, and region. On the basis of technology, the market is segmented into head-mounted, gesture-tracking, and projector & display walls. The market, on the basis of product is segmented into VR semiconductor components, VR devices, VR sensors, and others. Based on end user, the VR in healthcare market is categorized into hospitals & clinics, research laboratories, and other end users. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product
Based on product type, the global VR in healthcare market is categorized into VR semiconductor components, VR devices, VR sensors, and others. The VR sensors segment was the major contributor in 2018 and is anticipated to continue this trend during the forecast period, owing to increase in usage of sensors in movement and gesture tracking in several cancer and neurological surgeries.
By Product
The Others segment is projected as one of the most lucrative segment.
By Technology
Based on technology, the virtual reality in healthcare market is classified into head-mounted, gesture-tracking, and projector & display walls. The projector & display walls segment is expected to grow during the forecast period, owing to increase in usage and convenience among the virtual reality technology users. Moreover, increase in use of virtual reality rooms equipped with projector-based immersive 3D visualization systems simulating virtual or real environments by involving multiple users at the same time is expected to create lucrative opportunities for the growth of the VR in healthcare market for projector & display walls. Moreover, virtual reality enables creation of 3D environments or virtual world for the users.
By Technology
Projector and Display Walls segment holds a dominant position in 2018 and would continue to maintain the lead over the forecast period.
By End User
Based on end user, the VR in healthcare market is classified into hospitals and clinics, research laboratories, and other end users. The hospitals and clinics segment is anticipated to grow during the forecast period due to surge in use of virtual reality for surgeons to assist them during surgeries in hospitals across the globe. Moreover, increase in use of VR in neurological disorders and cancer treatments in hospitals is expected to boost the demand for VR in healthcare market.
Regional Analysis
Based on region, the VR in healthcare market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America holds a dominant share in the global VR market for healthcare in terms of revenue and is anticipated to maintain its dominant position during the forecast period. Furthermore, increase in private and government funding toward developing these technologies in the healthcare sector and availability of advanced healthcare infrastructure in the region is responsible for the growth of VR in healthcare market.
Competitive Landscape
The report provides a comprehensive analysis of the key players operating in the global VR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc.
Key Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current VR in healthcare market trends and estimations from 2019-2026, which assists to identify the prevailing opportunities.
- An in-depth analysis of the market, various regions is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of the factors that drive and restrain the VR in healthcare market growth is provided.
- Region-wise and country-wise VR in healthcare conditions are comprehensively analyzed in this report.
- The projections in this report are made by analyzing the current trends and future VR in healthcare market potential from 2019-2026 in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- The key players within the VR in healthcare are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the global market.
VR in Healthcare Market Report Highlights
| Aspects | Details |
 By Technology |
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 By Product |
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 By End User |
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 By Region |
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 Key Market Players | Microsoft Corporation, Alphabet Inc. (Google), AppliedVR, Inc., SyncThink Inc., General Electric, EchoPixel, Koninklijke Philips N.V. (Philips), Orca Health, Inc., Firsthand Technology Inc., DAQRI |
Analyst Review
VR in healthcare market is expected to witness a significant growth, owing to increase inusage of virtual reality in diagnostic imaging, surgical simulation, rehabilitation, and patient care management. In addition, growth inprivate and public investments for developing VR technologies in healthcare is expectedto propel the growth of the VR in healthcare market. Thus, drivingthe interest of several healthcare professionals for integrating VR into medical procedures.
The factors responsible for the growth of the VR in healthcare market include rise inincidences of neurological disorders and surge in number of VR-based startups. However, personal data breaching risks areexpectedto restrain the market growth in coming future.
The total market value of VR In Healthcare Market is $2,383.6 million in 2018.
The forecast period for VR In Healthcare Market is 2019 to 2026
The market value of VR In Healthcare Market in 2019 is $320.8 million
The base year is 2018 in VR In Healthcare Market
Top companies such as, Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., held a high market position in 2018.
Projector and Display Walls segment is the most influencing segment growing in the VR In Healthcare Market
The key trend in the VR In Healthcare Market is increase in use of virtual reality in the fields of healthcare and medicine.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the following emerging countries such as China and India with a CAGR of 37.6% and 38.5% respectively.
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