List of the Companies Profiled in the Market: Google, Samsung, Atheer, Inc., InTouch Technologies, Inc. , Augmedix, Inc., Firsthand Technology Inc., Microsoft, Medical Realities Ltd, Mindmaze, Psious, Facebook Technologies, LLC., Amazon.com, Inc., EchoPixel, Inc., Surgical Theater, Inc., Osso VR, Inc., Hologic Inc., Orca Health, Inc., 3D Systems, Inc., Daqri
As the healthcare sector is going for a boom, the global virtual reality in the healthcare market size is expected to reach $30.40 Billion by 2026, exhibiting a CAGR of 42.4%. The market size was at $1.56 Billion in 2018.
The increasing advancement and transformation in technology is a key factor boosting the virtual reality in the healthcare market, says Fortune Business Insights in a report, titled “Virtual Reality in Healthcare Market
The market study is based on the market size, share & industry analysis, by component (Hardware, Software, and Content), by application (Pain Management, Education and Training, Surgery, Patient Care Management, Rehabilitation and Therapy Procedures and Post-Traumatic Stress Disorder (PTSD)), and regional forecast, 2019-2026.
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Companies operating in the global VR in healthcare market
Inc.InTouch Technologies, Inc.
Firsthand Technology Inc.
MicrosoftMedical Realities Ltd
Facebook Technologies, LLC.
Surgical Theater, Inc.
Osso VR, Inc.
Orca Health, Inc.
The Virtual Reality in Healthcare Market Report Scope:
Report Coverage Details Forecast Period 2018 to 2026 Forecast Period 2018 to 2026 CAGR 42.4% 2026 Value Projection USD 30.40 Billion Base Year 2018 Market Size in 2018 $1.56 Billion Historical Data for 2015 to 2017 No. of Pages 120 Segments covered Component, Application Area, and Geography Growth Drivers Substantial Investments of Organizations in Healthcare VR to Optimize the Healthcare Cost
Increasing Use of Smart Wearable Devices is Primarily Driving the Demand for Virtual Reality in Healthcare Market growth are rapid adoption of VR amongst the healthcare professionals, benefits offered by VR in healthcare applications, growing investments, and funding to develop innovative healthcare based VR.
Pitfalls & Challenges High Initial Capital Investments to Impede the Market Growth
According to the report, the virtual reality in healthcare market, by application is segmented into pain management, education and training, surgery, patient care management, rehabilitation and therapy procedures and post-traumatic stress disorder (PTSD). The pain management segment is expected to witness high demand owing to the effectiveness of VR in pain management. Virtual reality helps the patients to soothe the pain to some extent, especially during skin grafting, open surgeries and bandaging a burn. Furthermore, the education segment will hold significant share owing to the VR technology, which offers an immersive experience.
The report persistently analyses the standpoint of the market with the latest market developments. It also delivers a comprehensive study of the market dynamics by aiming at the factors boosting growth opportunities. Moreover, it marks and highlights regional analysis and shares ideas that impact the market. It also provides information regarding industrial development and offers insights on the same.
Increasing Use Of VR In Smart Wearables Will Enable Growth
The rising technological advancements and proliferation in wearable devices is expected to create growth opportunities for the virtual reality (VR) in the healthcare market. Wearable technology has improved the approach of society towards their health and fitness. Wearable devices integrated with the virtual reality will enable interaction between the patient and the doctor in any area. Furthermore, the deployment of the 5G communication system is a vital factor for the IoT and augmented reality and virtual reality in healthcare applications integrated with the wearables.
These factors together are expected to boost virtual reality in the healthcare industry. In addition, the rapid adoption of VR among healthcare professionals will accelerate the growth of the market. The benefits offered by VR in healthcare applications will fuel demand among healthcare professionals. Moreover, the increasing investments for the development of innovative healthcare based VR will encourage the growth of the market.
Launch of Amazon Care Will Augur Healthy Growth
The launch of amazon care, a virtual primary care clinic is expected to create lucrative growth opportunities owing to its virtual and in-person care. For instance, Amazon launched Amazon Care, a virtual primary care clinic. This primary care clinic offers an option for nurses to visit employees in the home.
It provides both virtual and in-person care. Furthermore, the advancements in medical training simulators by 3D systems is expected to promote the growth of the market. For instance, 3D Systems announced advancements to its line medical training simulators by utilizing enhanced virtual reality environments. These functionalities allow users to practice surgical methods within a virtual operation theatre for a realistic and immersive training session to enable adequate surgical preparation and learning.