Virtual Reality in Healthcare Market - Growth, Future prospects & Competitive Analysis 2021-2029

Virtual reality is a three-dimensional computer generated image or environment. The VR market is expected to grow at a phenomenal CAGR of 25% during the forecast period of 2021 to 2029. Virtual reality systems consist of helmet or a head mounted display (HMD), gloves, sensors and a virtual reality engine. Virtual reality is the complete simulation of real world scenario virtually by using various semi and fully immersive technologies. It is rapidly gaining popularity in the healthcare segment. Healthcare professionals are using the virtual reality in surgery simulation, depression and phobia treatment, training and development programs, robotic surgeries and other segments. Virtual reality uses human simulation software which creates a virtual interactive environment for the doctors and nurses.

The virtual technology has the potential to enhance the market scope in medical applications such as 3D surgery and phobia therapies. The increase in fatal diseases such as CVD, CHD and Cancer gave rise to the adoption of modern robotic surgeries. However, the robotic surgeries need great precaution and practice. VR technology provides platform for the surgeons to perform complex surgeries on virtual patient. The adoption of VR technology in healthcare to train surgeons is expected to increase. CVD remains the prime cause of death across the world according to WHO.

A truly immersive experience make the user to become unaware of his real surroundings, In order to achieve the true immersion, researchers have developed innovative input methods that are more natural to user. Fully immersive systems are dominating the market. This combination of sense of immersion and interactivity is called as telepresence. 3D technology is one of the fastest growing markets in the world. There are various applications of 3D like cinema, television, automobile, construction and healthcare. Healthcare companies have entered the 3D imaging market. 3D diagnostic imaging market has the largest share (80.11%) in the overall 3D healthcare technology market. 3D imaging market is an offshoot of the traditional diagnostic imaging market.

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Artificial environment created in the virtual reality market enables the student to feel and visualize the nuances of medical terminology. It enables them to thoroughly analyze the concepts and remember it for long term. It is found that the conventional methods for medical students are dull and mundane; however, the virtual reality would enable them to experience the concepts such as virtual dissection of body and so on.

North America has the largest market with 80% market share (2014). The US has the largest share amongst countries with over 75% market share . The US market is driven by strong research and development and investment by government and private firm. In the US virtual reality is being widely used in the training and development of healthcare professionals, it is being widely used in the treatment of depression and phobia. Europe is the second largest market with 15% share followed by Asia-Pacific and Rest of the world. Currently, the main players in 3D diagnostic imaging are GE Healthcare, Siemens, Philips, Toshiba and BARCO. R&D and focus on innovations are the key market strategies that enable the companies to enhance their market presence. Deriving cost effective solutions will enhance the market share of the companies.

Key Market Movements

The VR in healthcare is expected to grow at a CAGR of 25% during the forecast period of 2021 to 2029.
Fully immersive VR technology dominated the market segment in 2020
Training and Simulation was the largest application segment in 2020
North America holds over 80% of market share among the other regions.
R&D and focus on innovation remains as the key market strategy among key players
Key market players include Virtalis, Immersion corporation software, Virtual realities LLC products portfolio, CAE , Mimic technology, Intuitive Surgical, Simulab Corporation, GE healthcare, Laster technologies , Vuzix Corporation, Vital images, WorldViz, Brainlab AG and others.

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