Increasing Use of VR for Training Propel Global VR in Healthcare Market Growth

According to the projections put forth by Inkwood Research, the Global VR in Healthcare Market is anticipated to record a CAGR of 30.62% in terms of revenue during the forecasting years of 2022-2030.

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Virtual reality (VR) comprises VR headsets as well as software that generates simulated environments for various applications. These primarily include entertainment, education, gaming, simulation, and healthcare. In the avenue of healthcare, virtual reality can be used for education and training, surgical procedures, pain management, and diagnosis, and others.

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Rise in Use of VR for Training Purposes to Augment Market Growth

VR-based training has been used by academia, healthcare institutes, and laboratories for a long time. Essentially, VR-based training places the trainee in a 3D setting by virtue of a specifically designed audio-visual headset. This process plays a vital role in minimizing the level of distraction and immersing the trainee in the simulation to the point where they start responding just as they would in a real-life scenario. As a result, trainees receive information particular to their job, in addition to the ability to practice their skills from the beginning. Hence, by enabling practice in a virtual reality environment, employees can modify their skills and begin their employment with a near-perfect command.

Hospitals & Clinics to be the Leading End-User

Hospitals & clinics globally are incorporating virtual reality in order to enhance the patient experience, in addition to saving surgery time by scanning and analyzing 3D visuals through VR technology. In this regard, the hospitals & clinics segment is anticipated to project high growth, owing to the increase in the use of virtual reality for surgeons that assist them during surgical procedures. Moreover, the rising demand for innovative diagnostic procedures for treating patients, coupled with the surging awareness about the advantages of VR in medical procedures, is anticipated to generate numerous growth opportunities for the hospitals & clinics segment over the forecast years.

North America Held the Highest Market Share in 2021

The market's growth in North America is primarily fueled by developments in the United States, accounting for more than 90.80% of the regional market in 2021. Several new technologies are also being researched in the regional market space, thus generating numerous growth prospects for the adoption and demand for VR in healthcare. Furthermore, the healthcare expenditure in both Canada and the United States is set to remain high over the upcoming years.

Key contributors to the market aim to proliferate their international reach through the implementation and incorporation of various strategies. These primarily include acquisitions with well-established organizations as well as end-users. Hence, the impact on the market is considered to be relatively higher. The top players in the market are General Electric, Sony Corporation, Microsoft Corporation, Alphabet Inc (Google), etc.

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This release was published on openPR.