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Virtual Reality (VR) in Medical Simulation Market Report 2024: Trends, Opportunities, and Innovations
Virtual Reality (VR) in Medical Simulation Market Trends
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According to The Business Research Company's, The virtual reality (VR) in medical simulation market size has grown exponentially in recent years. It will grow from $3.50 billion in 2023 to $4.70 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to increasing applications of virtual reality in patient treatment, demand for enhanced training, patient safety concerns, rising healthcare costs, and regulatory compliance standards.
The virtual reality (VR) in medical simulation market size is expected to see exponential growth in the next few years. It will grow to $15.33 billion in 2028 at a compound annual growth rate (CAGR) of 34.4%. The growth in the forecast period can be attributed to advancements in AI integration, increased focus on remote training solutions, expansion of telemedicine, growing demand for personalized learning experiences, and regulatory support for innovative training methods. Major trends in the forecast period include the integration of AI for adaptive learning, the emergence of social VR platforms for collaborative training, the utilization of VR for mental health therapy, the rise of mobile VR solutions for accessibility, and the development of VR simulations for global healthcare disparities.
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Market Drivers and Trends:
The increasing number of surgeries is expected to propel the growth of virtual reality (VR) in the medical simulation market going forward. Surgeries are medical procedures conducted by surgeons to diagnose, treat, or prevent diseases or injuries, often involving incisions into the body to access internal organs or tissues. Surgeries are on the rise due to advancements in medical technology and techniques, leading to increased accessibility and broader indications for surgical intervention. VR in medical simulations helps in surgeries by providing realistic, immersive training environments because of its ability to replicate complex surgical scenarios and anatomy accurately. For instance, in January 2023, according to a report published by the International Society of Aesthetic Plastic Surgery (ISAPS), a US-based professional non-governmental organization, total medical procedures increased by 19.3%, with surgical procedures rising by 18.5% compared to 2020. Therefore, the increasing number of surgeries is driving the growth of virtual reality (VR) in the medical simulation market.
Major companies operating in virtual reality (VR) in the medical simulation market are focused on developing advanced automated VR simulation laboratories to improve accuracy, sensitivity, and efficiency in molecular diagnostics. Automated VR simulation laboratories are facilities equipped with advanced virtual reality technology and automated systems to replicate surgical environments and scenarios, providing realistic training simulations for medical professionals. For instance, in May 2022, MediSim VR, an Indian-based company specializing in virtual reality healthcare solutions, launched an automated VR simulation lab, the first of its kind at Puducherry Institute of Medical Sciences (PIMS), which aims to revolutionize traditional training methodologies and offers institutions AI-powered competency assessment tools to enhance student performance. MediSim VR integrates the benefits of virtual reality (VR) and simulation technology to provide an immersive learning experience.
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Major Key Players of the Market:
Qualcomm Technologies Inc., Siemens Healthineers AG, CAE Healthcare Inc., Brainlab AG, Surgical Science Sweden AB, Vention Inc., Osso VR Inc., Mentice AB, Augmedics, Virtalis Holdings Ltd., VirtaMed AG, Oxford Medical Simulation Ltd., AccuVein Inc., Health Scholars Inc., AppliedVR Inc., Medisim Ltd., Fundamental Surgery, ImmersiveTouch Inc., Ghost Productions Inc., SimforHealth, SimX, PrecisionOS Technologies Inc., Body Interact
Virtual Reality (VR) In Medical Simulation Market 2024 Key Insights:
• The virtual reality (VR) in medical simulation market size is expected to see exponential growth in the next few years. It will grow to $15.33 billion in 2028 at a compound annual growth rate (CAGR) of 34.4%.
• Rising Number Of Surgeries Fuels Growth Of VR In The Medical Simulation Market
• Advancements In Automated VR Simulation Labs For Medical Training
• North America was the largest region in the virtual reality (VR) in medical simulation market in 2023
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