Virtual Reality (VR) in Healthcare Market - Current trends, Opportunities, Challenges and Forecast by 2024

The integration of IT solutions and principles in the field of healthcare is bringing about a transformation in the way patients are treated and services are provided by healthcare practitioners. The vast benefits of digitally managed processes and operations are prompting an increasing number of companies in the healthcare sector to shift from conventional manually operated devices and processes to newer and more efficient software-enabled solutions.

An emerging technology to have become a prominent part of the rapidly digitizing healthcare industry is virtual reality (VR) - a computer enabled technology used to simulate three dimensional interactive virtual environments.

This report on the global virtual reality in healthcare market presents a complete analysis of the key trends observed in the market in the past and present times, growth drivers, and restraints. The report predicts the way the market and its key segments will grow under the influence of these factors over the period between 2016 and 2024. Market’s growth prospects in terms of revenue are mentioned in the form of US$ mn/bn over the said period.The report analyzes the future growth prospects of the market and its segments on global as well as regional levels.

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The report also includes a thorough overview of notable developments in technology to have hit the market in past few years, Porter’s five forces analysis of the competitive landscape of the market and the detailed business profiles of some of the key vendors operating in the global virtual reality in healthcare market. A detailed examination of the various macro as well as micro-economic factors influencing growth prospects of established players and new entrants in the market is also included in the report.

The vast benefits of virtual reality in healthcare, such as easing the way to educate healthcare practitioners, trainee medical students, or patients about surgical and therapeutic procedures, making it easy for surgeons to visualize operating areas closely, and making image guided surgeries more efficient, are the prime factors boosting the adoption of this technology. Although the technology is in its nascent stage of commercialization and usability for medical applications, its use has significantly increased across medical schools and hospitals and manufacturing facilities for medical equipment. There is also a rapid rise in the applications of virtual reality principles in the healthcare industry, the set of which is expected to swell as the technology matures.

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The high costs of virtual reality software and supportive hardware devices could emerge as one of the key hinderers for the market’s otherwise excellent growth prospects, especially in emerging economies. Nevertheless, the vast funds being poured in the field of education in emerging countries such as India and China are expected to fuel the adoption of virtual reality in the field of medical education, inevitably supporting the growth of the virtual reality in healthcare market across these countries as well.

The report segments the global virtual reality in healthcare market on the basis of criteria such as application and geography. On the basis of application, the market is segmented into categories such as rehabilitation and therapy procedures, surgery, visualization, and education and training. On the basis of geography, the report presents rich insights into the present state of the market in regional markets such as North America, Europe, Asia Pacific, and Middle East and Africa.

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