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[209+ Pages Report] The latest finding surrounding the “Global Virtual Reality in Healthcare Market” has recently been published by Facts & Factors in a neatly packaged and comprehensive read. We at Facts & Factors estimate that the global virtual reality in healthcare market will reach a projected value of USD 40.98 Billion in the year 2026 with a growth rate of 34.89% CAGR from an initial value of USD 2.70 Billion in the year 2020.
Virtual reality is a form of simulated experience that lets the users experience a situation that can be similar to a real-world situation without going through any real repercussions that might arise from the following situation. Applications of virtual reality might include entertainment, education, and business. However, recently virtual reality has taken a stride into the healthcare sector. The recent applications for virtual reality in healthcare include robotic surgery, mental health, and psychological therapies, pain management, and physical therapy to name a few.VR is integrated into the existing applications in order to deal with the increasing efficiency and accuracy by advancing the capabilities of the human being in terms of both the caregiver and the patient.
The primary factors for the growth of the global virtual reality in healthcare market include a holistic idea of the surgical procedure as being presented by the main functionality of the latter coupled with the integration of robotic surgery into virtual reality to name a few. Accurate surgical procedures often led to less blood loss and a rapid recovery time among patients. Additionally, reduction in pain post-surgical measures will further help in contributing a larger market share for the already dominating global virtual reality in healthcare market during the forecast period. Moreover, factors pertaining to medical training, medical marketing solutions, performing surgeries, and creating disease awareness will further help boost the global virtual reality in healthcare market during the forecast period.
The recent incorporation of technologies such as advanced computer, laptop, and mobile phone connectivity, and a plethora of telehealth applications will increase revenue opportunities for the global virtual reality in the healthcare market during the forecast period. The market is further subjected to be driven by increased usage of VR in advanced dental procedures and cancer-related therapies to a higher market boundary. However, a higher cost of implementation and data and privacy concerns related to the users is expected to hamper the growth of the global virtual reality of the healthcare market during the forecast period.
The global virtual reality in healthcare market can be segmented into application, component, and regions.
On the basis of application, the global virtual reality in healthcare market can be divided into patient care management, education and training, surgery, patient management, rehabilitation and therapy procedures, and post-traumatic stress disorder (PTSD), among others. The segment pertaining to education and training is expected to witness the largest market share during the advent of the forecast owing to increased adoption rate by professional medical educators and training professionals coupled with a rapidly growing product range by key market players to name a few. On the basis of components, the global virtual reality in healthcare market can be fragmented into hardware, software, and service. The hardware segment is expected to occupy the largest market share during the advent of the forecast owing to extensive usage of hardware components during training, learning, and treatment applications coupled with a higher rate of adoption in emerging economies to name a few.
|Market Size in 2020||USD 2.70 Billion|
|Projected Market Size in 2026||USD 40.98 Billion|
|CAGR Growth Rate||34.89%|
|Key Market Players||Microsoft Corporation, Medical Realities Ltd., XRHealth USA, Inc., Psious, HTC Corporation, Sony Corporation, and Others|
|Key Segments||Applications, Components, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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North America is expected to witness the largest market share during the advent of the forecast in terms of global revenue contribution. Factors that are often contributed to the dominant market position of virtual reality in healthcare market are the higher adoption rate of the technology in the region coupled with the rising investment aimed at research and development activities to name a few. Additionally, favorable government policies and an increase in outsourcing of virtual reality products from a steady stream of reliable vendors will further increase the footprint of virtual reality in healthcare sector in the region. Reduced treatment costs for a wider range of therapeutic disorders and rising reimbursement policies among primary insurance providers will open new revenue opportunities for virtual reality in the healthcare sector in the region during the forecast period.
The key market participants in the global virtual reality in healthcare market are Koniklijke Philips N.V., Samsung Electronics Co Ltd., General Electric, CAE Healthcare, Google LLC, Oculus Rift, Microsoft Corporation, Medical Realities Ltd., XRHealth USA, Inc., Psious, HTC Corporation, Sony Corporation, Firsthand Technology, Inc., Mindmaze, and AppliedVR, Inc., among others.
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