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Report Scope & Overview:

Virtual Reality (VR) in Healthcare Market was valued at USD 2.42 billion in 2022 and is projected to expand to USD 25.12 billion By 2030, growing at a CAGR of 33.98% in the forecast period of 2023 to 2030.

Virtual reality (VR) has proven to be a game-changer in the healthcare industry, providing numerous benefits for hospitals and medical personnel. This cutting-edge technology is being used to diagnose, plan, and treat individuals with a range of conditions, including autism, phobias, depression, and addiction. Healthcare providers are increasingly recognizing the potential of virtual reality and incorporating it into their operations. One of the key advantages of VR is that it provides a risk-free environment, making it an ideal tool for difficult procedures. It is also proving to be invaluable in medical education, medical marketing, surgical procedures, and illness awareness. When combined with other modalities such as MRI/CT scans, virtual reality can even be used as a diagnostic tool.

In addition, virtual reality is proving to be a powerful tool in the treatment of panic attacks and anxiety. Cognitive distraction strategies, combined with virtual reality, are proving to be effective in the treatment of pain. virtual reality is revolutionizing the healthcare industry, providing new and innovative ways to diagnose, treat, and educate patients. As this technology advances, we may anticipate even more fascinating discoveries in the next years.

Virtual Reality (VR) in Healthcare Market Revenue Analysis

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Market Dynamics

Drivers

  • Increasing the Use of Virtual Reality in Patient Treatment to Drive Market Growth

Virtual reality is being used by healthcare practitioners to increase the treatment capability of their patients. Medical personnel may readily identify, diagnose, train, and treat health conditions via VR medical care. Psychiatrists are increasingly using virtual reality technologies to address patients' anxieties. Virtual reality is increasingly being used in therapy sessions to address phobias such as fear of heights, darkness, claustrophobia, and others. For example, it is assisting people suffering from claustrophobia during MRI scans. Aside from therapeutic sessions, virtual reality is being widely used in a variety of different therapies.

Pain management, damage evaluation, and rehabilitation, social cognition training for an autistic patient, stroke recovery, post-traumatic stress disorder (PTSD), and other applications of VR in patient care are examples. medical practitioners are integrating virtual reality technologies to treat PTSD in combat veterans.

Restrains

  • Technological limitations in the healthcare industry are hindering market growth.

Virtual reality headsets and other technology may challenge the healthcare industry's technical limits. These tools are enormous in size and have several other disadvantages, such as lumpiness and high implementation costs, which slow down the process of using these tools. Similarly, for some healthcare facilities, the available resolution and computer specification/configuration may be a constraint. Furthermore, because this business has been using a paper-based system for a longer length of time, the adoption of electronic medical records may necessitate certain technological skills. This aspect is expected to have an effect on market growth.

Opportunities

  • Increasing the spending on healthcare.

  • Initiatives are taken by the government to use technology in healthcare.

  • Rapidly increasing the surgeries.

Challenges

  • High initial cost and lack of availability of skilled persons.

  • Huge competition in the market by major players.

Impact Of covid 19

During the covid-19 pandemic, the need for virtual reality products in the healthcare business skyrocketed. The use of Virtual Reality in healthcare allowed doctors to better comprehend and research the impact of the new viral strain. Virtual reality in healthcare has also assisted medical personnel in obtaining real-time radiographic insights, demonstrating the impact of illness on patients' bodies. Most patients who recovered from the COVID-19 infection developed Post-Intensive Care Syndrome (PICS). In this case, virtual reality technology assisted patients in recovering from this condition through virtual rehab sessions.

Impact of the Russia-Ukraine War

The conflict between Russia and Ukraine has had a significant impact on various industries, including the healthcare market. One area that has been particularly affected is the use of virtual reality (VR) technology in healthcare.

Virtual reality has been increasingly used in healthcare to provide immersive experiences for patients, such as pain management, mental health therapy, and surgical training. Furthermore, the conflict has also affected the development of VR technology in the region, as many researchers and developers have been forced to flee or have had their work disrupted. This has slowed down the progress of VR in healthcare and limited its potential impact. Despite these challenges, there are still opportunities for the healthcare industry to leverage VR technology. For example, telemedicine using VR can provide remote consultations and treatment for patients in conflict zones or areas with limited access to healthcare.

Impact of Recession

The current economic downturn has had a significant impact on various industries, including the healthcare market. As the pandemic continues to ravage the world, the demand for VR technology in healthcare has increased. However, the recession has made it difficult for companies to invest in this technology, leading to a slowdown in growth. Despite the challenges, the VR healthcare market remains a promising area for investment. The technology has the potential to revolutionize the way healthcare is delivered, from training medical professionals to treating patients. With the rise of telemedicine and remote patient care, VR technology can provide a more immersive and engaging experience for patients, improving their overall outcomes. To overcome the impact of the recession, companies in the VR healthcare market must focus on innovation and collaboration. By working together to develop new applications and use cases for VR technology, they can create a more compelling value proposition for investors and customers alike. Additionally, companies must be willing to adapt to the changing market conditions and pivot their strategies accordingly.

Key Market Segmentation

The Virtual Reality (VR) in Healthcare Market is segmented into three segments By Component, By Application, and By End-use.

By Component:

  • Hardware

  • Software

  • Content

By Application:

  • Pain Management

  • Education & Training

  • Surgery

  • Patient Care Management

  • Rehabilitation and Therapy Procedures

  • Post-Traumatic Stress Disorder (PTSD)

By End-Use:

  • Research and Diagnostics

  • Laboratories

  • Hospitals & Clinics

  • Research Organizations

  • Pharmaceutical Companies

Virtual Reality (VR) in Healthcare Market Segmentation Analysis

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Regional Analysis:

North America dominated the healthcare augmented reality (AR) in 2020. Higher acceptance of these technologies, investment in R&D efforts, and favorable government measures are boosting growth in this region. The United States Government’s National Institute of Health is financing virtual reality research with potential uses in healthcare. Furthermore, due to rising demand from healthcare providers and payers to lower treatment costs, there is a growth in the outsourcing of healthcare IT services in North America. This feature has aided the expansion of the region's virtual reality markets in healthcare.

Due to increased population awareness and improved healthcare infrastructure, Asia Pacific is predicted to be the fastest-growing market throughout the projection period. Due to a lack of understanding and lesser acceptance by the populace, Latin America, the Middle East, and Asia Pacific are still in the early stages of development in terms of these technologies. Countries such as Israel and the UAE are seeing increased healthcare expenditure and service quality, which is projected to drive market expansion in the area over the forecast period.

REGIONAL COVERAGE:

North America

  • USA

  • Canada

  • Mexico

Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

Asia-Pacific

  • Japan

  • South Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of the Middle East & Africa

Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Recent Development

CAE CathLabVR, a non-invasive cardiovascular simulator coupled with Microsoft HoloLens 2, was released in March 2022, giving realism while practicing the treatment of vascular and cardiac disorders.

XRHealth announced a USD 10 million investment round in February 2022 to extend its virtual healthcare therapy in Metaverse.

Key Players:

The major players are Samsung Electronics Co. Ltd., Oculus Rift, CAE Healthcare, EON Reality, Koninklijke Philips N.V., Medical Realities Ltd., HTC Corporation, XRHealth USA Inc., Sony Corporation, Amelia and others in the final report.

Virtual Reality (VR) in Healthcare Market Report Scope:
Report Attributes Details
Market Size in 2022  US$ 2.42 Bn
Market Size by 2030  US$ 25.12 Bn
CAGR   CAGR of 33.98% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component (Hardware, Software, Content)
• By Application (Pain Management, Education & Training, Surgery, Patient Care Management, Rehabilitation, and Therapy Procedures, Post-Traumatic Stress Disorder (PTSD))
• By End-Use (Research and Diagnostics, Laboratories, Hospitals & Clinics, Research Organizations, Pharmaceutical Companies)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Samsung Electronics Co. Ltd., Oculus Rift, CAE Healthcare, EON Reality, Koninklijke Philips N.V., Medical Realities Ltd., HTC Corporation, XRHealth USA Inc., Sony Corporation, Amelia
Key Drivers • Increasing the Use of Virtual Reality in Patient Treatment to Drive Market Growth
Market Opportunities • Increasing the spending on healthcare.
• Initiatives are taken by the government to use technology in healthcare.
• Rapidly increasing the surgeries.

 

Frequently Asked Questions

Ans: The market is expected to grow to USD 25.12 billion By the forecast period of 2030.

Ans: CAGR of the Virtual Reality (VR) in the Healthcare Market is 33.98 % in the forecast period of 2023 to 2030.

Ans: The major players are Samsung Electronics Co. Ltd., Oculus Rift, CAE Healthcare, EON Reality, Koninklijke Philips N.V., Medical Realities Ltd., HTC Corporation, XRHealth USA Inc., Sony Corporation, Amelia and others in the final report.

Ans:  The forecast period of Virtual Reality (VR) in the Healthcare Market is 2023-2030.

Ans: North America is dominate the market.

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Russia-Ukraine War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Virtual Reality (VR) in Healthcare Market Segmentation, By Component
8.1 Hardware
8.2 Software
8.3 Content

9.  Virtual Reality (VR) in Healthcare Market Segmentation, By Application
9.1 Pain Management
9.2 Education & Training
9.3 Surgery
9.4 Patient Care Management
9.5 Rehabilitation and Therapy Procedures
9.6 Post-Traumatic Stress Disorder (PTSD)

10. Virtual Reality (VR) in Healthcare Market Segmentation, By End-Use
10.1 Research and Diagnostics
10.2 Laboratories
10.3 Hospitals & Clinics
10.4 Research Organizations
10.5 Pharmaceutical Companies


11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Virtual Reality (VR) in Healthcare Market By Country
11.2.2North America Virtual Reality (VR) in Healthcare Market By Component
11.2.3 North America Virtual Reality (VR) in Healthcare Market By Application
11.2.4 North America Virtual Reality (VR) in Healthcare Market By End-Use
11.2.5 USA
11.2.5.1 USA Virtual Reality (VR) in Healthcare Market By Component
11.2.5.2 USA Virtual Reality (VR) in Healthcare Market By Application
11.2.5.3 USA Virtual Reality (VR) in Healthcare Market By End-Use
11.2.6 Canada
11.2.6.1 Canada Virtual Reality (VR) in Healthcare Market By Component
11.2.6.2 Canada Virtual Reality (VR) in Healthcare Market By Application
11.2.6.3 Canada Virtual Reality (VR) in Healthcare Market By End-Use
11.2.7 Mexico
11.2.7.1 Mexico Virtual Reality (VR) in Healthcare Market By Component
11.2.7.2 Mexico Virtual Reality (VR) in Healthcare Market By Application
11.2.7.3 Mexico Virtual Reality (VR) in Healthcare Market By End-Use
11.3 Europe
11.3.1 Europe Virtual Reality (VR) in Healthcare Market By Country
11.3.2 Europe Virtual Reality (VR) in Healthcare Market By Component
11.3.3 Europe Virtual Reality (VR) in Healthcare Market By Application
11.3.4 Europe Virtual Reality (VR) in Healthcare Market By End-Use
11.3.5 Germany
11.3.5.1 Germany Virtual Reality (VR) in Healthcare Market By Component
11.3.5.2 Germany Virtual Reality (VR) in Healthcare Market By Application
11.3.5.3 Germany Virtual Reality (VR) in Healthcare Market By End-Use
11.3.6 UK
11.3.6.1 UK Virtual Reality (VR) in Healthcare Market By Component
11.3.6.2 UK Virtual Reality (VR) in Healthcare Market By Application
11.3.6.3 UK Virtual Reality (VR) in Healthcare Market By End-Use
11.3.7 France
11.3.7.1 France Virtual Reality (VR) in Healthcare Market By Component
11.3.7.2 France Virtual Reality (VR) in Healthcare Market By Application
11.3.7.3 France Virtual Reality (VR) in Healthcare Market By End-Use
11.3.8 Italy
11.3.8.1 Italy Virtual Reality (VR) in Healthcare Market By Component
11.3.8.2 Italy Virtual Reality (VR) in Healthcare Market By Application
11.3.8.3 Italy Virtual Reality (VR) in Healthcare Market By End-Use
11.3.9 Spain
11.3.9.1 Spain Virtual Reality (VR) in Healthcare Market By Component
11.3.9.2 Spain Virtual Reality (VR) in Healthcare Market By Application
11.3.9.3 Spain Virtual Reality (VR) in Healthcare Market By End-Use
11.3.10 The Netherlands
11.3.10.1 Netherlands Virtual Reality (VR) in Healthcare Market By Component
11.3.10.2 Netherlands Virtual Reality (VR) in Healthcare Market By Application
11.3.10.3 Netherlands Virtual Reality (VR) in Healthcare Market By End-Use
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Virtual Reality (VR) in Healthcare Market By Component
11.3.11.2 Rest of Europe Virtual Reality (VR) in Healthcare Market By Application
11.3.11.3 Rest of Europe Virtual Reality (VR) in Healthcare Market By End-Use
11.4 Asia-Pacific
11.4.1 Asia Pacific Virtual Reality (VR) in Healthcare Market By Country
11.4.2 Asia Pacific Virtual Reality (VR) in Healthcare Market By Component
11.4.3 Asia Pacific Virtual Reality (VR) in Healthcare Market By Application
11.4.4Asia Pacific Virtual Reality (VR) in Healthcare Market By End-Use
11.4.5 japan
11.4.5.1 Japan Virtual Reality (VR) in Healthcare Market By Component
11.4.5.2 Japan Virtual Reality (VR) in Healthcare Market By Application
11.4.5.3 Japan Virtual Reality (VR) in Healthcare Market By End-Use
11.4.6South Korea
11.4.6.1 South Korea Virtual Reality (VR) in Healthcare Market By Component
11.4.6.2 South Korea Virtual Reality (VR) in Healthcare Market By Application
11.4.6.3 South Korea Virtual Reality (VR) in Healthcare Market By End-Use
11.4.7 China
11.4.7.1 China Virtual Reality (VR) in Healthcare Market By Component
11.4.7.2 China Virtual Reality (VR) in Healthcare Market By Application
11.4.7.3 China Virtual Reality (VR) in Healthcare Market By End-Use
11.4.8 India
11.4.8.1 India Virtual Reality (VR) in Healthcare Market By Component
11.4.8.2 India Virtual Reality (VR) in Healthcare Market By Application
11.4.8.3 India Virtual Reality (VR) in Healthcare Market By End-Use
11.4.9 Australia
11.4.9.1 Australia Virtual Reality (VR) in Healthcare Market By Component
11.4.9.2 Australia Virtual Reality (VR) in Healthcare Market By Application
11.4.9.3 Australia Virtual Reality (VR) in Healthcare Market By End-Use
11.4.10 Rest of Asia-Pacific
11.4.10.1 APAC Virtual Reality (VR) in Healthcare Market By Component
11.4.10.2 APAC Virtual Reality (VR) in Healthcare Market By Application
11.4.10.3 APAC Virtual Reality (VR) in Healthcare Market By End-Use
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Virtual Reality (VR) in Healthcare Market By Country
11.5.2 The Middle East & Africa Virtual Reality (VR) in Healthcare Market By Component
11.5.3 The Middle East & Africa Virtual Reality (VR) in Healthcare Market By Application
11.5.4The Middle East & Africa Virtual Reality (VR) in Healthcare Market By End-Use
11.5.5 Israel
11.5.5.1 Israel Virtual Reality (VR) in Healthcare Market By Component
11.5.5.2 Israel Virtual Reality (VR) in Healthcare Market By Application
11.5.5.3 Israel Virtual Reality (VR) in Healthcare Market By End-Use
11.5.6 UAE
11.5.6.1 UAE Virtual Reality (VR) in Healthcare Market By Component
11.5.6.2 UAE Virtual Reality (VR) in Healthcare Market By Application
11.5.6.3 UAE Virtual Reality (VR) in Healthcare Market By End-Use
11.5.7 South Africa
11.5.7.1 South Africa Virtual Reality (VR) in Healthcare Market By Component
11.5.7.2 South Africa Virtual Reality (VR) in Healthcare Market By Application
11.5.7.3 South Africa Virtual Reality (VR) in Healthcare Market By End-Use
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Virtual Reality (VR) in Healthcare Market By Component
11.5.8.2 Rest of Middle East & Asia Virtual Reality (VR) in Healthcare Market By Application
11.5.8.3 Rest of Middle East & Asia Virtual Reality (VR) in Healthcare Market By End-Use
11.6 Latin America
11.6.1 Latin America Virtual Reality (VR) in Healthcare Market By Country
11.6.2 Latin America Virtual Reality (VR) in Healthcare Market By Component
11.6.3 Latin America Virtual Reality (VR) in Healthcare Market By Application
11.6.4 Latin America Virtual Reality (VR) in Healthcare Market By End-Use
11.6.5 brazil
11.6.5.1 Brazil Virtual Reality (VR) in Healthcare Market By Component
11.6.5.2 Brazil Africa Virtual Reality (VR) in Healthcare Market By Application
11.6.5.3Brazil Virtual Reality (VR) in Healthcare Market By End-Use
11.6.6 Argentina
11.6.6.1 Argentina Virtual Reality (VR) in Healthcare Market By Component
11.6.6.2 Argentina Virtual Reality (VR) in Healthcare Market By Application
11.6.6.3 Argentina Virtual Reality (VR) in Healthcare Market By End-Use
11.6.7 Rest of Latin America
11.6.7.1 Rest of Latin America Virtual Reality (VR) in Healthcare Market By Component
11.6.7.2 Rest of Latin America Virtual Reality (VR) in Healthcare Market By Application
11.6.7.3 Rest of Latin America Virtual Reality (VR) in Healthcare Market By End-Use

12.Company Profile
12.1 Samsung Electronics Co. Ltd.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Oculus Rift.
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 CAE Healthcare
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 EON Reality
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Koninklijke Philips N.V.
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Medical Realities Ltd
12.6.1 Market Overview
12.6.2 Financials
12.6.3 Product/Services/Offerings
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 HTC Corporation
12.7.1 Market Overview
12.7.2 Financials
12.7.3 Product/Services/Offerings
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 XRHealth USA Inc
12.8.1 Market Overview
12.8.2 Financials
12.8.3 Product/Services/Offerings
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Sony Corporation.
12.9.1 Market Overview
12.9.2 Financials
12.9.3 Product/Services/Offerings
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Amelia
12.10.1 Market Overview
12.10.2 Financials
12.10.3 Product/Services/Offerings
12.10.4 SWOT Analysis
12.10.5 The SNS View
12.11 Telephone Corporation
12.11.1 Market Overview
12.11.2 Financials
12.11.3 Product/Services/Offerings
12.11.4 SWOT Analysis
12.11.5 The SNS View

13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments

14. USE Cases and Best Practices

15. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

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Data Bank Validation

Step 4: QA/QC Process

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