The global virtual reality in therapy market size is projected to reach USD 3.9 billion by 2027, according to the latest report by Market Research Future (MRFR). It can expand at 25% CAGR from 2021 to 2027. MRFR’s report on the virtual reality in therapy market comprises growth drivers, challenges, and trends on the industry for the forecast period (2021-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global virtual reality in therapy market is driven by demand for wearables by customers and its potential in mental health wellness. Technological transformation in the healthcare sector combined with gloves, rings, goggles, and headsets can bode well for the market. Treatment of mental health disorders and diseases during the COVID-19 pandemic has proven to be a lucrative opportunity for the VR in Therapy Market.
Virtual reality has been utilized in treating and overcoming phobias of patients. For instance, Vivid Vision has treated lazy eye conditions with immersive experiences. It is offering remote treatment for weak eyes, crossed eyes, and convergence disorder. Initiatives by governments for bringing in novel therapeutic practices for treatment of patients can drive market growth. Huge demand for VR systems for educating patients and students on benefits of therapy will benefit the market. Use of VR for constructing anatomies and its subsequent treatment can have latent potential in medical universities.
But limitations of virtual reality hardware may hamper market growth.
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COVID-19 Impact
The COVID-19 pandemic will positively impact the virtual reality in therapy market. This is attributed to increasing isolation and mental health problems caused by lockdowns. Dependence on virtual reality by workers and professionals in the healthcare sector is likely to benefit the market over the forecast period. Huge demand for online and interactive sessions can augment market growth.
Segmentation
Head Mounted Displays to Dominate Market Demand
The head mounted displays is expected to command a strong demand over the forecast period owing to customer comfort in immersive experiences. Its use in imparting knowledge and treatment of post-traumatic stress disorders and other ailments can bode well for the market.
Surgery Simulation to be Leading Market Application
Surgery simulation is expected to be the leading market application owing to the use of VR for educating patients on interventional surgical procedures and endoscopy. Moreover, it can ease pain levels of patients during open surgeries and skin grafting.
Regional Analysis
North America to Lead in Global Virtual Reality in Therapy Market
North America is set to dominate the global market owing to demand for high-end technologies and success of VR in treatment of ailments. Implementation of immersive technologies in medical practices and continuous investments in research and development can drive regional market growth. Use of VR for delivering high-quality surgical training to students can improve outcomes of patients and elucidate medical students.
Recent Developments:
- As the COVID19 concerns were raising, several advanced VR headsets prioritize materials and parts that are easy to clean.
- Telehealth is a process that has been present around for a while, but VR is enhancing it. Here patients can connect with the healthcare providers and can also engage in therapy processes through virtual reality.
Competitive Landscape:
The prominent virtual reality in therapy market players is mentioned in the following:
- Brainlab (Germany)
- Siemens Healthcare (Germany)
- Mimic Technologies Inc, (U.S.)
- Virtalis Ltd (U.K.)
- Vuzix (U.S.)
- CAE Healthcare (U.S.)
- Samsung Group (South Korea)
- GE Healthcare (U.S.)
- Qualcomm Technologies, Inc. (U.S.)
- Virtual Realities, LLC (U.K.)
Report Overview:
- The report represents the insights of the virtual reality in therapy market along with the expected growth rate and market value during the forecast period.
- It provides the COVID19 analysis of virtual reality intherapy industry. It also describes the market dynamics, including the drivers, opportunities, challenges, and restraints of the market.
- It mentions virtual reality in therapy market segments and gives the regional analysis of the market.
- The report also consists of the competitive landscape of virtual reality in therapy market and recent developments that can push the market growth in the upcoming times.
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Virtual Reality in Therapy Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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