The global VR in healthcare market generated $240.91 million in 2018, and is estimated to reach $2.38 billion by 2026, registering a CAGR of 33.18% from 2019 to 2026.
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Rise in demand for innovative diagnostic techniques, increase in incidences of neurological disorders, and surge in awareness regarding the benefits of virtual reality technologies drive the growth of the global VR in healthcare market. Whereas, data privacy concerns of the users, high cost of treatment, and lack of awareness regarding the use of virtual reality technology in developing nations impede the growth to certain extent. Nevertheless, surge in usage of VR in cancer therapies and advanced dental procedures are expected to create new opportunities in the coming years.
VR in healthcare is responsible for transforming the medical sector by overlaying the digital information onto the real-world scenarios. VR applications allow the learners the ability to visualize and interact simultaneously with three-dimensional representations of the body. Currently, virtual reality is used in vein visualization for eliminating the pain caused due to injection and blood taken.
The factors that drive the growth of the VR in healthcare include increase in usage of virtual reality in diagnostic imaging, rehabilitation, and surgical simulation along with rise in number if VR start-ups across the globe. In addition, growth in private and public investments for developing VR technologies in healthcare is expected to propel the growth of VR in healthcare market. However, data privacy concerns of the technology users are anticipated to hamper the growth of the VR in healthcare market.
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Leading market players-
• Alphabet Inc. (Google)
• General Electric
• Microsoft Corporation
• Koninklijke Philips N.V. (Philips)
• Firsthand Technology Inc.
• SyncThink Inc.
• EchoPixel
• AppliedVR, Inc.
• Orca Health Inc.
• DAQRI.
COVID-19 scenario -
• Due to the pandemic, several government bodies across the globe have declared lockdowns to decelerate the spread of the novel coronavirus. Therefore, virtual reality devices manufacturing companies have shut down their maneuvers. Furthermore, the halt has also affected the production of VR tools and devices for healthcare applications.
• On the other hand, the revenue generation from health care centers, clinics, and hospitals during the coronavirus pandemic has increased significantly, due to the treatment of patients affected due to corona virus and other diseases.
• Moreover, several VR tools and devices manufacturers across various regions have entered the recovering phase which offers them a huge opportunity to grow and harvest maximum revenue as the impact ofCOVID-19 pandemic is diminishing slowly in these countries.
North America to maintain its leadership status during the forecast period-
Based on region, North America contributed to the highest share, accounting for more than two-fifths of the total market share in 2018. Increase in private and government funding toward developing these technologies in the healthcare sector and availability of advanced healthcare infrastructure drive the growth in the region. However, Asia-Pacific is expected to grow at the highest CAGR of 37.4% from 2019 to 2026. Increase in acceptance of VR technologies across several industries and presence of major vendors in this region fuel the growth of the market.
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