Virtual Reality (VR) in Healthcare Market
Virtual Reality (VR) in Healthcare Market Size, Share, and Trends Analysis Report By Component (Hardware, Software, and Services), By Application (Training and Education, Surgery, Diagnostics, Pain management, Mental health), and by end-user (Hospitals and Clinics, Research institutions and others (Medical Schools and Universities, Pharmaceutical Companies), Forecast Period (2023-2030)
Virtual Reality (VR) market in healthcare is anticipated to grow at a CAGR of 35.3% during the forecast period (2023-2030). Growing regulatory support, increasing adoption of VR-based medical education and training, rapid technological advancements in VR technology, and growing affordability and access to healthcare are driving market demand for VR in the healthcare sector. In healthcare, VR can be used for multiple use cases such as medical training to enhance the learning experience, surgery simulation, pain management by providing immersive experience to patients, and mental health and psychological therapies. A company named XRHealth provides Virtual reality-based personalized therapy for mental health issues which helps users to de-stress the nervous system, and quiet the overthinking mind.
Segmental Outlook
The global virtual reality for the healthcare market is segmented by component, application, and end-user. Based on the component, the market is sub-segmented into hardware, software, and services. Based on application, the market is sub-segmented into training and education, surgery, diagnostics, pain management, and mental health. Based on the end-user, the market is sub-segmented into hospitals and clinics, research institutions, and other applications such as medical schools and universities, and pharmaceutical companies. VR applications are anticipated to grow in medical schools and universities. Applications of VR in medical education enable immersive learning by providing a realistic environment. There are multiple use cases of VR in medical education such as learning anatomy which allows users to learn and visually inspection of Highly realistic 3D models of bones, organs, tissues, blood vessels, and muscles, AI-based communication learning for nurses and physicians, simulation of medical procedures for surgeons, ICU workers and nurses which enables risk-free learning. Considering the wide range of applications of VR in healthcare, the companies are also offering products that can be used in the medical education sector. For instance, a company named Oxford Medical Simulation provides AI-controlled, virtual reality medical and nursing simulation. The product provides personalized learning to learners which helps educators to provide flexible and efficient learning.
The Hospital and Clinic Sub-Segment is Anticipated to Hold a Considerable Share of the Global virtual reality (VR) for the healthcare Market.
The global hospital industry has seen significant growth in recent years owing to factors such as the rising prevalence of chronic diseases, increasing disposable income and affordability of healthcare treatments globally, growing healthcare awareness among the population, technological advancements in healthcare treatments which are helping to reduce treatment costs and growing government support in terms of policies and infrastructure investments primarily after Covid-19. With growing access to healthcare, hospitals, and clinics are also focusing on leveraging technology to improve patient experience, treatment quality, and operational efficiency. In hospitals and clinics, VR technology can be used for pain management, anxiety reduction, planning, and practicing complex patient surgeries by creating 3D models, for physical therapy and rehabilitation, to treat the mental health of patients. For instance, in August 2022, a team of international surgeons successfully separated two three-year-old twins conjoined at the heads after training and preparing in virtual reality simulations. The final operation lasted for 27 hours and involved a team of 100 medical experts. Additionally, with developments in 5G networking, the research and developments in remote surgery using VR is growing globally. For instance, In November 2019, a remote surgery operation was carried out for the first time in Italy on the 5G network of Vodafone in collaboration with the Italian Institute of Technology (IIT) and the IRCSS Hospital San Raffaele.
Regional Outlook
The global virtual reality (VR) for healthcare market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, The European healthcare sector is growing significantly due to growing disposable income and access to healthcare services. Growing government spending in healthcare is driving growth for the regional healthcare industry.
Global Virtual Reality (VR) market for healthcare Market Growth by Region 2023-2030
The North American Region Is Expected to Grow Significantly In The Global Virtual Reality (VR) Market For Healthcare Market.
North America is anticipated to hold a prominent share in virtual reality (VR) for healthcare due to factors such as the growing regulatory support, the significant presence of VR companies in the region, better disposable income, and access to healthcare treatments, growing government expenditure in healthcare sector among others. According to National Health Expenditures 2021 of the US, U.S. healthcare spending grew 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person. The total share of health spending in the country’s GDP was 18.3%. Hospital care spending accounted for 31.0%, which was the highest followed by Physician and Clinical Services (20.0%). The US Food and Drugs Administration (FDA) has also reviewed and authorized for marketing of a growing number of devices through 510(k) clearance. The list of authorized products is available on the official website of the US FDA.
Market Players Outlook
The major companies serving the global virtual reality market for the healthcare market include Surgical Theater, Inc., AppliedVR, Inc., Vicarious Surgical, Augmedics, and Osso VR among others. Companies are adopting strategies such as raising investments and focusing on research and development to stay competitive in the market. For instance, in December 2022, Kauvery Hospital Group invested an undisclosed amount in IIT-Madras incubated startup MediSim VR. MediSim VR uses Virtual reality in the area of medical simulation training for medical college students. According to the company, the funds received will be used for business expansion and Research and development.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global virtual reality (VR)market for the healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. Surgical Theater, Inc.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. Vicarious Surgical
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. XRHealth USA Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. VR Medical
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
4. Market Segmentation
4.1. Global Virtual Reality (VR) in Healthcare Market by Component
4.1.1. hardware
4.1.2. software
4.1.3. services
4.2. Global Virtual Reality (VR) in Healthcare Market by Application
4.2.1. Training and education
4.2.2. Surgery
4.2.3. Diagnostics
4.2.4. Pain management
4.2.5. Mental health
4.3. Global Virtual Reality (VR) in Healthcare Market by End-User
4.3.1. Hospitals and Clinics
4.3.2. Research Institutions
4.3.3. others (Medical Schools and Universities, Pharmaceutical Companies)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. AppliedVR, Inc.
6.2. Augmedics
6.3. Classimmerse Inc.
6.4. Floreo Inc.
6.5. FVRVS Limited
6.6. GigXR
6.7. Health Scholars, Inc.
6.8. KINDVR LLC
6.9. MindMaze Inc
6.10. Novobeing
6.11. Osso VR
6.12. PrecisionOS Technologies Inc.
6.13. Rendever, Inc.
6.14. Simx Ltd.
6.15. Virti
6.16. zSpace, Inc.
1. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
2. GLOBAL HARDWARE BASED VIRTUAL REALITY (VR)IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
3. GLOBAL SOFTWARE-BASED VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
4. GLOBAL SERVICE BASED VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
5. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
6. GLOBAL VIRTUAL REALITY (VR) FOR TRAINING AND EDUCATION IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
7. GLOBAL VIRTUAL REALITY (VR) FOR SURGERY IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
8. GLOBAL VIRTUAL REALITY (VR) FOR DIAGNOSTICS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
9. GLOBAL VIRTUAL REALITY (VR) FOR PAIN MANAGEMENT IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
10. GLOBAL VIRTUAL REALITY (VR) FOR MENTAL HEALTH IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
11. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
12. GLOBAL VIRTUAL REALITY (VR) FOR HOSPITALS AND CLINICS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
13. GLOBAL VIRTUAL REALITY (VR) FOR RESEARCH INSTITUTIONS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
14. GLOBAL VIRTUAL REALITY (VR) FOR OTHER APPLICATIONS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
15. GLOBAL AND VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022-2030 ($ MILLION)
16. NORTH AMERICAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
17. NORTH AMERICAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
18. NORTH AMERICAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
19. NORTH AMERICAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
20. EUROPEAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
21. EUROPEAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
22. EUROPEAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
23. EUROPEAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
24. ASIA-PACIFIC VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
25. ASIA-PACIFIC VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
26. ASIA-PACIFIC VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
27. ASIA-PACIFIC VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
28. REST OF THE WORLD VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2022-2030 ($ MILLION)
29. REST OF THE WORLD VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022-2030 ($ MILLION)
30. REST OF THE WORLD VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022-2030 ($ MILLION)
31. REST OF THE WORLD VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022-2030 ($ MILLION)
1. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY COMPONENT, 2022 VS 2030 (%)
2. GLOBAL HARDWARE-BASED VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS. 2030 (%)
3. GLOBAL SOFTWARE-BASED VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
4. GLOBAL SERVICE VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS. 2030 (%)
5. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2022 VS 2030 (%)
6. GLOBAL VIRTUAL REALITY (VR) FOR TRAINING AND EDUCATION IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
7. GLOBAL VIRTUAL REALITY (VR) FOR SURGERY IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
8. GLOBAL VIRTUAL REALITY (VR) FOR DIAGNOSTICS IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS. 2030 (%)
9. GLOBAL VIRTUAL REALITY (VR) FOR PAIN MANAGEMENT IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS. 2030 (%)
10. GLOBAL VIRTUAL REALITY (VR) FOR MENTAL HEALTH IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS. 2030 (%)
11. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY END-USER, 2022 VS 2030 (%)
12. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION FOR HOSPITALS AND CLINICS, 2022 VS 2030 (%)
13. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION FOR RESEARCH INSTITUTIONS, 2022 VS 2030 (%)
14. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION FOR OTHER APPLICATIONS, 2022 VS 2030 (%)
15. GLOBAL VIRTUAL REALITY (VR) IN HEALTHCARE MARKET RESEARCH AND ANALYSIS BY REGION, 2022 VS 2030 (%)
16. US VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
17. CANADA VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
18. UK VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
19. FRANCE VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
20. GERMANY VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
21. ITALY VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
22. SPAIN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
23. REST OF EUROPE VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
24. INDIA VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
25. CHINA VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
26. JAPAN VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
27. SOUTH KOREA VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
28. REST OF ASIA-PACIFIC VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
29. REST OF THE WORLD VIRTUAL REALITY (VR) IN HEALTHCARE MARKET SIZE, 2022-2030 ($ MILLION)
