Global Virtual Reality in Healthcare Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Report on Global Virtual Reality in Healthcare Market – Industry Analysis, Forecasts and Opportunity Assessment (2016-2023)
Introduction to Global Virtual Reality in Healthcare Market
In recent times, Augmented Reality and Virtual Reality has taken the world by storm. Many industries, from video game industry to the automobile manufacturing industry are experimenting and implementing new innovations in the field of VR and it is very evident that this technology is here to stay as it is a very inexpensive way of simulating scenarios in the safety of your room.
VR is a computer generated experience which is interactive in varying degrees. It projects simulated realities in a manner which seems real to the observer, by using various techniques like stereoscopic 3D and other technologies. It is usually found in the form of a headset which goes over the eyes like a blindfold and then images are projected on the inner side of the screen, adjusted to give a feeling of reality to the user experiencing the phenomenon. Hence the name virtual reality.
Virtual Reality, as a concept, was being developed as early as in the 1950s. In 1968, a group of students under Ivan Sutherland created the first head-mounted display for creating a simulation. Fast forward to 2016, there were more than 230 companies working on VR projects. Big names like Facebook, Google, Apple and Amazon were emplying full time staff to research and develop VR systems and improve their function.
In healthcare, VR has a wide gamut of applications that are being implemented or are being projected to be implemented in the near future. The applications start from psychotherapy, surgical simulations, rehabilitation, with the list going on endlessly. In psychotherapy, there have been formalized procedure developed for treating anxiety disorders, phobias, PTSD and more. This system, namely Virtual Reality Exposure Therapy, was developed in the early 2000s, with systems like Virtual Iraq to treat PTSD issues of soldiers returning back to US soil from Iraq Tours.
There are a lot of new, cutting edge methods on the horizon which may change the way healthcare is administered in the world.
Market Dynamics of Virtual Reality in Healthcare
With an increasing innovation in the field of VR, the systems have become more reliable, accurate and capable of handling bigger, more detail oriented projects. All this has resulted in consultants projecting healthcare virtual reality market to grow with a CAGR of almost 50% in the coming five years.
All over the world, start-ups and established companies alike are battling to create an established brand of specialist equipment in the field. Israel, India and countries in the Eastern hemisphere are seeing more people trying to implement better and more sustainable solutions to healthcare applications of VR. A recent start-up in Israel, by the name of VRHealth, has seen a 10% weekly compound growth rate in the past year.
The demand for applications is increasing daily. Implementations have already started appearing, with major strides being made in the field of surgery, to achieve better surgery accuracy and trauma reduction. Over the last 8 years, the applications have almost doubled in number. Intricate procedures like brain surgery have been more streamlined by using VR models of patients brains and operating first in a simulation.
This demand has increased the VR market share, with the virtual reality market size in the healthcare sector valued at around 568.7 million USD worldwide. This slated to increase manifold in the coming years.
Reliance on technology is a movement which is unstoppable. The only way forward is to fill the gaps created by increasing demands, which the people are catching up to, resulting in the rise of available VR systems in the world for healthcare.
Market Segmentation of Virtual Reality in Healthcare
As there are many companies with their own versions of the VR systems, the divisions of the segments are based on the functions the VR is applied to. Accordingly, the VR market can be divided into 8 broad segments
- Medical Education
- Virtual Reality in Diagnostics
- Mental Illness Treatment
- Pain Management
- Physical fitness and Therapy
- Surgical Application
- Human Simulation Techniques
- Other Applications like dentistry, nursing etc.
Key Market Players of Virtual Reality in Healthcare
Major companies in the VR Healthcare industry are GE Healthcare, Vitural Realities, Virtalis, CAE Healthcare, Stryker Corporation, Brainlab, Phillips, Siemens, Intuitive Surgical, Vital Images and Medtronic.
- Virtual Reality in Healthcare Market Segments
- Virtual Reality in Healthcare Market Drivers, Restraints and Opportunities
- Virtual Reality in Healthcare Market Size and Forecast 2016 to 2022
- Supply and Demand Value Chain
- Virtual Reality in Healthcare Market Current Trends
- Competition and Major Companies
- Technology and R&D Status
- Porters Five Forces Analysis
- Strategic and Critical Success Factor Analysis of Key Players
Regional analysis of Virtual Reality in Healthcare Market includes
- North America
- US and Canada
- Latin America
- Mexico, Brazil, Argentina and Rest of Latin America
- Western Europe
- EU5 (Germany, France, Italy, Spain, U.K.)
- Nordic Countries (Denmark, Finland, Norway, and Sweden)
- Benelux (Belgium, The Netherlands, and Luxembourg)
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- Australia and New Zealand
- Rest of Asia Pacific
- Middle East and Africa
- GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
- South Africa
- North Africa
- Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides in-depth market segmentation that is derived from extensive product mapping exercises, macro-economic factors and other qualitative and quantitative insights. The impact of all such factors are delivered across multiple market segments and geographies.
Report Highlights for Virtual Reality in Healthcare include:
- Detailed Historical Overview (Market Origins, Product Launch Timelines etc.)
- Consumer and Pricing Analysis
- Market Dynamics of the Industry
- In-depth Market Segmentation
- Historical and Projected Market Sizing in terms of Volume and Value
- Recent Market Trends and Impact Factors
- R&D Status and Technology Overview
- Extensive Industry Structure Coverage