PUNE, India, July 10, 2019 /PRNewswire/ — In terms of revenue, global virtual reality in healthcare market was valued at US$ 260.5 million in 2018 and is anticipated to reach US$ 3,441.4 million by 2027, growing at an estimated CAGR of 33.2% over the forecast period. The hospitals, clinics and surgical centers account for the largest share of 39.3% in 2018. This segment is likely to observe an improvement in the adoption of virtual reality. Challenges faced by hospitals and clinics are data management and clinical operations management due to the rising number of patients with chronic diseases and the increasing need for enhanced patient outcomes. Technological changes help healthcare centers develop the service quality by rendering care at low expense with shorter time to service.
The Virtual Reality in Healthcare market is divided into hardware and software. The hardware segment accounts for relatively larger market share of 64.6% in 2018. The hardware segment is further segmented into Head Tracking Systems, Head Mounted displays, Non-Immersive Systems and Others. The use of head-mounted displays (HMDs) in applications such as patient care management, pharmacy management, medical training, and education would be the main driver for the growth of HMDs in virtual reality in healthcare. Head-mounted displays are gaining traction due to their applications in telemedicine, simulation, training, visualizing data, video recording, telemonitoring, and many others.
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North America accounts for the largest market share due to constant technological advancement of related products, presence of a sophisticated healthcare infrastructure, and prevalence of neurological & psychological disorders. APAC is estimated to grow at highest CAGR of 34.8% during the forecast period. More hospitals and surgical centers in the APAC region are adopting the VR approach. As a result, Virtual reality has now become a favored option for infrastructure modernization.
The detailed research study provides qualitative and quantitative analysis of virtual reality in healthcare market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Global Virtual Reality in Healthcare Market Share in 2018, By Region
Key Findings of the Report:
- In terms of revenue, virtual reality in healthcare market is expected to reach US$ 3,441.4 million by 2027. This can be mainly associated with the increasing demand for innovative diagnostic techniques, neurological disorders, and increasing disease awareness.
- Head Mounted Displays held the largest market share in 2018 and is expected to grow at a CAGR of 33.3% over the forecast period. Head-mounted displays are gaining attention due to their applications in video recording, visualizing data, telemedicine, simulation, telemonitoring, and many others.
- APAC region is expected to witness the highest CAGR over the forecast period due to rising government initiatives and growing healthcare expenditure. Some of the major driving factors for the rapid growth of virtual reality market in this region include improving infrastructure and rising economy.
- Some of the players operating in the virtual reality in healthcare market are Firsthand Technology FundamentalVR, General Electric, ImmersiveTouch, Inc., Intuitive Surgical, Inc., Koninklijke Philips, Medical Realities ltd., MindMaze SA, Osso VR Inc., Program-Ace, Psious, QUALCOMM, Inc., SimX Inc., Surgical Theater, LLC, Vicarious Surgical, Siemens Healthineers, zSpace, Inc.
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- By Type
- By Offerings
- Head Tracking Systems
- Head Mounted displays
- Non-Immersive Systems
- By Application
- Visualization (Virtual Endoscopy, Colonoscopy)
- Computer Assisted Surgery (Training, Planning, Rehearsal and Delivery)
- Mental Health, Psychological Therapy and Post Traumatic Stress Disorder (PTSD)
- Disability and Rehabilitation
- Medical Training/ Teaching/ Determining Level of Skill
- Pain Management
- By End Users
- Hospitals, Clinics, and Surgical Centers
- Diagnostic Laboratories
- Healthcare Institutes
- By Geography
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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SOURCE Absolute Markets Insights