According to a new report published by Allied Market Research, titled, “VR in Healthcare Market by Product, Technology, and End User: Opportunity Analysis and Industry Forecast, 2019-2026” the global VR in healthcare market was valued at $0.24 billion in 2018 and is projected to reach $2.38 billion by 2026, registering a CAGR of 33.18% from 2019 to 2026.
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.
The VR in healthcare market is classified based on technology, product type, end-user and region. Based on technology, the market is divided into head-mounted, gesture-tracking, and projector & display walls. The projector & display walls segment is currently dominating the global VR in healthcare market and is expected to remain dominant during the forecast period, owing to increase in usage and convenience of the projector & display walls such as touch screen devices, tablets, smart phones, and monitors, among others. However, the head mounted technology segment is projected to witness significant growth due to increase in demand for head-mounted devices in the fields of medicine and research.
Based on product type, the global VR in healthcare market is categorized into VR semiconductor components, VR devices, VR sensors, and others. The VR sensors segment was the major contributor in 2018 and is anticipated to continue this trend during the forecast period due to increase in usage of sensors in movement and gesture tracking in several cancer and neurological surgeries. Based on end user, the hospitals and clinics segment is the highest revenue contributor, owing to growth in adoption of VR in medical training and education.
The report provides a comprehensive analysis of the key players operating in the global VR in healthcare market, which include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc., among others.
Key Findings Of The Study
By product, the VR semiconductor components segment occupied 12.25% share of the VR in healthcare market in 2018.
By technology, head mounted technology segment is anticipated to grow with the highest CAGR throughout the forecast period.
The hospital and clinics segment accounted for 57.7% share of the market in 2018.