The global virtual reality in the healthcare market is projected to grow to USD 6.20 billion by 2029, exhibiting a CAGR of 38.7% during 2022-2029.
As per the report by Fortune Business Insights, the global virtual reality in healthcare market size was USD 459.0 million in 2021 and grew to USD 628.0 million in 2022. With over 185.0 Million in annual market revenue, North America held the largest portion.
Medical professionals and institutions have benefited greatly from the use of virtual reality in healthcare. Planning, treating and diagnosing people with autism, fears, melancholy, and addiction all involve this technology. Virtual reality has many advantages, and healthcare providers are starting to use it in their operations. The technology has been demonstrated to be an effective tool for challenging procedures because it offers risk-free conditions. For the best learning programs for students and doctors, major virtual reality companies have combined 3D engaging content with 360-degree video.
The report’s main conclusions are:
- Pain management is a crucial area where investments can have a big impact.
- Technology developments will be crucial in fostering VR’s use in wearable gadgets.
- It is a common customer belief that smart tech makes healthcare more affordable and available.
- Healthcare professionals are increasingly using virtual reality to improve patient therapy capability.
- Application Analysis: As PTSD cases increase, the pain management segment will dominate the market.
Constraints and Drivers
- The industry is anticipated to advance due to the growth potential of smart technology and expenditures in pain management.
- Virtual reality usage in healthcare will be aided by the rising appeal of wearable technology, such as fitness monitors, fit bands, rings, headphones, and spectacles.
- Real-time mental health treatment is a growing application for VR headsets, and technological advancements will further expand VR’s application in wearable technology.
- Virtual reality technologies are increasingly in demand due to the popularity of patient treatment apps for pain management, rehabilitation, harm evaluation, stroke recovery, and PTSD.
- The use of virtual reality to address post-traumatic stress disorder in war veterans has attracted the attention of medical professionals.
- The industry could encounter difficulties as a result of technical restrictions like computer specifications and resolution quality.
The report expects that North America will dominate the market for virtual reality (VR) in healthcare. Expanding healthcare research and development would accelerate regional market expansion. Asia Pacific will expand at a healthy rate and revenue-wise, major countries like India, China, and Japan are anticipated to rule the healthcare industry, concludes the report. It is also anticipated that businesses in the healthcare sector will increase their investments in VR.
