According to Emergen Research, the global virtual reality in medical market size was USD 446.2 million in 2020 and is expected to reach USD 3,975.0 million in 2028 and register a revenue CAGR of 31.1% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Virtual Reality in Medical Market, By Component (Hardware, Software, Services), By Technology (Head-mounted Technology, Gesture Tracking Technology, Projector & Display Walls Technology), By Application (Surgery, Fitness Management, Patient Care Management, Pharmacy Management, Medical Training and Education, Others), By End-use (Hospitals & Clinics, Surgical Centers, Pharmaceutical Companies, Research Organizations, Diagnostics Laboratories, Others), and By Region, Forecast to 2028”
According to Emergen Research, the global virtual reality in medical market size was USD 446.2 million in 2020 and is expected to reach USD 3,975.0 million in 2028 and register a revenue CAGR of 31.1% during the forecast period, 2021-2028.
Market Dynamics:
Key factors providing impetus to the global virtual reality in medical market revenue growth include increasing applications of virtual reality (VR) in a wide range of medical therapies and growing use of VR systems in healthcare facilities to deliver personalized medicine, enhance patient care, reduce healthcare-related expenses, and improve healthcare service quality. Growing use of VR technologies in mental healthcare and therapies for Post-Traumatic Stress Disorder (PTSD), traumatic brain injuries, etc. and rapid adoption of VR in the healthcare sector to provide training to professionals regarding preventive medicine and potential side-effects of various drugs are other major factors accounting for the steady revenue growth of this market.
VR-based healthcare systems are widely used to create interactive and immersive atmospheres for patients to cause a shift in their imagination and relieve them from past traumatic experiences. Increasing focus on pain management and personalized medicine and rapid adoption of innovative VR techniques during the COVID-19 pandemic to provide telemedicine and telehealth services, such as live video conferencing with healthcare professionals, have further bolstered the global virtual reality in medical market revenue growth.
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COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Gesture Tracking Technology Segment to Account for Fastest Revenue CAGR:
The gesture tracking technology segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Gesture-controlled interfaces can be deployed in different medical scenarios; for instance, the technology enables healthcare providers to easily access patient MRI data and take important notes. Use of the gesture recognition technology helps reduce the rate of hospital-acquired infections (HAIs) by providing a touchless interface.
Hospitals & Clinics End-use Segment Accounted for Largest Revenue Share in 2020:
The hospitals & clinics segment accounted for the largest revenue share in the global market in 2020. Growing use of virtual reality systems in hospitals & clinics for well-resourced operating and diagnostic rooms, better coverage for healthcare service, and availability of highly skilled healthcare professionals is a key factor driving this segment’s growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America virtual reality in medical market accounted for the largest revenue share in the global market in 2020, owing to many favorable factors. These factors include rising focus on increasing healthcare awareness, increasing adoption of advanced medical technologies, increasing emphasis on providing personalized medicine and care, and rise in government investments in healthcare research & development activities. Presence of leading market players in the region, such as Google Inc., Microsoft Corporation, General Electric, and Alphabet Inc., is another key driver for the regional market revenue growth.
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Major Companies in the Global Virtual Reality in Medical Market Include:
- Google Inc.
- Microsoft Corporation
- Koninklijke Philips NV
- Firsthand Technology Inc.
- Orca Health Inc.
- General Electric
- Alphabet Inc.
- AppliedVR Inc.
- SyncThink Inc.
- Osso VR Inc.
- EchoPixel Inc.
- DAQRI
- Psious
- Mindmaze
- Medical Realities
- Atheer
- Augmedix
- Oculus VR
- CAE Healthcare
- VirtaMed
- Siemens Healthineers
- Virtually Better
For the purpose of this report, Emergen Research has segmented the global virtual reality in medical market based on component, technology, application, end-use, and region:
Component Outlook (Revenue, USD Million; 2018–2028)
- Hardware
- Sensors (Accelerometers, Gyroscopes, Magnetometers, Proximity Sensors)
- Semiconductor Components (Controller/processors, Integrated Circuits)
- Displays and Projectors
- Position Trackers
- Cameras
- Others
- Software
- Software Development Kits
- Cloud-based Services
- Services
Technology Outlook (Revenue, USD Million; 2018–2028)
- Head-mounted Technology
- Gesture Tracking Technology
- Projector & Display Walls Technology
Application Outlook (Revenue, USD Million; 2018–2028)
- Surgery
- Fitness Management
- Patient Care Management
- Pharmacy Management
- Medical Training and Education
- Others
End-use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals & Clinics
- Surgical Centers
- Pharmaceutical Companies
- Research Organizations
- Diagnostics Laboratories
- Others
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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