Virtual Reality

Digital Truth in Clinical Marketplace Measurement Price USD 3,975.0 Million in 2028 | Traits – Development in Era

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Increasing use of Virtual Reality in a varying range of treatments for patients is a major factor driving global VR in medical market revenue growth

Virtual Reality in Medical Market Size – USD 446.2 Million in 2020, Market Growth – at a CAGR of 31.1%, Market Trends – Advancement in Technology”

— Emergen Research

VANCOUVER, BC, CANADA, June 22, 2022 /EINPresswire.com/ — The global Virtual Reality (VR) In Medical Market size is expected to reach USD 3,975.0 Million at a revenue CAGR of 31.1% in 2028, according to latest analysis by Emerging Research. Global Virtual Reality (VR) in medical market revenue growth can be attributed to increasing use of VR in treatment and therapies of patients with various conditions. VR systems are deployed by medical professionals to deliver more effective and efficient services to patients in a more personalized manner.

VR systems are considered beneficial in saving considerable healthcare-related expenses, enhancing patient care, and improving service quality of bottom line care givers. Dissimilar to videos or various other two-dimensional media that are non-interactive, VR can simulate and provide sense of existence for individual patients in a comfortable and convenient setting. VR also offers significant advantages in patient assessment processes by delivering visual aids for enabling patient to be in proper position to enhance disease symptom assessment and management. VR devices are used for rapid capture of critical healthcare information, thus easing any interventions occurring before conduction of medical procedures.

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Prominent Players Analyzed in the Report:

The report also discusses the key players involved in the market such as Microsoft Corporation, Koninklijke Philips NV, Firsthand Technology Inc., Orca Health Inc., General Electric, Alphabet Inc., AppliedVR Inc., SyncThink Inc., Osso VR Inc., and EchoPixel Inc., and others as well as new entrants in the market. It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others. The report also provides details about the company overview, business expansion plans, product portfolio, manufacturing and production capacity, global market position, financial status, and consumer base.

Key insights presented in the report:

Market revenue shares by major business players, by type, by application, and market scope of global Virtual Reality in Medical market

Sales revenue by key players and new entrants

Competitive analysis of the key players including aspects such as company overview, product or services specification, vendors, and buyers.

Recent mergers, acquisitions, product launches, recent investments, and joint ventures

Regional analysis to provide insight to recent trends and opportunities

VR for medical purposes aids healthcare professionals in gaining learning and information regarding preventive medicine and potential side effects, including alcohol intake levels, cigarette smoking cessation, and impact of healthy diet and exercise on human health. These learnings are necessary to enable providers to experience effects on patients who are quitting smoking. VR is essential for healthcare professionals to learn and better educate their patients regarding benefits of preventive medicine.

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Some Key Highlights from the Report

In August 2021, Curebase made an announcement about signing a one-year contract with AppliedVR to allow the latter to deploy its Curebase platform to carry out five clinical trials evaluating the effectiveness of VR therapy for treatment of chronic pain.

Among the technology segments, gesture tracking technology segment revenue is expected to register a faster growth rate over the forecast period. Gesture-controlled interfaces are considered to be of immense benefit owing to ability to be deployed in challenging situations, eg, in situations when a healthcare professional is unable to reach or touch a screen but still requires interacting with device. Using gesture technology, healthcare providers could easily access MRI of a patient, even take few notes by writing in the air. Gesture recognition can lessen potential for HAIs (Health care-associated infections) by delivering a touchless interface for retrieving patient information at the time of procedures.

North America VR in medical market accounted for largest revenue share in 2020, attributed to rapid adoption of advanced technologies, increasing investment in research and development in healthcare sector, rising emphasis on creating disease awareness, and increasing healthcare expenditure. In addition, presence of leading market players such as Microsoft Corporation and others is expected to continue to support market revenue growth.

Emergen Research has segmented the global Virtual Reality (VR) in medical market on the basis of component, technology, end-use, and region:

Component Outlook (Revenue, USD Million; 2018–2028)

Hardware

Software

Services

Technology Outlook (Revenue, USD Million; 2018–2028)

Head-Mounted Technology

Gesture Tracking Technology

Projector & Display Walls Technology

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End-Use Outlook (Revenue, USD Million; 2018–2028)

Hospitals

Clinics

Research institutes

others

Regional Outlook (Revenue, USD Million; 2018–2028)

North America

US

Canada

Mexico City

Europe

Germany

UK

France

Italy

Spain

Sweden

BENELUX

Rest of Europe

Asia-Pacific

China

India

Japan

south korea

Rest of APAC

latin america

Brazil

Rest of LATAM

Middle East & Africa

saudi arabia

UAE

South Africa

Israel

Rest of MEA

The report focuses on current and future market growth, technological advancements, volume, raw materials, and profiles of the key companies involved in the market. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals.

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Thank you for reading our report. Please get in touch with us if you have any query regarding the report or its customization. Our team will ensure the report is best suited to your needs.

About Emergen Research

At Emergen Research, we believe in advancing with technology. We are a growing Marketresearch and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

Eric Lee
Emerging Research
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