Global Virtual Reality in Therapy Market, By Device (Head mount, Gesture Control), By Technology (Non-Immersive, Fully Immersive), By Application (Phobia Treatment, Robotic Surgery) - Forecast 2027
Brief Industry Insights
The analysis by MRFR asserts that the global Virtual Reality in therapy market 2020 is expected to generate a revenue of around USD 3.9 Billion by the end of the forecast period. The slated CAGR for this time span will be 32%.
This market's immense expansion can be attributed to the growth of artificial intelligence and its entry into the healthcare sector. The global healthcare sector is currently in a process of technical transformation. In addition, factors such as high penetration of mobile devices and the hospital demand for an simple way to educate healthcare practitioners, trainee medical students or patients on surgical and therapeutic procedures, and making it more effective for surgeons to closely imagine the operating areas, are the factors slated to boost the growth of virtual reality in the therapy market. Because of it, It can be asserted with confidence that, over the next seven years , the global market for virtual reality in therapy will rise at leaps and bounds.
One of the major factors driving market growth happens to be the virtual therapy advantages compared to conventional therapies. When a patient experiences this form of treatment it eliminates the need for drugs or invasive surgery. Therefore saving a lot of time and money. Many hardware vendors and suppliers of medical devices have embarked on joint ventures with the aim of developing a new product or service. That is another aspect that has a positive impact on market growth.
Additional growth propellers such as technological advances, government support, increased demand for improved technological solutions, increased adoption of handheld medical devices and the need for better educational means for medical students further foster market growth. While, the market can face certain constraints including stringent rules & policies and price related issues. Experts believe, however, that as the market progresses it will tackle such minor problems.
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Segmental Analysis
The worldwide virtual reality in therapy market has been segmented on the basis of applications, technology, devices and regions.
Based on Applications, the market has been segmented into phobia treatment, Robotic Surgery, surgery simulation, treatment of treatment of autism, post-traumatic stress disorder, robotic surgery, rehabilitation and visualization.
Based on the Technologies, the market has been segmented into Semi-immersive VR, full-immersive and non-immersive VR.
Based on the Devices, the market has been segmented into Gesture control, projectors and head mount.
Comprehensive Regional Analysis
The virtual reality in therapy market has been effective in expanding across the globe. The main regions where it prevails are North America, Europe, Asia Pacific and Rest of the World.
Region-wise North America holds the largest market share, and this is primarily due to the business being brought in by countries such as Canada and the US. This area is experiencing a huge demand for high-end technological solutions, a higher number of research & development activities and a greater acceptance of virtual reality in the healthcare sector. This is due to increased demand for high-end technology solutions, increased R&D in this region, and increased use of virtual reality in the healthcare sector.
During the projection period, Asia Pacific is estimated to expand tremendously, as it has a huge number of investors and producers.
Comprehensive Regional Analysis
The key players in the global virtual reality in therapy market include- Siemens Healthcare (Germany), Virtalis Ltd (U.K.), CAE Healthcare (U.S.), GE Healthcare (U.S.), Virtual Realities, Llc (U.K.), Qualcomm Technologies, Inc. (U.S.), Samsung Group (South Korea), Vuzix (U.S.), Mimic Technologies Inc, (U.S.), Brainlab (Germany) among others.
In the market for therapy the global virtual reality is highly competitive. A competitive landscape is formed by diverse established international brands, domestic brands and new entrants. Through various strategic mergers and acquisitions, innovation, increasing investment in research and development and cost-effective product portfolio, the key players are increasingly seeking market expansion. Because of the presence of several large vendors the virtual therapy market is highly competitive.
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Market Players & Key Strategies
Some of the most renowned and longstanding players of this market can be listed as Virtual Realities, Siemens Healthcare, Samsung Group, Brainlab and Mimic Technologies.
The global market for virtual reality in therapy is intensely competitive. To make their mark, market players have to employ a number of development tactics. Some of the major strategies used by them are strategic partnerships and mergers with other companies.
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Global Virtual Reality in Therapy Market, By Device (Head mount, Gesture Control), By Technology (Non-Immersive, Fully Immersive), By Application (Phobia Treatment, Robotic Surgery) - Forecast 2027Brief Industry InsightsThe analysis by MRFR asserts that the global VR in therapy market 2020 is expected to generate a revenue of around USD 3.9 Billion by the end of the forecast period.
The slated CAGR for this time span will be 32%.This market's immense expansion can be attributed to the growth of artificial intelligence and its entry into the healthcare sector.
Because of it, It can be asserted with confidence that, over the next seven years, the global market for virtual reality in therapy industry will rise at leaps and bounds.One of the major factors driving market growth happens to be the virtual therapy advantages compared to conventional therapies.
Therefore saving a lot of time and money.
While, the market can face certain constraints including stringent rules & policies and price related issues.
The main regions where it prevails are North America, Europe, Asia Pacific and Rest of the World.Region-wise North America holds the largest market share, and this is primarily due to the business being brought in by countries such as Canada and the US.
Virtual reality is the fastest growing technology that would take over the business world, in the coming years.
Read on for definitions and examples of Virtual Reality.
Virtual Reality (VR) MarketThe global virtual reality software market is anticipated to garner a CAGR of 11% during the forecast period (2017-2023).
Virtual reality can be referred to as an artificial environment, created with software and presented to the users in such a way so that they accept it as a real environment.Market Potential and PitfallsThe virtual reality software market has witnessed a tectonic surge over the past few years, mainly due to technological advancements and rapid digitization.
The surging demand for head mount displays in entertainment and gaming industries has elevated the scope for virtual reality software market across the globe.
The accelerating demand for VR from sectors like sport, entertainment, architecture, and medicine is creating growth opportunities for the market across the globe.Virtual reality and augmented reality holds high importance in the entertainment and media industry.
This has triggered the demand from the virtual reality software market.On the contrary, with advancing technologies and surging demand for VR and AR from the film sector, the media & entertainment is facing shortage of skilled technicians.
Moreover, high capital investment for developing AR and VR devices are some of the major concerns vitiating its growth across the globe.Industry SegmentsThe virtual reality market is divided by deployment into on-premise, cloud.
