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Virtual Reality (VR) in Healthcare Market : Latest Innovations, Drivers, Dynamics And Strategic Analysis, Challenges By 2023

Press Release   •   Jan 29, 2018 08:00 EST

The Global Virtual Reality In Healthcare Market is expected to grow with a CAGR between 55% and 60% during 2016 – 2022 and surpass USD 4.0 billion by 2022. Virtual Reality in healthcare Market is an artificial three dimensional environment that is created with software and presented to the user in such a way that the user suspends belief and accepts it as a real environment. Healthcare is one of the largest application industries of virtual reality which encompasses surgery simulation, phobia treatment, robotic surgery and skills training. One of the major importance of VR in healthcare is that it allows medical professionals to learn new skills as well as refreshing existing skills in a safe environment without causing any danger to the patients.

Benefits associated with virtual reality, increasing healthcare expenditure, rising incidents of neurological disorders and increasing demand for innovative diagnostic techniques are considered to be the key factors driving the growth of this market. Moreover, high cost associated with VR hardware and devices, lack of skilled medical professionals and unclear regulatory guidelines for their medical use are some of the factors restraining growth of this market. Going forward, developing endoscopic surgical techniques, growing numbers of robotic surgeries and tremendous opportunities in emerging economies are likely to create more opportunities over the forecast period. Furthermore, untapped economies, maintenance of devices and lack of awareness among the patient population are some of the challenges faced by this market.

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Segments Covered:

The report segments the virtual reality in healthcare market by, technology and by application. The market segmentation based on technology includes Full Immersive VR, Semi Immersive VR, and Non Immersive VR. On the basis of application, the global virtual reality in healthcare market is segmented into Surgery simulation, Phobia treatment, Robotic Surgery, Education and Training, Visualization and Rehabilitation, treatment of Post Traumatic Stress Disorder (PTSD), Treatment of Autism, Diagnosis of cognitive disorders and others. Moreover, robotic surgery submarket segment is the largest revenue generating segment in this market due to increasing demand for robotic surgeries which assist surgeon in visualizing the operating area in close. Following the robotic surgery, visualization and rehabilitation segments is anticipated to grow at the highest CAGR rate over the forecast period due to increasing demand in visualization of anatomy structures and image guided surgery procedures.

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Geographic Coverage and Analysis:

The report provides regional analysis covering geographies such as North America, Europe, Asia Pacific, Latin America, and Rest of the World (RoW). North America is accounted for the largest share growth market region and is likely to continue its dominance due to increase in R&D activities, increased investment in VR technology by government and private companies, and early adoption of the technology. Furthermore, Asia Pacific is projected to emerge as the most prominent market region due to increasing awareness about VR technology, highly developing healthcare infrastructure, and increase in healthcare spending among the patient population and is anticipated to grow at the highest rate of CAGR over the forecast period. Moreover, emerging markets including China, India and Japan offers number of opportunities for the growth of Asia Pacific region in this market.

Companies Profiled:

The companies covered in the report include

  • CAE Healthcare
  • GE Healthcare
  • Samsung
  • Siemens Healthcare
  • Brainlab AG
  • Medtronic, Inc.
  • Vital Images, Inc.
  • Vuzix Corp.
  • Hologic, Inc.
  • Intuitive Surgical, Inc.
  • Philips Healthcare
  • Virtual realities
  • WorldViz