Virtual Reality in Healthcare Market 2017 : Global Industry Growth, Opportunities, Consumptions, Industry Analysis and Forecasts 2023
The Infinium Global Research analyzes the Virtual Reality in Healthcare Market over the period of 2017 to 2023. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global virtual reality in healthcare market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of virtual reality in healthcare. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the virtual reality in healthcare market during the period. The global virtual reality in healthcare market is projected to grow at a CAGR of 54.5% over the forecast period of 2017-2023.
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Virtual reality in healthcare is the use of video and audio to engage the patient in the experience of an artificial environment, often in 3D and often with 360 degrees of vision. Healthcare is one of the major adopters of virtual reality that encompasses surgery simulation, phobia treatment, robotic surgery and skills training. In healthcare, virtual reality is used for medical training, patient treatment, disease awareness as well as medical marketing.
Growing Use of Virtual Reality for Treating Neurological Disorders and Chronic Pains is Driving the Growth of the Virtual Reality in Healthcare Market
The growing use of virtual reality for treating neurological disorders and chronic pains is driving the growth of the virtual reality in healthcare market. According to the National Institute of Health, chronic pain affects more Americans than diabetes, heart disease and cancer combined. Virtual reality is used for pain management and physical therapy for patients suffering from chronic pains. This technology reduces the dependence of the patients on the opioid drugs and helps to curtail the cost of these drugs. However, high cost of the devices and technology hinders the growth of the virtual reality in healthcare market. Moreover, the adoption of virtual reality in dentistry and surgeries creates beneficial opportunities for the virtual reality in healthcare market.
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Segments Make up the Virtual Reality In Healthcare Industry
The report on global virtual reality in healthcare market is bifurcated into technology type and application. Based on technology, the global virtual reality in healthcare market is categorized into full immersive VR, semi immersive VR and non-immersive VR. Based on applications, the global virtual reality in healthcare market is categorized into surgery simulation, phobia treatment, robotic surgery, education and training, visualization and rehabilitation, post-traumatic stress disorders (PSTD), treatment of autism, diagnosis of cognitive disorders and others.
Among the applications, surgery simulation segment held majority of the revenue share in 2017. Virtual reality enhances surgical processes by using various technologies such as sensors, simulators, and transparent displays to improve quality of communication between a patient and surgeon. In addition, increase in number of chronic disease and technological advancement are other factors that are increasing the penetration of this technology in surgeries.
North America Held the Maximum Market Share in the Virtual Reality in Healthcare Market
North America held the maximum market share in the total addressable market. The high disposable income, growing elderly population and the established healthcare sector in the U.S. favors the growth of the North America virtual reality in healthcare market. In addition, increased awareness about high technology medical devices and high rate of adoption of technology promotes the growth of the virtual reality in healthcare market in this region. Furthermore, the growing adoption of VR for medical training drives the growth of the market over the forecast period.
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Key Players in the Virtual Reality in Healthcare Industry
The virtual reality in healthcare market is a highly fragmented market. The major companies in the global virtual reality in healthcare market are CAE Healthcare, GE Healthcare, Samsung, Siemens Healthcare, Brainlab AG, Medtronic, Inc., Vital Images, Inc., Vuzix, Corp, Hologic, Inc. and Virtual Realities, LLC among others. Mergers with established healthcare providers and technological advancements in the products are the key strategy of the players in the virtual reality in healthcare market. In 2017, MindMaze, a VR company has launched MindMotionPRO, a healthcare product offering with VR for early motor rehabilitation in stroke patients.
Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Virtual Reality in Healthcare.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2023.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.