Global Virtual Reality in Healthcare Market Highlights 2022-2030
he global virtual reality in healthcare market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. The extensive research associated with virtual reality in healthcare on a global level, along with the growing investment in the development of virtual reality healthcare start-ups, are expected to fuel the progress of this market in the coming years. In addition, virtual reality technology also helps raise disease awareness among healthcare professionals by simulating real-world experience, which is also expected to contribute significantly to market growth. The growth of the market can also be attributed to factors such as the increasing integration of digital technology in healthcare and the rising need to provide efficient health services on a global level.
According to the analysis of a study published by the National Center for Biotechnology Information in 2018, the use of virtual education technology in laparoscopic surgery training had improved learning in 74% of studies. Also, higher accuracy in medical practice by individuals trained through virtual reality was reported in 87% of studies. This signifies that the application of virtual reality technologies plays an essential role in enhancing the performance of different medical groups, which in turn is assessed to offer ample growth opportunities to the market in the future.
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The market is segmented on the basis of component into hardware, software, and content, out of which, the hardware segment is anticipated to grab the largest share by the end of 2030 on account of the increasing significance of hardware devices such as desktops, head-mounted display, and other display devices in using virtual reality technologies in healthcare. Moreover, hardware equipment is widely being used to minimize healthcare complexity and increase efficiency, which is also projected to contribute to the growth of the segment during the forecast period. Furthermore, based on application, the medical education segment in the global virtual reality in healthcare market is predicted to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that virtual reality simulation technologies allow medical professionals to practice complex, life-saving procedures in a risk-free environment and improve their skills significantly.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Virtual Reality in Healthcare Market Regional Synopsis
Geographically, the global virtual reality in healthcare market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing healthcare expenditure and the rising government initiatives for adoption of digital technologies in healthcare sector in the region. Additionally, Asia Pacific has witnessed a remarkable growth in internet and smartphone users, which is also expected to contribute to the greater use of virtual reality technologies in the region. Furthermore, in 2030, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increasing prevalence of neurological disorders and early adoption of advanced technologies, accompanied by the presence of well-established healthcare infrastructure in the region. Along with this, North America also leads in terms of favourable government policies, which is also evaluated to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market in the future on account of a high prevalence of chronic diseases in the region. As per the analysis of European Chronic Disease Alliance, chronic diseases affect greater than one-third of the population of Europe and account for 86% of deaths in WHO European region.
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The global virtual reality in healthcare market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the global virtual reality in healthcare market includes the following segments:
- Medical Education
- Mental Illness Treatment
- Extensive Research Associated with Virtual Reality in Healthcare on Global Level
- Growing Investment in the Development of Virtual Reality Healthcare Start-Ups
- Hardships in Adopting and Deploying New Technology
- Lack of Awareness About the Technology in Lower Economic Regions
Top Featured Companies Dominating the Market
- Google LLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Koninklijke Philips N.V.
- GENERAL ELECTRIC COMPANY
- CAE Inc.
- Atheer, Inc.
- Microsoft Corporation
- Teladoc Health, Inc.
- Samsung Electronics Co., Ltd
- Neuro Rehab VR