VR in healthcare market to reach USD 6.20 billion by 2029

The global virtual reality in healthcare market size was USD 459.0 million in 2021 and is projected to grow from USD 628.0 million in 2022 to USD 6.20 billion by 2029, exhibiting a CAGR of 38.7% during the 2022-2029 period. North America accounted for the maximum share, with over 185.0 Million of total market in the year. Fortune Business Insights, provide this information in its report titled, “Virtual Reality in Healthcare Market Forecast, 2023-2029.”

Key industry development
Psious joined hands with Pico Interactive Inc. to release 3.0, a new virtual reality mental therapy platform that includes virtual reality eyewear.

Key takeaways

• Wearable technology is a growing trend, and pain management is a critical area where investments can make a significant impact.
• Technological advancements will play a vital role in spurring the role of VR in wearable gadgets.
• Customers believe that wearable technology makes healthcare more accessible and inexpensive.
• Virtual reality is being used by healthcare practitioners to increase patient treatment capacity.
• Application Analysis: Pain Management Segment to Dominate the Market Owing to Rise in PTSD Patients
• Virtual Reality in Healthcare Market Size in North America was USD 185.0 Million in 2021

Drivers and restraints

• Growth potential of wearable technology and investments in pain management are expected to drive the industry forward.
• The growing popularity of wearable technology, including fitness trackers, fit bands, rings, headsets and goggles, will boost the adoption of Virtual Reality in Healthcare.
• VR headsets are increasingly being used for real-time mental health treatment, and technological advancements will further enhance the role of VR in wearable devices.
• Pain management, rehabilitation, damage assessment, stroke recovery and PTSD are among the popular patient therapy applications that are contributing to the rising demand for virtual reality technologies.
• Medical experts have also shown interest in using virtual reality to treat PTSD in combat veterans.
• The industry may face challenges due to technical limitations such as computer specifications and resolution quality.

Segments
Rising demand for training to boost software demand
In terms of component, the market is segmented into software, hardware, and content. Stakeholders expect the software segment to account for a notable share of the global market due to the rising penetration of healthcare professionals’ training.

Education & training to remain dominant with rising prominence of medical education
Based on application, the market is segregated into education & training, pain management, rehabilitation & therapy procedures, surgery, patient care management, and others (Post-Traumatic Stress Disorder (PTSD)). The education & training segment will exhibit a significant CAGR during the forecast period in the wake of the adoption of medical education and professionals’ training. VR 360° video has the capability of enhancing skill acquisition level and knowledge retention.

From the geographical ground, the market covers Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

Regional insights
North America to witness investment galore with bullish R&D activities
Investments in advanced technologies and research and development activities are set to make North America a prime destination for business opportunities. Established players and new entrants alike are looking to expand hardware and software components throughout the United States and Canada. Meanwhile, the Asia Pacific region is expected to experience significant growth in the virtual reality healthcare market due to increased investments in digital healthcare and telemedicine, as well as rising demand for education and pain management. In Europe, strong investments in healthcare systems and supportive government policies in countries like the U.K., France, and Germany will contribute to a promising market forecast.

Major players profiled in the report:

• Koninklijke Philips N.V.
• Samsung Electronics Co. Ltd.
• EON Reality
• CAE Healthcare
• Oculus Rift
• Medical Realities Ltd.
• XRHealth USA Inc.
• Psious
• HTC Corporation
• Sony Corporation

Fortune Business Insights™