Virtual Reality in Healthcare Market size was valued at USD 3.46 billion in 2023 and is expected to exceed USD 134.24 billion by 2036, expanding at over 32.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of virtual reality in healthcare is assessed at USD 4.36 billion. 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 virtual reality in healthcare 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 virtual reality in healthcare market in the future.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024–2036 |
|
CAGR |
32.5% |
|
Base Year Market Size (2023) |
USD 3.46 billion |
|
Forecast Year Market Size (2036) |
USD 134.24 billion |
|
Regional Scope |
|
The virtual reality in healthcare 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.
Our in-depth analysis of the global market includes the following segments:
|
By Component |
|
|
By Application |
|
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 set to account for largest revenue share by 2036, owing to 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 virtual reality in healthcare 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.
October 2020: Neuro Rehab VR announced the launch of its XR Therapy System. With the help of this system, therapists can provide improved patient care in neurological rehabilitation and physical therapy treatment through immersive games and daily life activities customized as per patient’s specific needs.
July 2020: Teladoc Health completed the acquisition of InTouch Health, which is aimed to connect the care experience across various type of healthcare settings, which provides greater access to high-quality care and better outcomes.
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?