|Siemens Healthcare (Germany)|
|Virtalis Ltd (U.K.)|
|CAE Healthcare (U.S.)|
|GE Healthcare (U.S.)|
|Virtual Realities Llc (U.K.)|
|Qualcomm Technologies Inc. (U.S.)|
|Samsung Group (South Korea)|
|Mimic Technologies Inc (U.S.)|
|Market Driving Forces|
Market Overview:Virtual reality is the utilization of computer technology to build a simulated environment, and such technology has a crucial role in everyday life. In the modern world, virtual reality is widely used in several fields as it enriches the user experience and provides a more immersive as well as interactive environment. In the healthcare sector, virtual reality is extensively utilized to record lectures while educating trainee medical students, healthcare practitioners, or patients about therapeutic and surgical procedures. Such information can easily be stored in the databases and accessed later on. The higher adoption of virtual reality in the healthcare field is the driving force of virtual reality in therapy market.Over the years, the demand for virtual reality in therapy business has escalated, and the reason behind this is increasing requirements for better technological solutions. The presence of a highly competitive landscape is leading to the creation of innovations and a cost-effective product portfolio. Various well-established virtual reality in therapy market players and new entrants are engaging in producing high-quality solutions that can result in the expansion of the virtual reality in therapy market size. With strategic mergers and acquisitions of the market players as well as rising research and development investments, the virtual reality in therapy market potential will elevate to a greater extent. The virtual reality systems offer different functions like collaborative technologies, online learning sources, better learning programs, digital learning resources, and many more. All such features are projecting the virtual reality in therapy market growth to the highest levels.The report focuses on the virtual reality in therapy market structure and the growth aspects of the overall market. It includes several factors that impact the market growth and also provides ideas about virtual reality in therapy market segments. The report sheds light on different regions that elaborate the market presence and mentions some major virtual reality in therapy market players. There is no doubt that market demand is evolving at a breakneck pace. With this surging demand, the virtual reality in therapy market valuation is expected to attain approximately USD 6.9 Billion by the year 2030. The CAGR of the market is anticipated to be 32.60 percent during the forecast period 2022-2030.
COVID19 Analysis:The upsurge of the harsher consequences of the COVID19 pandemic has ruined the entire world in terms of health and finance. The economic growth rate declined to lower rates during the pandemic. Every field witnessed the drastic phase of financial losses and was unable to execute normal functions related to work. The lockdown restrictions ensured the closure of manufacturing units and industrial operations. Moreover, the demand to supply gap broadened a lot. Virtual reality in therapy market also got affected by the negative impacts of the pandemic.
However, the dependence on virtual reality increased a lot during the pandemic, especially for medical practitioners and professionals. The escalated demand has led to the rise of virtual reality in the therapy business and restored market growth. Even the market players attempted to bring advanced solutions that can improve the user experience, which helped in providing a substantial rise in the global virtual reality in therapy market value.
Market Dynamics:Major Drivers of The MarketThe increasing collaboration between medical device providers and hardware vendors is resulting in the virtual reality in therapy market growth. The government initiatives for bringing efficient solution in the healthcare field has progressed the market potential a lot. Moreover, the rising demand for enhanced technological solutions is also leading to the progression of the virtual reality in therapy market size in the upcoming years.According to the virtual reality in therapy market analysis, the adoption of advanced technologies is uplifting the market value upwards. The advantages of virtual reality systems in providing better learning programs, online learning sources, collaborative technologies are raising the global virtual reality in therapy market demand more and more. Significant Opportunities for The Market:With the higher utilization of handheld devices and the elevating demand for easier education ways in the healthcare sector, the virtual reality in therapy market is also escalating. The demand for virtual reality systems will increase as they can educate patients about therapeutic and surgical procedures. It also helps medical professionals to closely visualize operating areas that can raise the virtual reality in therapy business in the forecast period.The efforts of virtual reality in therapy market players in creating innovative solutions and cost-effective product portfolios will surge the market value in the upcoming times. The highly competitive landscape will also contribute largely to the growth of virtual reality in therapy industry.
Regional Analysis:The virtual reality in therapy market analysis is done in certain areas such as Asia-Pacific, North America, Europe, and other parts of the world. The North American region holds the largest virtual reality in therapy market share all around the world, and the countries like Canada and the US contribute the most to it. The rising demand for high-end technologies, the escalating research and development happening in the region, and the high usage of VR in the healthcare sector are the reasons attributing the market growth.
In the Asia Pacific region, the presence of numerous manufacturers and elevating the growth of medical institutes will contribute to the virtual reality in therapy market growth in the region. It will have the fastest growth during the forecast period.
|Market Size||USD 6.9 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Device, By Technology, By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens Healthcare (Germany), Virtalis Ltd (U.K.), CAE Healthcare (U.S.), GE Healthcare (U.S.), Virtual Realities, Llc (U.K.), Qualcomm Technologies, Inc. (U.S.), Samsung Group (South Korea), Vuzix (U.S.), Mimic Technologies Inc, (U.S.), Brainlab (Germany)|
|Key Market Opportunities||The global virtual reality in therapy market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape.|
|Key Market Drivers||
The collaboration between medical device providers and hardware vendors is expected to drive the proliferation of the virtual reality in therapy market.
The segments of the virtual reality in therapy market, by device, are projectors, head mount, gesture controls, and others.
The virtual reality in therapy market has been prognosticated to expand at 32.60% CAGR.
Siemens Healthcare (Germany), CAE Healthcare (U.S.), Virtalis Ltd (U.K.), GE Healthcare (U.S.), Qualcomm Technologies, Inc. (U.S.), Virtual Realities, Llc (U.K.), Samsung Group (South Korea), Mimic Technologies Inc, (U.S.), Vuzix (U.S.), and Brainlab (Germany).
The virtual reality in therapy market is supposed to value at USD 6.9 Bn.