Virtual reality is one of the current trends in healthcare and medicine. Virtual Reality is the production of a computer-generated simulation of a virtual environment to present a person with real-life sensory experiences. It generates a highly immersive, visual, and three-dimensional world in which a user can control virtual items and do various tasks. Individuals can sense and interact with items and characters in an environment that is either real or simulated. The virtual treatment provides several advantages over conventional methods of treatment, including the fact that it frequently removes the need for medications and invasive, costly surgical procedures, thereby saving money and time.
The expansion of the global virtual reality in the healthcare market is primarily driven by an increase in the incidence of neurological disorders, an increase in the demand for innovative diagnostic techniques, and an increase in the awareness of the benefits of VR technology. In addition, new developments in the realm of information technology, such as sophisticated computers, laptops, Internet access, and mobile applications, contribute to the expansion of the industry.
The healthcare industry has been dramatically impacted by virtual reality. According to the WHO, neurological disorders accounted for 2% of the worldwide illness burden in 2005, and this proportion is projected to rise to 2.4% by 2030. VR may offer a novel treatment for various neurological conditions, including spinal cord injury, multiple sclerosis, stroke, dementia, and Parkinson's. Moreover, immersive VR technologies are suitable for therapeutic rehabilitation, making them a practical and accessible treatment option for individuals with neurological problems. This surge in the use of virtual reality in medical and healthcare applications is anticipated to drive market expansion.
Anxiety during dental operations causes difficulties for the patient and the dental personnel. As a result, doctors frequently choose medicinal diversions for treating anxiety and discomfort. Therefore, virtual reality is a powerful instrument for distraction. These distractions during treatments can aid patients in coping with discomfort, enhancing patient care. In addition, side effects such as nausea, anxiety, and pain following cancer therapies can be alleviated by distracting the patient and assisting with port access procedures (an essential process during chemotherapies) throughout the treatment.
Region-wise, the global VR in the healthcare market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America was the highest revenue contributor, estimated to grow at a CAGR of 31.9%. North America dominates the global VR market for healthcare in terms of revenue, which is expected to persist during the projected period. The growth of the North American virtual reality market for healthcare is primarily driven by rapid advancements in the healthcare sector and the rising use of VR technology in the healthcare industry. In addition, according to data supplied by the American Psychological Association, virtual reality's application in healthcare is developing significantly. In North America, the use of the Limbix system for treating anxiety-based disorders, prevention of substance misuse, post-traumatic stress disorder, and phobias is one of the most popular treatments. In addition, the market expansion in this region is primarily attributable to an increase in VR investments and significant players such as DAQR, EON, Reality Inc., Facebook, Google, HTC, Microsoft, Samsung, Seiko Epson, and Sony Vuzix Corporation. The development of these technologies in the healthcare sector and the availability of superior healthcare infrastructure in the region are responsible for the growth of virtual reality in the healthcare market. For instance, the U.S. government is making substantial investments to integrate virtual reality across numerous industry sectors, creating commercial prospects for startups, vendors, and manufacturers. In addition, the application of virtual reality in medical training by several universities and organizations drives the market growth.
Europe is the second largest region. It is estimated to reach an expected USD 2525 million by 2030 at a CAGR of 34.1%. Due to rising expenditures in the healthcare sector in this region, the market for virtual reality in healthcare is expected to expand rapidly throughout the forecast period. In addition, government backing for these technologies has substantially raised the need for VR integration in the healthcare industry. For instance, virtual reality (VR) applications require substantial bandwidth to work; therefore, the European government is deploying 5G with its 5G for Europe Action plan. By 2020, the strategy seeks to provide 5G connectivity throughout Europe. Nevertheless, European corporations tend to offshore their technology due to intellectual property protection and data security. Rapid technological improvements and the practicality of VR Devices for both enterprises and consumers are anticipated to increase the market for VR Devices in the European region. Moreover, government initiatives such as the "Europe in your hands" project are intended to enhance European economic relations via virtual reality formats. In addition, EUROVR is an organization that brings together individuals and businesses interested in augmented, virtual, and mixed reality. Consequently, these favorable conditions are anticipated to stimulate the expansion of European VR in the healthcare market.
Asia-Pacific is the third largest region. This region is anticipated to expand at the highest CAGR due to the deployment of several steps to foster the expansion of the VR sector in healthcare. For example, the Shenzhen Municipal Government has teamed with HTC to establish a USD 1.45 billion Shenzhen VR Investment fund to improve the China VR ecosystem. In addition, Guizhou Province launched the creation of Beidouwan Virtual Reality Town in 2017 to create VRAR systems throughout China. In 2017, the Korean government built the Korean Virtual Reality Augmented Reality Complex (Kovac), with plans to expand the number of such centers to 20 by 2020. Indian, Australia take similar measures, and Malaysian governments are fueling the growth of the virtual reality (VR) industry in healthcare in the Asia-Pacific region.
The key players operating in the global VR healthcare market include Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., AppliedVR, Inc., EchoPixel, DAQRI, and Orca Health, Inc.