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Research report explores the virtual reality (VR) in healthcare market opportunities and forecasts, 2017-2023

IT Market Research

Virtual reality is the creation of computer generated simulated virtual environment to provide real-life sensory experience to the person.

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It creates a highly immersive, visual and three dimensional environment, in which an individual is able to manipulate virtual objects and perform a series of tasks. The environment is either of real or simulated world, in which an individual is able to feel and interact with the objects and characters.

Virtual treatment has certain advantages over conventional methods of treatment such as virtual treatment often eliminates the use of drugs and complex invasive surgical procedures for treatment, thus saving the cost and time.

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The major factors driving the global virtual reality in healthcare market are; rising incidences of neurological disorders, increasing demand for innovative diagnostic techniques and increasing disease awareness.

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Moreover, recent advancement in the field of information technology such as computer, laptop, internet connectivity and mobile applications, would further fuel the market growth. However, high cost of treatment, lack of skilled workers and inaccessibility to virtual reality technology in developing economies are likely to hinder the market growth.

The global virtual reality in the healthcare market is segmented on the basis of technology, application and geography. On the basis of technology, the market is segmented into, Full Immersive VR, Semi-Immersive VR and Non- Immersive VR.

The market, on the basis of application segmented into Surgery simulation, Phobia treatment, Robotic surgery, Education and Training, Visualization and Rehabilitation, Treatment of Post-Traumatic Stress Disorder (PTSD), Treatment of Autism, Diagnosis of cognitive disorders and others. Geographically, the market is segmented across four regions namely North America, Europe, Asia Pacific, and LAMEA. 

Some of the strategies adopted by top industry players include new product launches. For instance, in April 2015, Samsung collaborated with Nuance, a software developer, to integrate a new virtual assistant clinical documentation technology to the Samsung Gear S smartwatch with a view to assist medical professionals.

CAE Healthcare, recently launched obstetrics and a gynecology simulation ultrasound training system in India. In 2014, Surgical Theater, received the FDA approval for SNAP device, a virtual reality device for surgical procedures.The companies profiled in this report include; Virtalis Ltd, CAE Healthcare, GE Healthcare, Virtual Realities Ltd, Qualcomm Technologies, Inc., Samsung, Vuzix Corporation, Mimic Technologies Inc, WorldViz, LLC., and Brainlab AG.

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