Virtual Reality In Healthcare Market size is projected to experience significant growth from 2019 to 2025. Increasing IT integration in healthcare field will drive the virtual reality in healthcare market growth. Virtual reality creates a visual, immersive and three-dimensional environment, so that health experts can provide better treatment and services to patients. Industry players provide various software-enabled solution to obtain accurate results. For instance, SimX software is specifically used for training of doctors and surgeons. Wireless software allows consumers to connect from different locations across the world and thus, increasing adoption of virtual reality software in developed countries will augment the virtual reality market growth.
Preference for minimally invasive therapies among patients is growing rapidly in recent years. Patients are opting for non-invasive diagnostic methods and surgeries due to benefits such as reduced morbidity and fast recovery. Also, federal regulations approve various innovative procedures that provide accurate treatment to patients. For instance, in 2000, U.S. FDA approved robotically assisted surgical devices, since then number of robotic surgeries has increased rapidly. Moreover, several VR simulators are commercially available for education and training purpose that can assist surgeons to perform tele-surgeries, surgical pre-planning, surgical rehearsal and image guided surgery. Thus, aforementioned benefits of VR technology will augment the industry growth.
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Immersive virtual reality software segment held considerable share and emerging VR software provides high performance graphics computing. Images provided by this software can provide greater resolutions than non-immersive software. Doctors prefer VR software in robotic surgeries as it can produce image graphics of patient’s anatomy that enhances surgery success rate. Thus, growing adoption of immersive software among healthcare providers will drive the segmental growth.
Diagnostic segment will show lucrative growth during analysis timeframe owing to increasing diagnostic procedures requiring software for better diagnosis. According to Advanced Medical Technology Association, every year 7 billion diagnostic tests are performed in U.S. Application of virtual reality in diagnostic test provides better imaging. For instance, radiological imaging is used to produce a simulated 3-D reconstruction of organs that have become an important diagnostic tool providing healthcare experts with a more naturalistic view of patient’s anatomy. VR simulation is also used for autopsy and microscopic examinations. Aforementioned factors are expected to drive the segmental growth.
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U.S. dominates North America healthcare virtual reality market and scenario is likely to remain so in near future. Extensive R&D activities by industry players leads to development of innovative virtual reality tools. For instance, Vicarious Surgical provide surgical robots with virtual reality that enhance ability of surgeons. Moreover, regulatory authorities play a vital role in influencing the demand for virtual reality technology. Favorable regulations structured by these regulatory authorities supports development of virtual reality technology that have proven beneficial for the industry growth
Eminent industry players in Virtual Reality in Healthcare market are Virtalis, GE Healthcare, Vicarious surgical, Oculus VR, CyberGlove Systems, SimX, Virtual Realities, New generation application, Philips Healthcare and Qualcomm Technologies. Industry players focus on innovative product launch as their main strategies as well as mergers and acquisitions to expand existing product portfolio and capture high market share. For instance, in June 2018, GE Healthcare introduced virtual reality training for healthcare professionals.