Virtual Reality in Therapy Market Scenario:
Virtual reality in therapy market is poised for tremendous growth over the forecast period of 2017-2023. The immense expansion of this market can be attributed to the growth of artificial intelligence and its arrival into the healthcare sector.
Virtual reality is basically a computer-generated virtual environment that provides real-life sensory experiences to the recipient. This technology has the capability to construct a three dimensional, visual and intriguing environment. In such a form of an alternate reality a person can control the virtual elements and also carry a number of tasks. The environment created can either be real or imitated depending on the situation and purpose
Currently, the global healthcare industry is in a phase of technological reformation. Owing to this, it can be confidently affirmed that the global market for virtual reality in therapy will grow by leaps and bounds through the next seven years. The market is expected to generate a revenue of around USD 3.9 Billion by the end of the forecast period. The estimated CAGR for this time span will be 32%.
One of the major factors that drive the growth of the Virtual Reality in Therapy Market COVID – 19 Analysis happens to be advantages of virtual therapy in comparison to conventional therapies. When a patient undergoes this form of treatment the need for drugs or invasive surgeries is eliminated. Thus, saving a whole lot of time and money.
Many hardware vendors and medical device providers have embarked upon joint ventures with an aim to devise a new product or service. This is another aspect that positively impacts the growth of the market.
Additional growth propellers like technological advancements, government support, increased demand for improved technological solutions, higher adoption of handheld medical instruments and the need for better means of education for the medical students further foster the growth of the market.
Although, the market may face certain restraints like stringent rules & policies and price related issues. However, experts believe that as the market progresses it will cope with such minor issues.
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Major Key Players:
Players leading the global virtual reality in therapy market include Virtalis Ltd (UK), Siemens Healthcare (Germany), CAE Healthcare (US), Virtual Realities, LLC (UK), GE Healthcare (US), Qualcomm Technologies, Inc. (US), Vuzix (US), Samsung Group (South Korea), Brainlab (Germany), and Mimic Technologies Inc, (US), among others.
Virtual Reality in Therapy Market Segmentations:
The report segments the market into four key dynamics to widen the scope of understanding,
· By Device: Head mount, Gesture Control, and Projectors
· By Technology: Full Immersive VR, Non-Immersive, and Fully Immersive.
· By Application: Phobia Treatment, Robotic Surgery, Visualization, Rehabilitation, Treatment of Post-Traumatic Stress Disorder, Treatment of Autism, and Surgery Simulation, among others.
· By Region: Asia Pacific, Europe, North America and Rest-of-the-World (RoW).
Virtual Reality in Therapy Market Regional Analysis:
The North American region leads the global virtual reality in therapy market. Attributing to the growing demand for high-end technology solutions to treat an increasing number of mental conditions like ADHD and PTSD, the VR in therapy market in this region commands the largest market share on the global platform.
Moreover, increasing R&D activities for various therapies and rising usage of VR technology in the healthcare sector drives the regional market. The virtual reality in therapy market in the US and Canada lead the regional market, heading with the high healthcare expenditure. Continuing with these growth trends, North America is expected to retain its dominance throughout the forecast period, creating a considerable revenue pocket.
The virtual reality in therapy market in the European region takes the second lead, globally. Factors such as significant technological advancements and the emergence of digital medicines support the growth of the regional market. Moreover, the presence of the flourishing medical devices market and rising healthcare expenditure in the region are estimated to facilitate the growth of the market.
The Asia Pacific virtual reality in therapy market is emerging as a lucrative market, worldwide. The growth of the market attributes to the presence of a large number of technology providers and the growing use of VR technology in the increasing numbers of medical institutes in the region. Huge population in the region demonstrates large unmet needs for the treatment of ADHD and PTSD cases.
Moreover, the availability of low-cost treatment solutions due to the significant technological developments alongside, the improving economic conditions in the region is supporting the growth of the market. Besides, increasing funding support from the public and private organizations are supporting the market growth in the region, increasing R&D activities.
Virtual Reality in Therapy Market Competitive Analysis: