Virtual reality is all set to revolutionize the healthcare industry in coming years and has untapped potential to take the industry by force. The global VR in healthcare market size was valued at $ 240.91 million in 2018 and is expected to exponentially increase to $ 4.64 billion by 2025. The major reason for the growth is attributed to the fact that VR allows easy integration of IT solutions in all aspects of healthcare transforming patient care.
The scope of using VR in healthcare expands from training nurses, medical marketing, performing surgeries to disease awareness. Moreover, when combined with other techniques like MRI / CT scan, VR emerges as an even more powerful diagnostic tool. But the driving force behind this global rise in the market value of medical VR industry is the increase in demand for more innovative treatment & diagnostic options for patient care. Furthermore, the recent advancements in technological domain with cutting edge laptops, phones & internet connectivity has also fueled up the market growth. Increase in usage of VR in advanced dental procedures and cancer therapies is anticipated to provide lucrative opportunities for the growth of VR in healthcare market in coming future.
The global virtual reality in the healthcare market is segmented on the basis of technology, product, end user, and region. On the basis of technology, the market is segmented into head-mounted, gesture-tracking, and projector & display walls. The VR headsets are important device that allows users to immerse in the gaming environment is the head-mounted display - a wraparound hardware which does not allow light or images from the outside to interfere with the virtual images. The hardware market is set to grow at a rapid rate in the upcoming years to $ 10 billion.
Growing interest and increasing availability of VR products will drive sales of virtual reality devices in the upcoming years. With more progression, the softwares will be designed to cater to specific needs of different departments. Customizability, flexibility for repeated use and more immersive environment, the software sale will increase to $ 6.4 billion.
Based on end user, Based on end user, the VR in healthcare market is classified into hospitals and clinics, research laboratories, and other end users. The hospitals and clinics segment is anticipated to grow during the forecast period due to surge in use of virtual reality for surgeons to assist them during surgeries in hospitals across the globe. Moreover, there is an expected increase for using VR in pain management, neurological disorder treatments & anxiety treatment.