The Cost-Benefit Analysis of Virtual Reality in Healthcare: ROI, TCO, and Value Proposition

The Virtual Reality (VR) in Healthcare Market size was estimated at USD 2.33 billion in 2022 and is anticipated to increase from USD 3.11 billion in 2023 to USD 25.22 billion by 2030, exhibiting a CAGR of 34.9% over the course of the forecast period.

The Virtual Reality (VR) in Healthcare Market size was estimated at USD 2.33 billion in 2022 and is anticipated to increase from USD 3.11 billion in 2023 to USD 25.22 billion by 2030, exhibiting a CAGR of 34.9% over the course of the forecast period.

Hospitals and healthcare professionals have benefited greatly from the use of virtual reality (VR) in healthcare. People with autism, phobias, depression, and addiction are being identified, treated, and rehabilitated using this technology. Virtual reality has many uses, and healthcare providers are starting to incorporate it into their daily operations. Due to the risk-free environment it provides, this technology has also shown to be an effective tool for complex surgeries.

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Information about the report:

  •     Forecast Timeframe: 2023-2030
  •     The starting year is 2022
  •     Market Size in 2022- USD 2.33 billion
  •     The market size in 2028 will be USD 25.22 billion
  •     CAGR - 34.9%
  •     Segments Included: according to deployment type, application, enterprise type, sector, and geographic region

The Virtual Reality (VR) in Healthcare Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. The percentage of the market that is under the control of one provider, or a group of providers, is known as market share. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.

Analyses of the worldwide Virtual Reality (VR) in Healthcare Market are conducted across regions, end-user industries, and material types. The study thoroughly examines segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.

By Component Analysis, 

The hardware, software, and content market segments are based on components.

In 2022, the market share belonged to the hardware sector. VR hardware consists of Head-mounted Displays (HMDs), PCs, and additional gadgets like laptops and smartphones. Applications for training, education, and therapy frequently use virtual reality (VR) headsets. Due to the rising demand for advanced training for healthcare professionals, the software segment is anticipated to display a high CAGR during the forecast period. The adoption of VR in healthcare is anticipated to increase as a result.

By Application Analysis, 

Application-wise, the market is segmented into Post-Traumatic Stress Disorder (PTSD), pain management, education training, surgery, patient care management, and rehabilitation therapy procedures.

The market's education training segment brought in the most money in 2022. Medical education and the training of healthcare professionals make extensive use of virtual reality technology. According to recent studies, a learner's ability to retain information and pick up new skills is improved by VR 360° videos. Osso VR declared the expansion of its training platform for endoscopy and interventional surgical procedures in March 2021 in light of the rising demand.

By Segment Analysis, 

According to segment analysis, using virtual reality in therapy can significantly lessen PTSD symptoms, which is especially helpful for those who have served in the military and other PTSD patients. Similar to how it aids in supporting doctors, this technology uses MRI and CT scans to build a three-dimensional model of the patient's operated part. This model helps surgeons comprehend the trajectory of the actual operation and reduces errors. This is encouraging the market for virtual reality in healthcare to grow.

By Key Industry Analysis

The market's major players are concentrating on providing cutting-edge medical technologies to aid healthcare providers and their patients. To provide solutions for virtual care and inspection, these businesses are working with hospitals and caregivers. Additionally, these players provide cutting-edge virtual goggles and headsets for learning and practicing medicine. These businesses are offering virtual medical services like rehabilitation, vision testing, psychological mental management, and more with the aid of new content.

List of Key Companies Profiled:

  • Koninklijke Philips N.V. (Netherlands)
  • Samsung Electronics Co. Ltd. (South Korea)
  • EON Reality (U.S.)
  • CAE Healthcare (U.S.)
  • Oculus Rift (Facebook Inc.) (U.S.)
  • Medical Realities Ltd. (U.K.)
  • XRHealth USA Inc. (U.S.)

By Region, 

Geographically, the market is examined across five key regions, including Latin America, the Middle East Africa, Asia Pacific, Europe, and North America. Countries from different regions are studied further.

The largest market revenue in 2022 was produced in North America. Due to the growing use of immersive technologies in healthcare, VR adoption is rising in this region. Government programs and sizeable investments in research and development are among the other factors. Additionally, funds are being provided by the American government for research on VR applications in the medical field. Due to growing pressure to cut treatment costs, healthcare providers are outsourcing IT-related services. Also anticipated is a surge in demand due to these factors.

The study report provides a thorough analysis of the size of the Virtual Reality (VR) in Healthcare Market globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Virtual Reality (VR) in Healthcare Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Virtual Reality (VR) in Healthcare Market industry will be able to gain the upper hand by using the study as a valuable resource.

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