Virtual Reality in Healthcare Market Rises as Healthcare is Spending More on Emerging Technology

2024-04-02 06:24:35 Technology

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Virtual reality refers to computer simulated reality. For example, in computer games, virtual reality generates playfield and characters that help the player immerse into the game. However, the scope of global virtual reality in healthcare market has been explored and it is being increasingly used to treat patients and train healthcare professionals. The global virtual reality in healthcare market is expected to grow significantly in the near future with recent technological advancements.

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Rise in healthcare spending on emerging technology and devices, along with rapid adoption of virtual reality technologies by the medical sector are factors expected to boost the growth of the global virtual reality on healthcare market. As the overall market is in its early stage of development and commercialization, establishment of industry standards will lead to its rapid growth in the near future. Training healthcare professionals with the help of virtual reality is more effective than traditional educational methods. The overall market has a huge opportunity to grow with the implementation of virtual reality to treat phobias and addictions.

Visualization of Image Guided Surgery is a Major Application of Virtual Reality in Healthcare

On the basis of healthcare applications, virtual reality in healthcare market has been categorized into education and training, surgery, rehabilitation and therapy procedures, and visualization. Visualization of image guided surgery procedures, anatomy structures, and planning radiation therapy are some of the major applications of virtual reality in the healthcare sector. In education and training, virtual reality provides 3D images for better understanding of the anatomy and surgical procedures. Hospitals and medical facilities are increasingly depending on virtual reality to train staffs as such trainings are cost-effective.

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U.S. Market for Virtual Reality Applications in Healthcare Looks Promising

The global virtual reality in healthcare market has been segmented into four key regions: Asia Pacific, North America, Europe, and Rest of the World. In North America, particularly the U.S., the market for virtual reality applications in healthcare has grown significantly owing to the better healthcare infrastructure. Virtual reality has been integrated into a broad portfolio of healthcare activities, including operating rooms, clinical IT systems, and schools of medicine and treatment programs. The overall market in North America looks promising with healthcare virtual reality products receiving increased attention from healthcare industry suppliers.

Key Players in Global Virtual Reality in Healthcare Market

Some of the key players in the global virtual reality in healthcare market are Virtual Realties Ltd, Virtalis Ltd, Brainlab AG, GE Healthcare, CAE Healthcare, Medtronic Inc., Intuitive Surgical Inc., Siemens Healthcare, Philips Healthcare, Stryker Corporation, and Vital Images Inc. It has been observed that smartphone manufacturers such as HTC Corp. are venturing into the market. Taiwanese smartphone manufacturer HTC recently participated in a Series A round of financing for Surgical Theater LLC to help the company develop virtual reality and image guidance software. The smartphone maker also unveiled a virtual reality headset in March. HTC Vive?s unique 360 room-scale solution and tracking technology is expected to enable innovative applications of virtual reality.