Virtual Reality in Therapy Market Growth Key Leaders, Emerging Technology, Competitive Landscape by Regional Forecast to 2027 | COVID-19 Effects

Posted 2 years ago in BUSINESS.

Global Virtual Reality in Therapy Market, By Device (Head mount, Gesture Control), By Technology (Non-Immersive, Fully Immersive), By Application (Phobia Treatment, Robotic Surgery) - Forecast 2027

Virtual Reality in Therapy Market Growth  Key Leaders, Emerging Technology, Competitive Landscape by Regional Forecast to 2027 | COVID-19 Effects

The global virtual reality in therapy market size is projected to reach USD 3.9 billion by 2023, according to the latest report by Market Research Future (MRFR). It can expand at 32% CAGR from 2017 to 2023. MRFR’s report on the virtual reality in therapy market comprises growth drivers, challenges, and trends on the industry for the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.

Market Scope

The global virtual reality in therapy market is driven by demand for wearables by customers and its potential in mental health wellness. Technological transformation in the healthcare sector combined with gloves, rings, goggles, and headsets can bode well for the market. Treatment of mental health disorders and diseases during the COVID-19 pandemic has proven to be a lucrative opportunity for the Virtual Reality in Therapy Market Growth.

Virtual reality has been utilized in treating and overcoming phobias of patients. For instance, Vivid Vision has treated lazy eye conditions with immersive experiences. It is offering remote treatment for weak eyes, crossed eyes, and convergence disorder. Initiatives by governments for bringing in novel therapeutic practices for treatment of patients can drive market growth. Huge demand for VR systems for educating patients and students on benefits of therapy will benefit the market. Use of VR for constructing anatomies and its subsequent treatment can have latent potential in medical universities.

But limitations of virtual reality hardware may hamper market growth.

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COVID-19 Impact

The COVID-19 pandemic will positively impact the virtual reality in therapy market. This is attributed to increasing isolation and mental health problems caused by lockdowns. Dependence on virtual reality by workers and professionals in the healthcare sector is likely to benefit the market over the forecast period. Huge demand for online and interactive sessions can augment market growth.

Segmentation

Head Mounted Displays to Dominate Market Demand

The head mounted displays is expected to command a strong demand over the forecast period owing to customer comfort in immersive experiences. Its use in imparting knowledge and treatment of post-traumatic stress disorders and other ailments can bode well for the market. 

Surgery Simulation to be Leading Market Application

Surgery simulation is expected to be the leading market application owing to the use of VR for educating patients on interventional surgical procedures and endoscopy. Moreover, it can ease pain levels of patients during open surgeries and skin grafting.

Regional Analysis

North America to Lead in Global Virtual Reality in Therapy Market

North America is set to dominate the global market owing to demand for high-end technologies and success of VR in treatment of ailments. Implementation of immersive technologies in medical practices and continuous investments in research and development can drive regional market growth. Use of VR for delivering high-quality surgical training to students can improve outcomes of patients and elucidate medical students.

Competitive Analysis 

Siemens Healthcare (Germany), Mimic Technologies Inc, (U.S.), Vuzix (U.S.), Brainlab (Germany), Virtual Realities, LLC (U.K.), Qualcomm Technologies, Inc. (U.S.), Virtalis Ltd (U.K.), GE Healthcare (U.S.), CAE Healthcare (U.S.), and Samsung Group (South Korea) are key players in the global virtual reality in therapy market. Development of new features and collaborations are to be witnessed in the market. 

Industry News

Curebase has partnered with AppliedVR to use its proprietary platform for conductive 5 different trials on effective use of therapy on pain patients.

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Virtual Reality in Therapy Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030

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