About Virtual Reality in Medicine and Healthcare
Virtual reality in medical and healthcare has huge possibilities in the future which are limited only by creativity & ingenuity of creating and applying the technology. It has not just shifted the imagination of science fiction lovers but also clinical researchers and real-life medical practitioners. The virtual reality (VR) provides real life-like visuals for better practice and training to medical professionals and enhanced learning experience. Although, it is quite a new field in medicine and healthcare there are still surging great examples coming up about VR having positive effects on patients' treatment and recovery especially in mental health treatment. It has a wide potential of developing new life-saving techniques and medicines along with helping training the doctors of the future. The market is approximately becoming worth upwards of USD 3.8 billion. The COVID-19 will accelerate the age of virtual medicine and can be expected that it will only help the virtual reality in medicine and healthcare market grow further as the research activities will increase.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Billion) |
Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Virtual Reality in Medicine and Healthcare market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
XRHealth (United States), Pear Therapeutics, Inc. (United States), Firsthand Technology Inc. (United States), SYNCTHINK, Inc. (United States), ImmersiveTouch, Inc. (United States), Osso VR Inc. (United States), EchoPixel (United States), FundamentalVR (United Kingdom), SentiAR, Inc. (United States) and Proximie (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Medical Realities Ltd. (United Kingdom) and Virtually Better Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Virtual Reality in Medicine and Healthcare market by , Application (Medical Training {Medical Realities}, Treatment {Patient Treatment, Robotic Surgery, Psychological Therapy, Pain Management}, Medical Marketing, Disease Awareness and Others) and Region.
On the basis of geography, the market of Virtual Reality in Medicine and Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Software will boost the Virtual Reality in Medicine and Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by VR System, the sub-segment i.e. VR Headsets {Full VR, Windows Mixed reality} will boost the Virtual Reality in Medicine and Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Hospital will boost the Virtual Reality in Medicine and Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Virtual Reality in Medicine and Healthcare is also being Used to Help Women get through Labour Pain and The Adoption of Virtual reality in Medical Research for Developing Medicines
Market Growth Drivers:
Demand for Patients Suffering from Gastrointestinal, Cardiac, Neurological and Post-surgical Pain to Distract them from Painful Stimuli and Demand for Medical Training to Professionals for Enhanced Experience
Challenges:
Functionality Issue Involved in Virtual Reality in Medicine and Healthcare as it is Still New and High-Cost Investment in Virtual Reality Technology in Medicine and Healthcare
Restraints:
Health Issues Associated with Using Virtual Reality as it Can be Problematic for the Eyesight if not Used Properly
Opportunities:
The Emerging Research to Combat COVID-19 which will Increase the Popularity of Virtual Reality in Medicine and Healthcare, Increased Fundings for Virtual Reality in Medicine and Healthcare and Significant Improvement and Results of Using Virtual Reality in Medicine and Healthcare in its upcoming Phase
Market Leaders and their expansionary development strategies
On 3rd March 2020, XRHealth Inc announced that they are providing virtual reality (VR) telehealth services to help treat COVID-19 exposed patients quarantined at Sheba Medical Center and to monitor them after they return home. XRHealth is providing VR headsets with the company’s specialized apps and data analysis capabilities. These will also enable patients to take virtual tours of numerous geographical destinations all over the world.
On 7th January 2020, Pear Therapeutics Inc. leader in prescription digital therapeutics (PDT's) announced that they have entered into agreements with multiple technology innovators Firsthand Technology Inc, Winterlight Labs Inc. and NeuroLex Laboratories Inc. These agreements will bolster the Pear's PDT platform by adding to its library biomarkers, machine learning algorithms, and digital therapeutics. They also acquired two clinical-stage digital therapeutics for the treatment of acute and chronic pain form Firsthand Technology. these product candidates employ virtual reality pain relief through a combination of distraction, active physical engagement, mindfulness and biofeedback with wearable sensors. In a clinical trial, the virtual reality treatment demonstrated a reduction in pain of more than 30% from baseline.
"The current thinking“ of the FDA, offers more alternatives than just conducting trials virtually. Taking into consideration quarantines, site closures, travel limitations for patients and health care workers and supply chain interruptions for the candidates being investigated, the agency comes right out and said it’s “aware that protocol modifications may be required, and that there may be unavoidable protocol deviations due to COVID-19."
Key Target Audience
Virtual Reality Technology Providers, Hospitals, Research and Development Institutes, Potential Investors, Regulatory Bodies, Industry Associations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.