About VR in Elderly Care
Virtual-Reality (VR) is a computer-generated platform that stimulates a vision of a 3D environment in which a user has emerged in it. This 3d environment is controlled in 3D itself by the same user who is experiencing it. Creating an illusion of being in a location physically. People can interact in this environment using VR headsets, goggles, or mobiles. It is a computer-generated environment or a 3D image. Virtual Reality (VR) is being used in health care for the elderly to better their lives and it has been showing positive since in reducing loneliness, improving their mental health, and transporting them to far-flung places without needing to leave the comfort of their home. While virtual reality experiences are usually done alone, running a program in a nursing home allows multiple patients to use the technology at once. Sharing their feelings and experience with those around them creates a sense of community which can counteract feelings of loneliness.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States & Europian Players will contribute the maximum growth to Global VR in Elderly Care 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.
Virtually Visiting (United Kingdom), Google (United States), Proxgy (India), QuaQua (India), Heygo (United Kingdom), AirPano (Russia), Klapty (Switzerland), Beeyonder (United States), XplorIt (United States), Ana Holdings Inc. (Japan), Virtual Travel, Ascape VR (United States) and Weezy VR (Switzerland) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global VR in Elderly Care market by Type (Non-immersive Virtual Reality, Fully Immersive Virtual Reality, Semi-Immersive Virtual Reality, Augmented Reality and Collaborative VR), Application (Medicine, Health Care {Diagnostics Mental Illness Treatment Robotic Surgery Psychological Therapy Pain Management} and Other {Virtual reality in Dentistry Virtual reality in Nursing VR for the disabled}) and Region.
On the basis of geography, the market of VR in Elderly Care 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 Offerings, the sub-segment i.e. Hardware {VR Headsets VR Ready Computers and Laptops Sensors} will boost the VR in Elderly Care market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
There is a huge increase in Wearable Devices in Healthcare to deal with different types of Monitoring and Treatment.
Market Growth Drivers:
Advancement in technology has brought many Applications in Patient Treatment which has reduced Hospital costs.
Challenges:
There is no adequate training for medical professionals in terms of VR.
Restraints:
Technical limitations related to size and other factors are having a negative impact on VR in Healthcare.
Opportunities:
There is a number of requirements to reduce Hospital Expenses and for many people with Mobile Disabilities to reduce traveling.
Market Leaders and their expansionary development strategies
In May 2022, The Glimpse Group, Inc., a diversified Virtual Reality ("VR") and Augmented Reality ("AR") platform company has announced that it has entered into a definitive agreement to merge Brightline Interactive, a global leader in the immersive technology industry, into a new dedicated Glimpse subsidiary.
In June 2020, MyndVR, the national leader in providing virtual reality (VR) solutions for senior living communities, has launched of MyndVR at Home, the at-home version of its widely successful MyndVR program, which is used at skilled nursing facilities, CCRC’s, Veteran’s Homes and other senior living communities across the country. The at-home version combines a VR headset with a companion tablet, making the system especially senior-friendly and easy to use.
While there is currently no positive duty on healthcare professionals to use VR when treating patients, healthcare professionals may be held liable for harm arising from negligent advice or treatment using VR technology
Key Target Audience
VR developing companies, Software Companies, Healthcare, Hospitals, New Entrants and Investors, Biodegradable Foodservice Disposables Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations 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.