Virtual Reality in Therapy Market Demand, Future Trend And Recent Development By Forecast 2027
Summary:
A new study title “Virtual
Reality in Therapy market size, status and forecast 2027” has been
featured on market research future.
Virtual reality in therapy market
is poised for tremendous growth over the forecast period of 2017-2023. The
immense expansion of this market can be attributed to the growth of artificial
intelligence and its arrival into the healthcare sector.
Virtual reality is basically a
computer-generated virtual environment that provides real-life sensory
experiences to the recipient. This technology has the capability to construct a
three dimensional, visual and intriguing environment. In such a form of an
alternate reality a person can control the virtual elements and also carry a
number of tasks. The environment created can either be real or imitated
depending on the situation and purpose
Currently, the global healthcare
industry is in a phase of technological reformation. Owing to this, it can be
confidently affirmed that the global market for virtual reality in therapy will
grow by leaps and bounds through the next seven years. The market is expected
to generate a revenue of around USD 3.9 Billion by the end of the forecast
period. The estimated CAGR for this time span will be 32%.
One of the major factors that
drive the growth of the Virtual
Reality in Therapy Market happens to be advantages of
virtual therapy in comparison to conventional therapies. When a patient
undergoes this form of treatment the need for drugs or invasive surgeries is
eliminated. Thus, saving a whole lot of time and money.
Many hardware vendors and medical
device providers have embarked upon joint ventures with an aim to devise a new
product or service. This is another aspect that positively impacts the growth
of the market.
Additional growth propellers like
technological advancements, government support, increased demand for improved
technological solutions, higher adoption of handheld medical instruments and
the need for better means of education for the medical students further foster
the growth of the market.
Although, the market may face
certain restraints like stringent rules & policies and price related
issues. However, experts believe that as the market progresses it will cope
with such minor issues.
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Major
Key Players:
Players
leading the global virtual reality in therapy market include Virtalis Ltd (UK),
Siemens Healthcare (Germany), CAE Healthcare (US), Virtual Realities, LLC (UK),
GE Healthcare (US), Qualcomm Technologies, Inc. (US), Vuzix (US), Samsung Group
(South Korea), Brainlab (Germany), and Mimic Technologies Inc, (US), among
others.
Virtual Reality in Therapy Market
Segmentations:
The report segments the market
into four key dynamics to widen the scope of understanding,
By Device: Head mount, Gesture
Control, and Projectors
By Technology: Full Immersive VR, Non-Immersive,
and Fully Immersive.
By Application: Phobia Treatment, Robotic
Surgery, Visualization, Rehabilitation,
Treatment of Post-Traumatic Stress Disorder, Treatment of Autism, and Surgery
Simulation, among others.
By Region: Asia Pacific, Europe,
North America and Rest-of-the-World (RoW).
Virtual Reality in Therapy Market
Regional Analysis:
The North American region leads
the global virtual reality in therapy market. Attributing to the growing demand
for high-end technology solutions to treat an increasing number of mental conditions
like ADHD and PTSD, the VR in therapy market in this region commands the
largest market share on the global platform.
Moreover, increasing R&D
activities for various therapies and rising usage of VR technology in the
healthcare sector drives the regional market. The virtual reality in therapy
market in the US and Canada lead the regional market, heading with the high
healthcare expenditure. Continuing with these growth trends, North America is
expected to retain its dominance throughout the forecast period, creating a
considerable revenue pocket.
The virtual reality in therapy
market in the European region takes the second lead, globally. Factors such as significant technological
advancements and the emergence of digital medicines support the growth of the
regional market. Moreover, the presence of the flourishing medical devices
market and rising healthcare expenditure in the region are estimated to
facilitate the growth of the market.
The Asia Pacific virtual reality
in therapy market is emerging as a lucrative market, worldwide. The growth of
the market attributes to the presence of a large number of technology providers
and the growing use of VR technology in the increasing numbers of medical
institutes in the region. Huge population in the region demonstrates large
unmet needs for the treatment of ADHD and PTSD cases.
Moreover, the availability of
low-cost treatment solutions due to the significant technological developments
alongside, the improving economic conditions in the region is supporting the
growth of the market. Besides, increasing funding support from the public and
private organizations are supporting the market growth in the region,
increasing R&D activities.
Virtual Reality in Therapy Market
Competitive Analysis:
Highly
competitive, the virtual reality in therapy market appears to be fragmented
characterized by the presence of various small and large-scale players.
Well-established players incorporate strategic initiatives such as acquisition,
collaboration, expansion, and product launch to gain a competitive edge in the
market.
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Industry/Innovations/Related
News:
June
24, 2019 ---- The researchers at VA’s Center for Neurorestoration and
Neurotechnology, Rhode Island, publishes their brain-stimulation study in the
American Journal of Psychiatry. The new brain-stimulation research involves
testing the effectiveness of combining transcranial direct current stimulation
with VR, a form of prolonged exposure therapy for Veterans with chronic PTSD
cases.
The
researchers used a relatively new form of transcranial magnetic stimulation
called theta-burst stimulation and a magnetic coil that can induce an
electrical current in brain cells on 50 chronic PTSD cases.
Using
virtual reality headset researchers found that this brain stimulation type that
can immediately improve communication between neurons in the brain would help
ease PTSD symptoms.
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