Virtual Reality in Therapy Market Overview
The size of the global virtual reality in therapy market is projected to reach USD 6.9 billion by 2030, according to the latest market research future (MRFR) report. It can expand to 32.60% CAGR from 2022 to 2030. MRFR’s report on the Virtual Reality in Therapy market comprises growth drivers, challenges, and trends in the industry for the forecast period (2022-2030). The COVID-19 pandemic and its implications are explored in depth in the market.
Market reach
The global market for virtual reality in therapy is driven by customers’ demand for wearables and their potential in mental health wellness. The technological transformation in the healthcare sector combined with gloves, rings, goggles and headphones may bode well for the market. The treatment of mental health disorders and illnesses during the COVID-19 pandemic has proven to be a lucrative opportunity for the size of the virtual reality market in therapy.
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Virtual reality has been used in the treatment and overcoming of patients’ phobias. For example, Vivid Vision has treated lazy eye conditions with immersive experiences. It offers remote treatment for weak eyes, crossed eyes and convergence disorder. Government initiatives to introduce new therapeutic practices for the treatment of patients can drive the growth of the market. The high demand for virtual reality systems to educate patients and students about the benefits of therapy will benefit the market. The use of VR for the construction of anatomies and their subsequent treatment may have latent potential in medical universities.
But the limitations of virtual reality hardware can hinder the growth of the market.
Impact of COVID-19
The COVID-19 pandemic will have a positive impact on the virtual reality market in therapy. This is attributed to the increase in isolation and mental health problems caused by lockdowns. The reliance on virtual reality by healthcare workers and professionals is likely to benefit the market during the forecast period. The high demand for online and interactive sessions may increase the growth of the market.
Segmentation
Head-mounted displays to dominate market demand
Head-mounted displays are expected to be in strong demand during the forecast period due to customer convenience in immersive experiences. Its use in imparting knowledge and treating post-traumatic stress disorder and other ailments may bode well for the market.
Surgical simulation will be the leading application in the market
Surgical simulation is expected to be the market-leading application due to the use of virtual reality to educate patients about interventional surgical procedures and endoscopy. In addition, it can relieve patients’ pain levels during open surgeries and skin grafting.
Regional Analysis
North America to Lead Global Virtual Reality Market in Therapy
North America is poised to dominate the global market due to the demand for high-end technologies and the success of virtual reality in treating ailments. The implementation of immersive technologies in medical practices and continued investments in research and development can drive the growth of the regional market. Using virtual reality to provide high-quality surgical training to students can improve patient outcomes and elucidate medical students.
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Competitive Analysis
Siemens Healthcare (Germany), Mimic Technologies Inc, (US), Vuzix (US), Brainlab (Germany), Virtual Realities, LLC (UK), Qualcomm Technologies, Inc. (US), Virtalis Ltd (UK), GE Healthcare (US), CAE Healthcare (US) and Samsung Group (South Korea) are key players in the global VIRTUAL reality therapy market. The development of new features and collaborations will be observed in the market.
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