Virtual Reality (VR) in Healthcare Market Comprehensive Insight by Growth Rate, Industry Status, Forecast till 2029

The global virtual Reality (VR) market in healthcare is anticipated to grow at a CAGR of 35.3% during the forecast period (2023-2030). The market is driven by factors such as growing regulatory support, increasing adoption of VR-based medical education and training, and rapid technological advancements in VR technology, among others. For instance,

In July 2023, MediSim VR provided VR medical simulation training in India. Their patented technology provides medical and nursing students with various training procedures in a virtual and safe environment. The objective of this workshop was to discuss how VR can be used to enhance clinical skills, integrate VR into clinical nursing, and develop strategies to align nursing education with advances in healthcare.

In June 2023, A Boston-based virtual reality platform, XRHealth, was granted a US patent for a technology that can adjust training and treatment protocols based on a patient's biometric and motion data. XRHealth's platform allows patients with autism spectrum disorder, stress, anxiety, chronic pain, fibromyalgia, and neurological conditions to receive recommended therapies through virtual reality headsets that are sent to their homes. Data is collected and shared with the provider, and patients can track their progress through XRHealth's mobile app.

In March 2023, Rocket VR Health, a company that develops virtual reality digital therapeutics for mental health, announced that it has started a randomized controlled trial with Massachusetts General Hospital. According to the company, A trial involving 80 patients is evaluating the feasibility and preliminary effectiveness of RVH's virtual reality digital therapeutic for improving quality of life, symptom burden, psychological distress, and self-efficacy in adult patients with blood cancers who are undergoing hematopoietic stem cell transplantation (HSCT) at MGH.

In December 2022, invested in BehaVR, which develops virtual reality (VR) digital wellness and therapeutic experiences. On the same day, BehaVR announced a merger with OxfordVR, a company that develops science-based VR treatments for mental illnesses. The combined company will offer comprehensive, cross-acuity VR-based therapeutic interventions for mental health, as part of a digital therapeutics market that is expected to exceed $13 billion by 2027.

In June 2022, Proximie, a healthcare technology company, received $80 million in Series C funding to scale its virtual surgery platform. The round was led by Advent Life Sciences, with participation from new investors Emerson Collective and existing investors F-Prime Capital and Global Ventures. The company has now raised a total of $130 million.

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Market Coverage

• The market number available for - 2022-2030

• Base year- 2022

• Forecast period- 2023-2030

Segment Covered-

· By Component

· By Application

· By End-users

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

Competitive Landscape- includes companies such as Surgical Theater, Inc., Vicarious Surgical, XRHealth USA Inc., and VR Medical among others. The companies are adopting strategies such as focusing on research and development and mergers and acquisitions to compete in the market. For instance, In April 2023, two virtual reality (VR) companies, XRHealth in Boston and Amelia Virtual Care in Barcelona announced their plans to merge into a single company under the XRHealth name.

Virtual Reality (VR) Market for Healthcare Report Segment

By Component

• hardware

• software

• services

By Application

• Training and education

• Surgery

• Diagnostics

• Pain management

• Mental health

By End-user

• Hospitals and Clinics

• Research Institutions

• others (Medical Schools and Universities, Pharmaceutical Companies)

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Virtual Reality (VR) Market for Healthcare Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· AppliedVR, Inc.

· Augmedics

· Classimmerse Inc.

· Floreo Inc.

· FVRVS Limited

· GigXR

· Health Scholars, Inc.

· KINDVR LLC

· MindMaze Inc

· Novobeing

· Osso VR

· PrecisionOS Technologies Inc.

· Rendever, Inc.

· Simx Ltd.

· Virti

· zSpace, Inc.

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