Microsoft, Facebook, and Koninklijke Philips N.V., are dominating the Global Virtual Reality (VR) Health Market in 2021

The Global Virtual Reality (VR) Health Market is expected to grow with the CAGR of 32.9% in the forecast period of 2021 to 2028. The years considered for study are as mentioned below.

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Global virtual reality (VR) health market is a fragmented market, which includes specific number of key players as well as local players. The market has witnessed increased strategic developments owing to favourable market scenario.

The major players dealing in global virtual reality (VR) health market are introducing strong range of product portfolio. This helped companies to maximize the sales with enhanced product portfolio.

For instance,

  • In August 2021, AppliedVR entered into a partnership with Curebase to run clinical trials to assess the effectiveness of VR-based therapy. Under this partnership, AppliedVR deployed the Curebase platform to run five clinical trials assessing the effectiveness of VR-based therapy to treat chronic pain. This has helped the company to grow in the market

Facebook, is the dominating player in Global virtual reality (VR) health market. The other key players existing in the market includes among others.

Virtual Reality (VR) Health Market FACEBOOK

Facebook is incorporated in 2004, and is founded in California, U.S. The company is engaged in designing and providing AR/VR, engineering, AI, and gaming solutions to the customers. The product categories of the company include AI, Facebook Reality Labs, Engineering, and Gaming. The market focused category is Facebook Reality Labs.  

  • In July 2021, Facebook announced the integration of their Oculus virtual-reality headsets with Apple Inc.’s health app on iPhones. The feature would allow a user of the Oculus move workout system to add data – such as the number of calories burned -- to the iPhone health app. This has helped the company to enhance its offerings and to grow in the market.

The company has presence in North America, Europe, Asia-Pacific, Middle East and Africa, and South America. In addition to it, the company also generates its revenue from the various subsidiary companies such as Toei Hot Studio Inc., Facebook Ireland Limited, Novi Financial Inc., and among others.

MICROSOFT

Microsoft is founded in 1975 and is headquartered in Washington, U.S. The company is engaged in manufacturing and providing cloud-based solutions with software, services, platforms, content and also provide support & consulting services. The business segments of the company productivity and business processes, intelligent cloud, and more personal computing. The market focused business segment is productivity and business processes. The product and solution categories of the company include software, PCs & devices, entertainment, business, developer & IT, and others. The market focused business category is developer & IT.

  • In April 2021, Microsoft announced that they have won a U.S. Army contract for augmented reality headsets, worth up to USD 21.9 billion over 10 years. Under this, Microsoft will deliver more than 120,000 devices based on its HoloLens augmented reality headset to the U.S. Army. This will help the company to enhance its customer base and to grow in the market.

The company has presence in North America, South America, Europe, Asia, Middle East and Africa. In addition to it, the company also generates its revenue from the various subsidiary companies such as, Skype Communication S.a.r.l., LinkedIn Corporation, GitHub, and among others.

KONINKLIJKE PHILIPS INC.

Koninklijke Philips Inc. is incorporated in 1891 and is headquartered in Eindhoven, Netherlands. The company is engaged in designing and providing health technology to the customers. The business segments of the company include diagnosis & treatment business, connected care businesses, personal health businesses, and others. The market focused business segment is diagnosis & treatment business. The product categories of the company include consumer products, healthcare, and other business solutions. The market focused category is healthcare.

  • In August 2021, Koninklijke Philips N.V. announced the launch of digital experience during the virtual European Society of Cardiology (ESC) 2021 Congress. Under this, the company spotlighted smart diagnostic and treatment solutions for the customers. This will help the company to enhance its offerings and to grow in the market.

The company has presence in North America, Europe, Asia-Pacific, Middle East and Africa, and South America. In addition to it, the company also generates its revenue from the various subsidiary companies such as, Capsule Technologies Inc., Saeco, Magnavox, and among others.