Global Virtual Reality Neuropsychological Therapy Market – Industry Trends and Forecast to 2029

Market Analysis and Size

Virtual reality (VR) is a rapidly expanding technology that has been used in a variety of medical settings, including phobia therapy, pain distraction therapies, surgical training, and medical education. These applications have served to show the different benefits that virtual reality may provide. The purpose of this paper is to provide background and argument for the use of virtual reality in neuropsychological testing.

Data Bridge Market Research analyses that the virtual reality neuropsychological therapy market which was USD 459.1 million in 2021, would rocket up to USD 3838.20 million by 2029, and is expected to undergo a CAGR of 30.40% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

VRNT stands for Virtual Reality Neuro Therapy, which is the therapeutic use of virtual reality exercises specifically intended for use in healthcare, training, and enterprise applications. VRNT can be used in a variety of settings in healthcare, including physical therapy, occupational therapy, acute and chronic pain, rehabilitation, PTSD, and more.

Virtual Reality Neuropsychological Therapy Market Dynamics

Drivers

• Rising demand for high end technology solutions

In the forecast period of 2022-2029, rising demand for high-end technology solutions, increasing number of collaborations between hardware vendors and medical device providers, growing government initiative for the growth of the healthcare industry, and rising demand for handheld devices are expected to boost the growth of the virtual reality neuropsychological therapy market. Increasing research and development activities, on the other hand, will provide enormous chances for the virtual reality neuropsychological therapy market to grow throughout the forecast period.

• Government initiatives for healthcare industry

The need for high-end technology solutions is increasing. Over the forecast period of 2022 to 2029, the increasing government initiative for the growth of the healthcare industry, as well as the growing need for handheld devices, are likely to fuel the demand for virtual reality neuropsychological therapy.

Opportunities

In the forecast period of 2022 to 2029, the virtual reality neuropsychological therapy market is expected to develop. Increasing public awareness of the benefits of virtual reality neuropsychological therapy, which will open up new industry potential. Increasing awareness amongst the people regarding the benefits of virtual reality neuropsychological therapy which will further create new opportunities for the growth of the market.

Restraints/Challenges

High cost of the technology along with stringent regulations and policies are acting as market restraints for the growth of the virtual reality neuropsychological therapy in the above mentioned forecast period.

This virtual reality neuropsychological therapy market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the virtual reality neuropsychological therapy market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Virtual Reality Neuropsychological Therapy Market

The impact of the COVID-19 pandemic on both patients and healthcare professionals was immediate and severe during the initial wave of the pandemic in New York City in the spring of 2020, with structural consequences felt across the facility. The overwork and isolation that healthcare personnel are experiencing, as well as the collective trauma that patients and providers are experiencing, has been widely documented.

Recent Development

• Facebook announced in July 2021 that its Oculus virtual-reality headsets would be integrated with Apple Inc.'s health app on iPhones. The functionality would allow users of the Oculus Move workout system to add data to the iPhone health app, such as the number of calories burned. This has aided the corporation in improving its offerings and expanding its market share.
• Microsoft revealed in April 2021 that they had won a 10-year deal with the US Army for augmented reality headgear valued up to USD 21.9 billion. The US Army will receive more than 120,000 units based on Microsoft's HoloLens augmented reality headset under this agreement. This will aid the organisation in expanding its consumer base and market share.

Global Virtual Reality Neuropsychological Therapy Market Scope

The virtual reality neuropsychological therapy market is segmented on the basis of technology, offering and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

• Full Immersive VR
• Semi-Immersive VR
• Non- Immersive VR

Offering

• Hardware Devices
• Software
• Services

End User

• Hospitals
• Clinics
• Surgical Centers
• Diagnostic Laboratories
• Healthcare Institutes
• Others

Virtual Reality Neuropsychological Therapy Market Regional Analysis/Insights

The virtual reality neuropsychological therapy market is analysed and market size insights and trends are provided by country, technology, offering and end-user as referenced above.

The countries covered in the virtual reality neuropsychological therapy market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the virtual reality neuropsychological therapy market due to the prevalence of improved healthcare infrastructure, growing occurrences of neuropsychological disorders among the people along with advancement in technology.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the rising number of initiatives by the government for the adoption of advanced technology.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Virtual Reality Neuropsychological Therapy Market Share Analysis

The virtual reality neuropsychological therapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to virtual reality neuropsychological therapy market.

Some of the major players operating in the virtual reality neuropsychological therapy market are:

• Siemens (Germany)
• Virtalis (U.K.)
• CAE Healthcare (U.S.)
• General Electric (U.S.)
• Virtual Realities LLC (U.K.)
• Qualcomm Technologies Inc. (U.S.)
• Samsung (South Korea)
• Vuzix (U.S.)
• Mimic Technologies Inc (U.S.)
• Brainlab AG (Germany)
• SAMSUNG (South Korea)
• Brainlab AG
• Firsthand (U.S)
• ImmersiveTouch, Inc (U.S)
• Koninklijke Philips N.V (Netherlands)
• Medical Realities Ltd (U.K)
• PSICO SMART APPS, S.L. (Spain)
• SimX (Canada)

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