Europe Virtual Reality (VR) Health Market, By Product (Hardware, Software and Services), Technology (Head-Mounted Technology, Gesture-Tracking Technology, Projector & Display Walls Technology, Mobile Device-Based and Others), Application (Medical Training and Education, Virtual Reality Exposure Therapy, Surgery, Patient Care Management, Rehabilitation, Pain Management and Others), Therapeutic Area (Craniofacial, Cardiovascular, Ophthalmology, Pulmonary, Neurological, Sleep Disorders, Phobias, Addictions, Posttraumatic Stress Disorder (PTSD) and Others), End User (Hospitals, Clinics, Surgical Centres, Ambulatory Surgical Centers, Diagnostic Centers, Rehabilitation Centers, Long-Term Care Facilities, Mental Health Institutions and Others), Distribution Channel (Direct Tenders, Retail Sales and Third Party Distributor), Country (Germany, U.K., France, Italy, Spain, Russia, Belgium, Turkey, Netherlands, Switzerland, and Rest of Europe) Industry Trends and Forecast to 2028
Market Analysis and Insights: Europe Virtual Reality (VR) Health Market
Europe virtual reality (VR) health market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 33.5% in the forecast period of 2021 to 2028 and expected to reach USD 7,938.62 million by 2028. Increased preference of VR in the healthcare industry is acting as major factor for the growth of the market.
Virtual reality can be defined as a technology that creates simulated environment through the use of computer technology. VR has revolutionized the healthcare industry, Healthcare is one of the biggest adopters of VR, which encompasses robotic surgery, phobia treatment, surgery simulation, skills training, and others and is already being implemented. Applications such as robotic surgery and health devices are slowly gaining popularity and accepted by the people. Virtual reality (VR) technology has gained recognition globally, as a useful tool for cognitive research, evaluation, and rehabilitation. VR in rehabilitation helps patients regain their lost physical, and/or cognitive abilities. VR systems allow users to interact in various sensory environments and to obtain real-time feedback on their performance without exposing them to risks while using computer technology.
Some of the factors which are driving the market are growing adoption of virtual reality (VR) in various applications such as medical education, patient-care and others and extreme demand for quality healthcare services. Lack of effective user experience is restraining the global virtual reality (VR) health market growth. Increase in private and government funding in VR and technological advancements and digitalization in healthcare are some of the factors which are opening lucrative opportunity for the market. Lack of expertise among medical practitioners to adopt new technologies is acting as a major challenge for the market growth.
This virtual reality (VR) health market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Virtual Reality (VR) Health Market Scope and Market Size
Europe virtual reality (VR) health market is segmented on the basis product, technology, application, therapeutic area, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the global virtual reality (VR) health market has been segmented into hardware, software and services. In 2021, hardware is expected to dominate the global virtual reality (VR) health market, owing to wide presence of virtual reality products such as headsets and glasses, high prices of hardware products as compared to software and services, and vast adoption of virtual reality devices in the hospitals.
- On the basis of technology, the global virtual reality (VR) health market has been segmented into head-mounted technology, gesture-tracking technology, projector & display walls technology, mobile device-based and others. In 2021, head-mounted technology is expected to dominate the global virtual reality (VR) health market, attributed to factors such as rising investments in this technology, improved communication between doctors, and encourage them to take better decisions pertaining to patient’s treatment and health
- On the basis of application, the global virtual reality (VR) health market has been segmented into medical training and education, virtual reality exposure therapy, surgery, patient care management, rehabilitation, pain management and others. In 2021, medical training and education is expected to dominate the global virtual reality (VR) health market, owing to wide usage of virtual reality products in medical education, create 3-D learning environment, which further support in enhanced human interactions.
- On the basis of therapeutic area, the global virtual reality (VR) health market has been segmented into craniofacial, cardiovascular, ophthalmology, pulmonary, neurological, sleep disorders, phobias, addictions, posttraumatic stress disorder (PTSD) and others. In 2021, posttraumatic stress disorder (PTSD) is expected to dominate the global virtual reality (VR) health market, attributed to increase in use of virtual reality to treat PSTD, with an aim to reduce symptom severity. The major focus is to shift care treatment with a view of virtual environment, which is also less threatening for patients.
- On the basis of end user, the global virtual reality (VR) health market has been segmented into hospitals, clinics, surgical centres, ambulatory surgical centers, diagnostic centers, rehabilitation centers, long-term care facilities, mental health institutions and others. In 2021, hospitals is expected to dominate the global virtual reality (VR) health market, owing to large implementation of virtual reality applications, such as training professionals, performing surgery, providing medical consultation remotely, and among others.
- On the basis of distribution channel, the global virtual reality (VR) health market has been segmented into direct tenders, retail sales and third party distributor. In 2021, retail sales is expected to dominate the global virtual reality (VR) health market, as hospitals, surgical centers, and other end users, establish partnerships, collaborations, and agreements, for the implementation of virtual reality products in their healthcare institution.
Virtual Reality (VR) Health Market Country Level Analysis
Europe virtual reality (VR) health market is analysed and market size information is provided by country, product, technology, application, therapeutic area, end user and distribution channel.
The countries covered in Europe virtual reality (VR) health market report are Germany, France, Russia, U.K., Spain, Italy, Turkey, Belgium, Netherlands, Switzerland and rest of Europe.
Germany dominates the Europe virtual reality (VR) health market due to increasing research and development activities along with prevalence of majority of manufacturers.
In Germany, Hardware is dominating due to presence of major players which are into manufacturing hardware required for VR for health. In U.K., Hardware is dominating due as VR requires displays, screens for image processing to display images. In France, Hardware is dominating segment as there are many healthcare centers where VR are used and also the sensors which forms the major part of VR are manufactured in this country.
Rise in need to improve efficiency and productivity is expected to drive the market growth
Europe virtual reality (VR) health market also provides you with detailed market analysis for every country growth in industry with sales, components sales, impact of technological development in virtual reality (VR) health and changes in regulatory scenarios with their support for the virtual reality (VR) health market. The data is available for historic period 2011-2019.
Competitive Landscape and Europe Virtual Reality (VR) Health Market Share Analysis
Europe virtual reality (VR) health 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, Europe presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Europe virtual reality (VR) health market.
The major players covered in the report are SyncThink Inc., AppliedVR, Koninklijke Philips N.V., EchoPixel, Psious, Firsthand Technology Inc, MindMaze Inc, Augmedix, Inc, VirtaMed AG, Vivid Vision, Inc, Virtually Better Inc, Osso VR, Inc, ImmersiveTouch, Inc, CAE Inc, Google (A Subsidiary of Alphabet Inc), Microsoft, General Electric, Medical Realities Ltd, Siemens and Facebook among others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product developments are also initiated by the companies worldwide which are also accelerating the growth of virtual reality (VR) health market.
For instance,
- In August 2021, Koninklijke Philips N.V. announced launch of digital experience during the virtual European Society of Cardiology (ESC) 2021 Congress. Under this, the company spotlights smart diagnostic and treatment solutions for the customers. This will help the company to enhance their offerings and to grow in the market
- In April 2021, VirtaMed AG announced strategic partnership with ESG Elektroniksystem- und Logistik-GmbH. Under this partnership, both the companies will jointly offer innovative, customer-specific and virtual reality-based simulation solutions for the training and continuing education of physicians and medical service personnel. This will help the company to enhance their sales and to grow in the market
Partnership, joint ventures and other strategies enhances the company market share with increased coverage and presence. It also provides the benefit for organisation to improve their offering for virtual reality (VR) health through expanded range of size.
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