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North America Virtual Reality (VR) Health Market – Industry Trends and Forecast to 2031

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North America Virtual Reality (VR) Health Market – Industry Trends and Forecast to 2031

  • ICT
  • Upcoming Report
  • May 2024
  • North America
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

North America Virtual Reality (VR) Health Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 7.28 USD Billion
Diagram Market Size (Forecast Year) USD 70.85 USD Billion
Diagram CAGR %

Major Markets Players

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North America Virtual Reality (VR) Health Market, By Product (Hardware, Software, and Services), Technology (Head-Mounted Technology, Gesture-Tracking Technology, Projector, and 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, Post Traumatic Stress Disorders (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) – Industry Trends and Forecast to 2031.

North America Virtual Reality (VR) Health Market

 

North America Virtual Reality (VR) Health Market Analysis and Size

Medical training and education stand as transformative application of virtual reality (VR) health market. VR simulations offer immersive experiences for medical students and professionals to practice surgeries, procedures, and patient interactions in realistic virtual environments. These simulations provide a safe, risk-free space for hands-on learning, allowing trainees to refine their skills, improve decision-making, and enhance their confidence before engaging in real-world clinical settings. Moreover, VR facilitates remote training opportunities, enabling access to expert-led sessions and specialized training modules from anywhere, reducing geographical barriers and expanding educational opportunities for healthcare professionals worldwide.

North America virtual reality (VR) health market size was valued at USD 7.28 Billion in 2023 and is projected to reach USD 70.85 billion by 2031, with a CAGR of 32.9% during the forecast period of 2024 to 2031.

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 includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Report Scope and Market Segmentation       

Report Metric

Details

Forecast Period

2024-2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Product (Hardware, Software, and Services), Technology (Head-Mounted Technology, Gesture-Tracking Technology, Projector, and 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, Post Traumatic Stress Disorders (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)

Countries Covered

U.S., Canada, and Mexico in North America

Market Players Covered

SyncThink Inc (U.S.), AppliedVR (U.S.), Koninklijke Philips N.V. (Netherlands), EchoPixel (U.S.), Psious (Spain), Firsthand Technology Inc (U.S.), MindMaze Inc (Switzerland), Augmedix, Inc (U.S.), VirtaMed AG (Switzerland), Vivid Vision, Inc (U.S.), Osso VR, Inc (U.S.), ImmersiveTouch, Inc (U.S.), CAE Inc (Canada), Google (U.S.), Microsoft (U.S.), General Electric (U.S.), Medical Realities Ltd (U.K.), Siemens (Germany), Facebook (U.S.)

Market Opportunities

  • Expanding Augmented Intelligence Enhances Regulatory Compliance
  • Adoption of Cloud-Based Applications Increases the Demand of Augmented Intelligence

Market Definition

Virtual reality (VR) health refers to the integration of virtual reality technology into healthcare practices, encompassing applications such as medical training, therapy, pain management, rehabilitation, and patient education. It leverages immersive virtual environments to enhance diagnostics, treatment, and overall healthcare experiences.

Virtual Reality (VR) Health Market Dynamics

Drivers

  • Rising Need for Mental Healthcare due to Expansion of Virtual Reality Solutions

Virtual Reality (VR) for health empowers healthcare practitioners to increase patient treatment capacity through innovative solutions. VR simulations streamline medical training, facilitating efficient onboarding and continuous skill development. Additionally, VR enables remote consultations and telemedicine, extending practitioners' reach to remote or underserved areas. VR-based therapy interventions offer scalable mental health treatments, addressing the growing demand for mental healthcare services. These capabilities improve patient access to care and enhance practitioners' ability to deliver effective treatments, driving the adoption and growth of virtual reality for health in the healthcare market.

For instance, In October 2021, the U.S. FDA approval of a VR-based treatment for amblyopia exemplifies how Virtual Reality for health expands treatment options, particularly for pediatric patients. This innovative approach replaces traditional methods such as eye patches and blurring eye drops, offering a more engaging and effective solution for children with lazy eye.

  • Growing Technological Advancements Expands the Demand of VR Systems

Continuous improvements in VR hardware, software, and peripherals enhance the fidelity, immersion, and usability of VR systems in healthcare applications. Advancements such as higher-resolution displays, better tracking systems, and more ergonomic designs contribute to a more immersive and comfortable user experience, increasing the acceptance and adoption of VR technology in medical settings. Furthermore, innovations such as real-time data integration, artificial intelligence algorithms, and cloud computing capabilities enhance the functionality and effectiveness of VR applications for medical training, therapy, and patient care, fueling the growth and evolution of the VR Health Market.

Opportunities

  • High Prevalence of Chronic Health Conditions Increases Demand for VR Solutions

VR technologies offer innovative solutions for managing chronic conditions, providing non-pharmacological interventions that complement traditional treatments. Virtual reality therapy in mental health can alleviate chronic pain through distraction techniques and immersive experiences. Moreover, VR facilitates remote monitoring and rehabilitation for patients with chronic illnesses, enhancing accessibility to healthcare services and improving patient outcomes. As the burden of chronic diseases continues to rise globally, the demand for VR solutions to address these challenges drives growth and innovation within the VR health market.

According to an article published in May 2022 by Smithsonian Magazine, the adoption of technology, particularly virtual reality, in addressing conditions such as PTSD and anxiety disorders reflects the rising applications of VR in healthcare. This trend is expected to drive increased demand for VR solutions in the healthcare sector, aligning with the broader trend of leveraging technology to improve patient care and outcomes.

  • Adoption of VR Healthcare Solutions Increases Demand of Supportive Regulatory Environment

A supportive regulatory environment plays a crucial role in driving the virtual reality (VR) health market forward. Regulatory bodies, such as the FDA in the U.S. and equivalent agencies globally, are increasingly recognizing the safety and efficacy of VR technologies in healthcare. Clear guidelines and approvals streamline the process for VR healthcare solutions to enter the market, providing assurance to healthcare providers, investors, and consumers regarding their quality and reliability. Additionally, regulatory support encourages investment and innovation in the VR healthcare sector, fostering a conducive environment for the development of new applications and technologies. As regulations evolve to accommodate emerging technologies, the VR health market is poised for sustained growth and expansion.

For instance, In September 2021, Indian Prime Minister Narendra Modi's launch of the Pradhan Mantri Digital Health Mission reflects a supportive regulatory environment for healthcare innovation, including Virtual Reality (VR) applications. This initiative signals a commitment to modernizing healthcare practices and embracing digital technologies, which could potentially pave the way for the integration of VR solutions in India's healthcare landscape.

Restraints/Challenges

  • High Initial Investment limits the Adoption of Virtual Reality (VR) Solutions

Healthcare institutions face substantial costs for acquiring VR hardware, software development, content creation, and staff training. This financial burden is particularly challenging for smaller healthcare providers or facilities with limited budgets, hindering their ability to adopt and integrate VR technology into their practices. Ongoing expenses for maintenance, upgrades, and technical support further contribute to the overall cost of ownership, deterring widespread adoption of VR solutions in healthcare.

  • High Data Security Concerns Hampers the Growth of Virtual Reality (VR) Health

VR applications involve the collection, storage, and transmission of sensitive patient data, including medical records and personal information. The vulnerability of VR systems to cyber threats, such as data breaches and unauthorized access, raises concerns about patient privacy, confidentiality, and compliance with regulations such as HIPAA. Healthcare institutions and technology developers must implement robust security measures, encryption protocols, and access controls to safeguard patient data and mitigate the risk of security breaches.

This 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 market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In September 2022, Novant Health launched the inaugural leadership training program utilizing AI-powered virtual reality technology. This pioneering initiative marked a significant advancement in leadership development within the healthcare sector, leveraging VR's immersive capabilities to enhance leadership skills and decision-making processes
  • In June 2022, MediSim established India's premier fully automated Virtual Reality (VR) lab at the Puducherry Institute of Medical Sciences (PIMS), catering specifically to MBBS students. This initiative aimed to augment students' medical skills through immersive VR training, equipping them with essential expertise for the future of healthcare
  • In August 2021, AppliedVR collaborated with Curebase to conduct clinical trials evaluating the efficacy of VR-based therapy. Leveraging Curebase's platform, AppliedVR initiated five clinical trials focused on alleviating chronic pain through VR therapy. This strategic collaboration facilitated AppliedVR's expansion within the market by providing empirical evidence of the effectiveness of their therapeutic approach
  • In April 2021, SyncThink Inc collaborated with Pico Interactive and Tobii to introduce a cutting-edge virtual reality solution. Merging SyncThink’s brain health and performance technology with advanced integrated VR technology, the collaboration aimed to meet the increasing healthcare demands effectively, catering to evolving consumer needs

Virtual Reality (VR) Health Market Scope

The market is segmented based on product, technology, application, therapeutic area, end user, and distribution channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

Product

  • Hardware
  • Software
  • Services

Technology

  • Head-Mounted Technology
  • Gesture-Tracking Technology
  • Projector and Display Walls Technology
  • Mobile Device-Based
  • Others

Application

  • Medical Training and Education
  • Virtual Reality Exposure Therapy
  • Surgery
  • Patient Care Management
  • Rehabilitation
  • Pain Management
  • Others

Therapeutic Area

  • Craniofacial
  • Cardiovascular
  • Ophthalmology
  • Pulmonary
  • Neurological
  • Sleep Disorders
  • Phobias
  • Addictions
  • Post-Traumatic Stress Disorders (PTSD)
  • Others

End User

  • Hospitals
  • Clinics
  • Surgical Centres
  • Ambulatory Surgical Centers
  • Diagnostic Centers
  • Rehabilitation Centers
  • Long-Term Care Facilities
  • Mental Health Institutions
  • Others

Distribution Channel

  • Direct Tenders
  • Retail Sales
  • Third Party Distributor

North America Virtual Reality (VR) Health Market Region Analysis/Insights

The market is analyzed, and market size information is provided by country, product, technology, application, therapeutic area, end user, and distribution channel.

The countries covered in the market report are the U.S., Canada, and Mexico in North America.

U.S. dominates the market primarily because of its robust network of healthcare providers and a culture that embraces technological advancements. With a plethora of innovative solutions emerging in VR healthcare, such as therapy programs and medical training simulations, American institutions are quick to adopt these technologies. This trend is further fueled by significant investments in research and development, fostering a dynamic ecosystem that positions the U.S. at the forefront of VR healthcare innovation within the region.

The country section of the global sales force automation software market 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 such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, 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 (VR) Health Market Share Analysis

The 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 the market.

Some of the major players operating in the market are:

  • SyncThink Inc (U.S.)
  • AppliedVR (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • EchoPixel (U.S.)
  • Psious (Spain)
  • Firsthand Technology Inc (U.S.)
  • MindMaze Inc (Switzerland)
  • Augmedix, Inc (U.S.)
  • VirtaMed AG (Switzerland)
  • Vivid Vision, Inc (U.S.)
  • Osso VR, Inc (U.S.)
  • ImmersiveTouch, Inc (U.S.)
  • CAE Inc (Canada)
  • Google (U.S., a Subsidiary of Alphabet Inc)
  • Microsoft (U.S.)
  • General Electric (U.S.)
  • Medical Realities Ltd (U.K.)
  • Siemens (Germany)
  • Facebook (U.S.)


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FREQUENTLY ASK QUESTIONS

The North America Virtual Reality (VR) Health Market size will be worth USD 70.85 billion by 2031.
The North America Virtual Reality (VR) Health Market growth rate will be 32.9% by 2031.
Rising Need for Mental Healthcare due to Expansion of Virtual Reality Solutions and Growing Technological Advancements Expands the Demand of VR Systems are the growth drivers of the North America Virtual Reality (VR) Health Market.
The product, technology, application, therapeutic area, end user, and distribution channel are the factors on which the North America Virtual Reality (VR) Health Market research is based.
The major companies in the North America Virtual Reality (VR) Health Market are SyncThink Inc (U.S.), AppliedVR (U.S.), Koninklijke Philips N.V. (Netherlands), EchoPixel (U.S.), Psious (Spain), Firsthand Technology Inc (U.S.), MindMaze Inc (Switzerland), Augmedix, Inc (U.S.), VirtaMed AG (Switzerland), Vivid Vision, Inc (U.S.), Osso VR, Inc (U.S.), ImmersiveTouch, Inc (U.S.), CAE Inc (Canada), Google (U.S.), Microsoft (U.S.), General Electric (U.S.), Medical Realities Ltd (U.K.), Siemens (Germany), Facebook (U.S.).
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