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), Country (U.S., Canada, and Mexico) Industry Trends and Forecast to 2028
Market Analysis and Insights: North America Virtual Reality (VR) Health Market
The North America 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 32.9% in the forecast period of 2021 to 2028 and is expected to reach USD 30,162.53 million by 2028. Increased preference for VR in the healthcare industry acts as a major factor for the market's growth.
Virtual reality can be defined as a technology that creates a simulated environment through computer technology. Virtual reality provides an immersed 3D environment to the user by simulating various senses such as vision, touch, hearing, and even smell. Virtual reality uses devices such as head-mounted displays, projectors, and display walls to generate realistic visuals and sounds for providing the experience of the real world in a virtual environment. The person using virtual reality can look around the artificial world in 360 degrees and even sense the virtual environment with highly advanced gears. 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, healthcare devices are slowly gaining popularity and being accepted by people. Virtual reality (VR) technology has gained recognition as a useful tool for cognitive research, evaluation, and rehabilitation.
Some of the factors driving the market are the growing adoption of virtual reality (VR) in various applications such as medical education, patient care, and extreme demand for quality healthcare services. Lack of effective user experience is restraining the North America virtual reality (VR) health market growth. An increase in private and government funding in VR and technological advancements and digitalization in healthcare are some of the factors opening lucrative opportunities for the market. Lack of expertise among medical practitioners to adopt new technologies poses a major challenge for the market growth.
This North America virtual reality (VR) health market report provides details of market share, new developments, and product pipeline analysis, the impact of domestic and localized 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.
North America Virtual Reality (VR) Health Market Scope and Market Size
The North America virtual reality (VR) health 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.
- On the basis of product, the North America virtual reality (VR) health market has been segmented into hardware, software, and services. In 2021, the hardware segment is expected to dominate the North America virtual reality (VR) health market, owing to the wide presence of virtual reality products such as headsets and glasses, high prices of hardware products.
- On the basis of technology, the North America virtual reality (VR) health market has been segmented into head-mounted technology, gesture-tracking technology, projector and display walls technology, mobile device-based, and others. In 2021, the head-mounted technology segment is expected to dominate the North America virtual reality (VR) health market due to the rising investments in this technology, improved communication between doctors, and encouraging them to make better patient treatment decisions health.
- On the basis of application, the North America 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 segment is expected to dominate the North America virtual reality (VR) health market, owing to the wide usage of virtual reality products in medical education, creating a 3-D learning environment, which further supports enhanced human interactions.
- On the basis of therapeutic area, the North America 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, the posttraumatic stress disorder (PTSD) segment is expected to dominate the North America virtual reality (VR) health market, attributed to the increase in the use of virtual reality to treat PSTD to reduce symptom severity. The major focus is to shift care treatment to view the virtual environment, which is also less threatening for patients.
- On the basis of end user, the North America virtual reality (VR) health market has been segmented into hospitals, clinics, surgical centers, ambulatory surgical centers, diagnostic centers, rehabilitation centers, long-term care facilities, mental health institutions, and others. In 2021, the hospitals segment is expected to dominate the North America virtual reality (VR) health market due to the large implementation of virtual reality applications, such as training professionals, performing surgery, providing medical consultation remotely, and others.
- On the basis of distribution channel, the North America virtual reality (VR) health market has been segmented into direct tenders, retail sales, and third party distributor. In 2021, the retail sales segment is expected to dominate the North America virtual reality (VR) health market, as hospitals, surgical centers, and other end users establish partnerships, collaborations, and agreements to implement virtual reality products in their healthcare institutions.
North America Virtual Reality (VR) Health Market Country Level Analysis
The North America virtual reality (VR) health 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 North America virtual reality (VR) health market report are the U.S., Canada, and Mexico. The U.S. dominates the North America virtual reality (VR) health market due to the strong presence of providers and growing adoption of technological innovations in the virtual reality (VR) health market.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts, and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North American brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of sales channels are considered while providing forecast analysis of the country data.
Rising Demand of North America Virtual Reality (VR) Health Market
The North America virtual reality (VR) health market also provides you with detailed market analysis for every country growth in the industry with sales, components sales, the impact of technological development in virtual reality (VR) health, and changes in regulatory scenarios with their support for the North America virtual reality (VR) health market. The data is available for the historical period 2010 to 2019.
Competitive Landscape and North America Virtual Reality (VR) Health Market Share Analysis
The North America virtual reality (VR) health market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America 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 are only related to the companies’ focus on the North America virtual reality (VR) health market.
The major players covered in the North America virtual reality (VR) health market report are SyncThink Inc., AppliedVR, Koninklijke Philips N.V., EchoPixel, Psious, Firsthand Technology Inc, MindMaze Inc, Augmedix, Inc, VirtaMed AG, Vivid Vision, 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 the North America virtual reality (VR) health market.
For instances,
- In April 2021, SyncThink Inc entered into a partnership with Pico Interactive and Tobii for a next-generation virtual reality solution. Under this partnership, SyncThink’s brain health and performance technology combined with the latest innovation in integrated VR technology to meet expanding healthcare demand. This will help the company to meet the changing demand of the consumers
- 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
Partnership, joint ventures, and other strategies enhance the company's market share with increased coverage and presence. It also benefits the organization to improve their North America virtual reality (VR) health market offering through an expanded range of sizes.
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