Brief Industry Insights
The analysis by MRFR asserts that the global VR in therapy market 2020 is expected to generate a revenue of around USD 3.9 Billion by the end of the forecast period. The slated CAGR for this time span will be 32%.
This market's immense expansion can be attributed to the growth of artificial intelligence and its entry into the healthcare sector. The global healthcare sector is currently in a process of technical transformation. In addition, factors such as high penetration of mobile devices and the hospital demand for an simple way to educate healthcare practitioners, trainee medical students or patients on surgical and therapeutic procedures, and making it more effective for surgeons to closely imagine the operating areas, are the factors slated to boost the growth of virtual reality in the therapy market. Because of it, It can be asserted with confidence that, over the next seven years , the global market for virtual reality in therapy will rise at leaps and bounds.
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One of the major factors driving market growth happens to be the virtual therapy advantages compared to conventional therapies. When a patient experiences this form of treatment it eliminates the need for drugs or invasive surgery. Therefore saving a lot of time and money. Many hardware vendors and suppliers of medical devices have embarked on joint ventures with the aim of developing a new product or service. That is another aspect that has a positive impact on market growth.
Additional growth propellers such as technological advances, government support, increased demand for improved technological solutions, increased adoption of handheld medical devices and the need for better educational means for medical students further foster market growth. While, the market can face certain constraints including stringent rules & policies and price related issues. Experts believe, however, that as the market progresses it will tackle such minor problems.
Segmental Analysis
The worldwide virtual reality in therapy market has been segmented on the basis of applications, technology, devices and regions.
Based on Applications, the market has been segmented into phobia treatment, Robotic Surgery, surgery simulation, treatment of treatment of autism, post-traumatic stress disorder, robotic surgery, rehabilitation and visualization.
Based on the Technologie, the market has been segmented into Semi-immersive VR, full-immersive and non-immersive VR.
Based on theDevices, the market has been segmented into Gesture control, projectors and head mount.
Comprehensive Regional Analysis
The virtual reality in therapy market has been effective in expanding across the globe. The main regions where it prevails are North America, Europe, Asia Pacific and Rest of the World.
Region-wise North America holds the largest market share, and this is primarily due to the business being brought in by countries such as Canada and the US. This area is experiencing a huge demand for high-end technological solutions, a higher number of research & development activities and a greater acceptance of virtual reality in the healthcare sector. This is due to increased demand for high-end technology solutions, increased R&D in this region, and increased use of virtual reality in the healthcare sector.
During the projection period, Asia Pacific is estimated to expand tremendously, as it has a huge number of investors and producers.
Competitive Scenario
The key players in the global virtual reality in therapy market include- Siemens Healthcare (Germany), Virtalis Ltd (U.K.), CAE Healthcare (U.S.), GE Healthcare (U.S.), Virtual Realities, Llc (U.K.), Qualcomm Technologies, Inc. (U.S.), Samsung Group (South Korea), Vuzix (U.S.), Mimic Technologies Inc, (U.S.), Brainlab (Germany) among others.
In the market for therapy the global virtual reality is highly competitive. A competitive landscape is formed by diverse established international brands, domestic brands and new entrants. Through various strategic mergers and acquisitions, innovation, increasing investment in research and development and cost-effective product portfolio, the key players are increasingly seeking market expansion. Because of the presence of several large vendors the virtual therapy market is highly competitive.
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Virtual Reality in Therapy Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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