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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