In a recent published report, Kenneth Research has updated the market report for Virtual Reality (VR) in Healthcare Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Virtual Reality (VR) in Healthcare Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Virtual Reality (VR) technology is a computer-simulated environment that can recreate sensory experiences and stimulate presence in locations that are from the real world or may be from an imagined world. It has generated tremendous excitement in the healthcare industry where the applications of virtual reality technology extend to psychiatric, training, medical practice, and among other branches of medicine as a part of alternate therapies. Depression & PTSD, surgery simulation, phobia treatment, robotic surgery and skills training are the most common situations where the use of Virtual Reality Technology has proven successful.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Virtual Reality has also proven effective in treating pain by distracting the brain and reducing the need for drugs during painful and physically unpleasant treatments which reduce exposure to strong narcotics and addictive painkillers. Due to the expensive nature of this new technology, it is available in very limited parts of the world, mostly in developed countries. The demand for Virtual Reality Technology for treatments is increasing in healthcare, but expensive hardware, inadequate training of medical practitioners and lack of awareness amongst the patient population are some of the challenges faced by this market. However, the market is lucrative in the developed countries of Europe and North America though the opportunities are huge in emerging economies as the technology is still inaccessible in those countries.
U.S. market is driven by strong research and development and investment by government and private firm. In the U.S. virtual reality is being widely used in the training and development of healthcare professionals, it is being widely used in the treatment of depression and phobia.
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“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Companies profiled include
1. Artificial Life Inc.
2. Aruba Networks
3. CAE healthcare
4. Foursquare
5. Simulab Corp
6. Laster technologies
7. Immersion Corporation
8. Qualcomm
9. Samsung
10. Theraism
11. Vuxix Corp.
12. Worldciz LLC
13. The Virtual Reality Medical Center
14. Brainlab AG
15. GE Healthcare
16. Medtronic, Inc.
17. Intuitive Surgical, Inc
18. Stryker Corporation
19. Vital Images, Inc.
This Research Report covers
1. Historical data
2. Revenue forecasts, growth rates and CAGR up to 2028
3. Industry Analysis
4. Competitive Analysis
5. Key geographic growth data
6. Deep profiles top competitive companies
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Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
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