A recently released report by Allied Market Research has revealed that the VR healthcare market is on a trajectory to reach $2.38 billion by 2026, growing at a CAGR of 33.18 percent during the forecast period.
The report takes a close look at the impact of virtual reality on the healthcare industry, providing an in-depth analysis of everything from changing market dynamics to top segments to key investment pockets.
“Virtual reality is all set to revolutionize the healthcare industry in coming years,” state Snehal Manjrekar and Onkar Sumant in the report. “It allows the integration of IT solutions in healthcare fields by transforming the way by which the patients are treated.”
Microsoft Corporation, Alphabet Inc. (Google), General Electric, Koninklijke Philips N.V. (Philips), SyncThink Inc., Firsthand Technology Inc., were identified in the report as key players operating in the VR healthcare market.
Their solutions make it possible to improve areas such as medical training, patient and doctor consultations, and surgeries by visualizing interactive simulations of the body.
Immersive VR experiences have also been found to have therapeutic value, and the Food and Drug Administration (FDA) has recently approved a new VR device to help patients ease chronic pain, which affects around 50 million adults in the United States alone.
The newly approved device is called EaseVRx, and it provides standardized, high-quality behavioral intervention by immersing patients in a 3D world, which they can explore to learn useful pain management techniques and tips.
The Allied Market Research report has also identified several roadblocks standing in the way of market growth. The identified roadblocks include data privacy concerns of the users, the high cost of treatment, and the associated accessibility of virtual reality technology in developing regions.