According to the Virtual Reality Society, the UK, Virtual Reality is the term used to describe a three-dimensional, computer generated environment which can be explored and interacted with by a person. That person becomes part of this virtual world and able to manipulate objects or perform a series of actions. Virtual Reality system includes various parts including hardware, I/O software, developer and post production tool.
The global Virtual Reality revenue is going to reach USD88.5 billion by 2026 at a compound annual growth rate of 56.2 percent from 2016-2026. In 2017, the number of active Virtual Reality users were 90 million, and it is estimated to reach 677 million in 2026. As of 2016, over 1,000 companies have founded in Virtual Reality domain. In 2016, the US had the largest market share in the VR hardware market, based on the number of distribution of companies. From 2008 to 2016, Virtual Reality companies in total raised around USD1.9 billion investments from the different global investors. Topnotch investors in the global VR market includes Rothenberg Ventures, Boost VC and Techstars.
The pharmaceutical and medical devices companies provide education, training and medical records solutions through VR. The healthcare system and providers offer treatment for autism, brain damage, post-traumatic stress disorder, anxiety, panic disorder and stress management. Also, VR offers bio-feedback and trainings for surgical simulation, fear of driving, flying, and public speaking.
Global Virtual Reality in healthcare market is going to reach USD5.9 billion in 2026 at a compound annual growth rate of 21.1 percent from 2015 to 2026. The application of Virtual Reality technology in healthcare is going to increase in the future due to increase in demand for medical surgical application, simulation training, and learning and therapeutic area.
The global aging population will increase the use of Virtual Reality technology in rehabilitation and assistive living technologies. By 2025, around 1.1 billion global populations will fall under 60-90 years’ age group which will increase the market opportunity for this technology in the healthcare sector. Currently, Healthcare sector in the US is facing uncertainty due to change in policies and demographic profile. People with age over 65 years will make up more than 55 percent of the US population which will cause a shortage of 40,800 to 100,000 physicians. In such scenario, VR technology can provide affordable alternative and better quality of life which includes effective treatment, personal care monitoring, and assistance in operation room.
VR in healthcare improves quality of healthcare, monitors patient health from afar, creates immersion experiences for patients, reduces wait times through virtual clinics, lowers healthcare training cost, helps patients to recover from illnesses and reduce clinical trial cost. Among all countries the US has the largest market share in the application of VR technology in healthcare due to the large base of early adopters, and strong R&D facilities.
The major trends the market is witnessing are robot-assisted surgical simulation training, technology innovation in patient simulators, mannequins imitate human physiology and VR based medical training. The latest Virtual Reality training software and educational techniques are being used by medical, both onsite and through downloadable mobile apps that run on smartphones. These new technologies enable surgeons to experience a real-life simulation of many different types of surgical procedures in a safe and controlled environment.
Key players in Virtual Reality in healthcare include Brainlab AG, Intuitive Surgical, Deepstream VR, Psious, Bravemind, Applied VR, Fisher Wallace Labs, Immersive Touch, OSSO VR, Z-Space, VirtaMed, Surgical Theater, VRHealth, Bioflight VR, Salix Pharmaceuticals, Eon Reality, Mimic Technologies, VRHealth, HeadRehab, MindMaze, Vicarious Surgical, Philips Healthcare, Siemens Healthcare, Firsthand Technology, Zspace, Brainlab AG and 3D Systems Corporation.
Various Medical universities across the globe have set up Virtual Reality centers for Research and development purpose and working with companies for customized and advance product or solution development and advancement of Virtual Reality simulation technology for medical training and learning, military training and surgical simulation studies.
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