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February 2, New York, USA, 2021 – According to a new market report by Credible Insights, the global virtual reality in healthcare market will rise by 42.3% to reach $35.87 billion by 2027. The promising application of virtual reality in treating chronic illnesses like cancer, aesthetic procedures for face upliftment, dental work, and proven efficacy in areas like training for professionals remain key drivers to growth.
Moreover, the spread of Covid-19 has been a major impetus for technologies like surgical robotics. The Centre for Disease Control and Prevention (CDC), and the American College of Surgeons recommended postponing or cancelling all non-essential surgeries since March 2020. The move, despite being essential, resulted in major backlogs for surgeries, and the waiting list for patients will continue to grow. Furthermore, hospital resources including staff, and equipment are overburdened as Covid-19 continues to plague key regions like United States. Growth of surgical robotics and its reliance on technologies like VR for learning remains a key driver of growth for the virtual reality in healthcare market.
The applications like surgical robotics have proven better clinical outcomes, more safety for patients, and promise lower conversation rates for laparotomy. The procedure has also lead to declined complications in conventional laparoscopy, and abdominal laparoscopy. Furthermore, the usage of surgical robotics will drive growth for hospitals who constantly face understaffing as Covid-19 results in continuous labour shortages.
Lowering Costs and Rising Efficacy Remains Key to Driving Growth
The VR technology remained a promising horizon for growth in several key industries for a long time. However, the expectations never materialised as the lack of high-resolution technology, and costs remained a major barrier to expansion. However, recent studies show that between 2013 to 2018, resolutions have witnessed a three-fold rise with technologies like HTC Vive Pro coming online. Moreover, the data storage for large sums of VR-generated data also remained a challenge in the past. However, thanks to technologies like data clouds, and growing computational power, the rendering speeds have doubled during 2013-2018, and storage space has more than tripled. This has led to higher-fidelity, and higher-complexity graphics, which resemble the real world more closely than ever before. Additionally, advancements in other fields like game development have led to increased feature developments in software engineering. This has led to tremendous growth of features, platform support like Android, lighting, and asset development integration. Some leading companies like Amazon have also ventured in game engines like Amazon, making way for robust growth of the potential of the VR technology.
The growth of hardware and software VR technology has helped it serve key areas of healthcare like post-traumatic stress disorder, safety training, and emergency preparedness. The growth of VR isn’t just visible in healthcare today; it has also made way into unseen depths of the mining industry. VR technology today helps engineers visualise mine designs, and analyse complex data sets for production optimization. The rising technological advancements, and lowered costs of VR promise major growth for the virtual reality in healthcare market.
Medical Education for Students, and Professionals to Promise Major Growth
The Centre for Disease Control and Prevention (CDC), launched a three-year pilot project in 2019 to develop the first-ever CDC VR Laboratory training course. The project aimed to identify if laboratory learners gained skills in addition to gaining knowledge when working with VR training modules. The program also aimed to identify best strategies for identifying VR technology-based learning modules for distance-based learning. The findings in the program emerged as a major positive for the adoption of virtual reality in education for medical professionals.
The findings suggest that 94% of participants agreed that VR technology gave them practical experience. Moreover, 95% noted that the VR technology made it easier to learn content, and 94% believed VR technology was easy to use. Furthermore, all participants believed that their confidence increased as a result of using the VR technology. These results can be transformative for applications like surgeries.
According to a 2013 study published in the New England Journal of Medicine, lower-skilled bariatric surgeons are faced with 5-times mortality rates as compared to high-skilled counterparts. Moreover, an estimated 7 million patients experience surgical complications each year. Furthermore, growing research suggest that somewhere between 15% to 30% surgeons cannot operate independently after residency. VR technology platforms promise to bring down education costs, and make it available for establishments like hospitals which can allocate very few resources for surgical training due to growing pressure of patient care. The rising efficacy of VR technology, and increased investments in niche applications like medical training will provide a major boost for the virtual reality in healthcare market.
Projector Technology to Remain Key to Growth as Neurological Disorders Remain Key Application
The rising demand for VR-based training for medical professionals, and expanding neurological disorders remains key in the global virtual reality in the healthcare market. The demand for these applications will likely result in major growth for conventional, low-cost, and highly visible product segments like the projectors, and displays. The product is often easy-to-use, remains immersive for training, and learning purposes, and advent of 3D capabilities will expand its application with rise of neurological disorders. The growing demand to treat patients with strokes, using nano robotic technology, and growing demand for 3D printing will also be key to driving growth of the VR technology. The creation of virtual world for patients, and need to create pleasant environment for neurological patients also remain a prospect for growth in the virtual reality in healthcare market.
Among different equipment in the virtual reality in the healthcare market, the sensors segment is expected to witness highest growth, thanks to its rising appeal in different industries like automotive, manufacturing, Oil & Gas, among others. The segment witness highest growth in 2018, and will likely continue on the same path, as demand for gesture tracking in chronic illnesses like cancer, and neurological surgeries remains high.
The landscape of the global virtual reality in healthcare market remains innovative, and competitive. Some key players in the global virtual reality market are, Alphabet Inc. (Google), Microsoft Corporation, Koninklijke Philips N.V. (Philips), General Electric, Firsthand Technology Inc., SyncThink Inc.
The Global Virtual Reality in Healthcare Market Report is segmented as Below:
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