VR in Healthcare Market to Reach $2.38Bn Globally by 2026 at 33.18% CAGR
According to a recent research published by Allied Market Research, the global Virtual Reality (VR) in healthcare market has generated $240.91 million in 2018, and is estimated to reach $2.38 billion by 2026, registering a compound annual growth rate (CAGR) of 33.18% from 2019 to 2026.
The rise in demand for innovative diagnostic techniques, increase in incidences of neurological disorders, and surge in awareness regarding the benefits of VR technologies drive the growth of the global VR in healthcare market.
Whereas, data privacy concerns of the users, high cost of treatment and the lack of awareness regarding the use of virtual reality technology in developing nations impede the growth to certain extent.
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Nevertheless, suge in the usage of VR in cancer therapies and advanced dental procedures are expected to create new opportunities in the coming years.
The report also indicated that the VR sensors segment contributed to the largest share in 2018, accounting for nearly one-fifth of the total share, and is estimated to maintain its dominant position during the forecast period.
It is also expected to register the highest CAGR of 33.9% from 2019 to 2026 due to the rise in use of VR in surgeries, diagnosis, and medical practices.
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Based on region, North America contributed to the highest market share, accounting for more than two-fifths of the total market share in 2018. However, Asia-Pacific is expected to grow at the highest CAGR from 37.4% from 2019 to 2026.
TOP 10 MARKET PLAYERS:
- Alphabet Inc. (Google)
- General Electric
- Microsoft Corporation
- Koninklijke Philips N.V. (Philips)
- Firsthand Technology Inc.
- SyncThink Inc.
- EchoPixel
- AppliedVR, Inc.
- Orca Health Inc.
- DAQRI
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