Virtual Reality (VR) in Healthcare Market - Overview
The integration of IT solutions and principles in the field of healthcare is bringing about a transformation in the way patients are treated and services are provided by healthcare practitioners. The vast benefits of digitally managed processes and operations are prompting an increasing number of companies in the healthcare sector to shift from conventional manually operated devices and processes to newer and more efficient software-enabled solutions. An emerging technology to have become a prominent part of the rapidly digitizing healthcare industry is virtual reality (VR) - a computer enabled technology used to simulate three dimensional interactive virtual environments.
This report on the global virtual reality in healthcare market presents a complete analysis of the key trends observed in the market in the past and present times, growth drivers, and restraints. The report predicts the way the market and its key segments will grow under the influence of these factors over the period between 2016 and 2024. Market’s growth prospects in terms of revenue are mentioned in the form of US$ mn/bn over the said period. The report analyzes the future growth prospects of the market and its segments on global as well as regional levels.
The report also includes a thorough overview of notable developments in technology to have hit the market in past few years, Porter’s five forces analysis of the competitive landscape of the market and the detailed business profiles of some of the key vendors operating in the global virtual reality in healthcare market. A detailed examination of the various macro as well as micro-economic factors influencing growth prospects of established players and new entrants in the market is also included in the report.
Virtual Reality (VR) in Healthcare Market - Drivers and Restraints
The vast benefits of virtual reality in healthcare, such as easing the way to educate healthcare practitioners, trainee medical students, or patients about surgical and therapeutic procedures, making it easy for surgeons to visualize operating areas closely, and making image guided surgeries more efficient, are the prime factors boosting the adoption of this technology. Although the technology is in its nascent stage of commercialization and usability for medical applications, its use has significantly increased across medical schools and hospitals and manufacturing facilities for medical equipment. There is also a rapid rise in the applications of virtual reality principles in the healthcare industry, the set of which is expected to swell as the technology matures.
The high costs of virtual reality software and supportive hardware devices could emerge as one of the key hinderers for the market’s otherwise excellent growth prospects, especially in emerging economies. Nevertheless, the vast funds being poured in the field of education in emerging countries such as India and China are expected to fuel the adoption of virtual reality in the field of medical education, inevitably supporting the growth of the virtual reality in healthcare market across these countries as well.
Virtual Reality (VR) in Healthcare Market - Segmentation
The report segments the global virtual reality in healthcare market on the basis of criteria such as application and geography. On the basis of application, the market is segmented into categories such as rehabilitation and therapy procedures, surgery, visualization, and education and training. On the basis of geography, the report presents rich insights into the present state of the market in regional markets such as North America, Europe, Asia Pacific, and Middle East and Africa.
Virtual Reality (VR) in Healthcare Market – Companies Mentioned in the Report
Some of the key companies operating in the global virtual reality in healthcare market profiled in the report are GE Healthcare, Virtual Realties Ltd, Virtalis Ltd, CAE Healthcare, Stryker Corporation, Brainlab AG, Philips Healthcare, Siemens Healthcare, Intuitive Surgical, Inc., Vital Images, Inc., and Medtronic, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.