Virtual Rehabilitation Systems Market: Introduction
- The term, virtual rehabilitation (VR), is used to explain a kind of training wherein patients interact with virtual or augmented environments, presented with the help of technology
- Complex virtual therapy exercises are created with precise control over the stimulus and the cognitive load that the user experiences. With VR, you interact with the virtual world in 3D, thus providing a more immersive experience that utilizes more of your senses and brainpower.
- Virtual rehabilitation and telerehabilitation system is an equipment used to treat drug abuse and employed in educational services and psychological health programs
- Telerehabilitation services help medical professionals to research, supervise, consult, and diagnose diseases. Telerehabilitation services can be provided by healthcare service providers in medical branches such as physiotherapy.
- Virtual rehabilitation and telerehabilitation systems are gaining popularity with application possibilities expanding to diverse medical disciplines such as medical training, practice, psychiatry, and rehabilitation
- Image-based technologies can be successfully utilized for the remote diagnosis and management of clients. Sensor-based telerehabilitation utilizes sensor technologies such as tilt switches, accelerometers, and gyroscopes to sample and quantify movement through 3D space.
Key Drivers, Restraints, and Opportunities of Virtual Rehabilitation Systems Market
- Usage of virtual rehabilitation and telerehabilitation systems is less expensive for both healthcare providers and patients as compared to traditional in-clinic or person-to-person rehabilitation
- For instance, as per the information published by the American Congress of Rehabilitation Medicine (ACRM), in 2015, in-clinic intervention resulted in additional expenses as compared to telerehabilitation intervention (US$ 654.72 per person). Hence, the low price of virtual rehabilitation and telerehabilitation systems is anticipated to boost adoption of these systems and successively propel the market during the forecast period.
- Key players operating in the global virtual rehabilitation and telerehabilitation system market are focused on partnering with research institutes for R&D of latest VR and telerehabilitation systems, which is projected to fuel the market.
- For instance, in March 2019, Neuro Rehab VR, a U.S.-based company, and the University of North Texas Health Science Center partnered with the University of Texas at Arlington Research Institute (UTARI) to develop flexible soft robotic gloves that aid in rehabilitating stroke patients through VR gaming
- Increase in cases of disability among the population is expected to boost the demand for virtual rehabilitation and telerehabilitation systems, thereby driving the virtual rehabilitation and telerehabilitation systems market
- According to the information published by the World Health Organization (WHO) in January 2018, over one billion people, i.e. around 15% of the global population, have some kind of disability. Globally, between 110 million and 190 million adults have significant difficulties in functioning. Moreover, in 2018, musculoskeletal conditions were the second-highest contributor to global disability, accounting for 16% of all cases of disability.
- However, an absence of awareness among healthcare professionals about VR and telerehabilitation systems and an absence of skilled professionals in emerging economies is anticipated to restrain the market
North America to Dominate Global Virtual Rehabilitation Systems Market
- Presence of big and well-established market players such as Bridgeway Senior Healthcare and Virtualware Group, developed healthcare infrastructure, and favorable policies are several factors boosting the market in North America
- Increasing cases of disability, rising awareness among the population regarding virtual reality and telerehabilitation systems, and increasing healthcare expenditure are expected to boost the market in Asia Pacific. For instance, as per the Central Government and Disability Census in India, in 2016, around 26.8 million people were disabled, which accounted for 2.21% of the overall population.
Key Players of Virtual Rehabilitation Systems Market
The industry is expected to remain innovation-led, with frequent acquisitions and strategic alliances adopted as the key strategies by the players to increase their industry presence. Meanwhile, optimize product mix and further develop value-added capabilities to maximize margins. Key players covered as a part of this study are:
- 270 Vision Ltd.
- CoRehab srl
- Brontes Processing
- Hinge Health, Inc.
- SWORD Health, Inc.
- MIRA Rehab Limited
- Bridgeway Senior Healthcare
- Motek Medical B.V.
- GestureTek Inc.
- Virtualware Group
- Motorika Medical Ltd.
- Neuro Rehab VR
- Doctor Kinetic
Virtual Rehabilitation Systems Market, Research Scope
Virtual Rehabilitation Systems Market, by Type
- Physical Rehabilitation
- Neuro Rehabilitation
- Cognitive Rehabilitation
Virtual Rehabilitation Systems Market, by End-user
- Hospitals & Clinics
- Rehabilitation Centers
- Home Care Settings
Virtual Rehabilitation Systems Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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.