Portland, OR, May 11, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Virtual Reality (VR) in healthcare market generated $240.9 million in 2018, and is estimated to reach $2.4 billion by 2026, registering a CAGR of 33.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
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Growing demand for innovative diagnostic techniques, surge in incidences of neurological disorders, and increase in awareness regarding the benefits of virtual reality technologies drive the growth of the global VR in healthcare market. However, data privacy concerns of the users, high cost of treatment, and lack of awareness regarding use of virtual reality technology in developing nations hinder the market growth. On the other hand, surge in usage of VR in cancer therapies and advanced dental procedures are expected to create new opportunities in the coming years.
Covid-19 scenario:
The report offers detailed segmentation of the global VR in healthcare market based on product, technology, end-user, and region. On the basis of product, 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. In addition, it is expected to register the highest CAGR of 33.9% from 2019 to 2026.
Based on technology, the projector and display walls segment accounted for the largest share in 2018, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, it is expected to portray the highest CAGR of 33.3% during the forecast period.
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Based on region, North America contributed the highest share, accounting for more than two-fifths of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 37.4% from 2019 to 2026.
Leading market players analyzed in the research include Alphabet Inc. (Google), Microsoft Corporation, Koninklijke Philips N.V. (Philips), General Electric, Firsthand Technology Inc., SyncThink Inc., EchoPixel, AppliedVR, Inc., Orca Health, Inc., and DAQRI.
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