Virtual Reality in Therapy Market 2019 Receives a Rapid Boost in Economy due to High Emerging Demands by Forecast to 2023
Virtual
Reality in Therapy Market Scenario:
Virtual Reality (VR) is a futuristic technology that
has been rapidly transforming various aspects of human lives from education to
healthcare. The technology has long been entered in the area of healthcare.
However, the VR technology that was earlier used for training the next
generation of medical professionals gradually introduced in the field of
treatment and therapeutics, particularly in psychotherapy.
Specifically, the virtual reality platform designed
to improve the clinical practice of professionals working within mental health
has been revolutionizing psychotherapy. It provides advantages of VR technology
available through realistic environments where different types of disorders
including PTSD, OCD, ADHD, anxiety, fear, and phobias, etc. can be treated.
Additionally, the platform facilitates the practice of mindfulness and
relaxation techniques.
The exceeding success ratio of the virtual reality in
therapy is increasing the size of its market, augmenting the uptake of the
technology in therapeutics. Moreover, increasing demand for high-end
technological solutions to treat various mental conditions and government
initiatives are some of the major driving forces contributing to the growth of
VR in the therapy market.
Analyzing the market in-depth and finding its growth
propellers and restraint, an eminent research firm, Market Research Future
(MRFR), asserts that the global virtual reality in therapy market would reach a
valuation over USD 3.9 BN by 2023, registering a massive CAGR of 32% throughout
the forecast period (2017-2023).
Besides, factors such as the growing collaboration
between hardware vendors & medical device providers, advances in
technology, and high penetration of connected handheld devices, substantiate
the market growth. Furthermore, the increasing cases of physiological disorders
such as OCD, PTSD, ADHD, fear, anxiety, and phobias, etc. alongside the
improving economic conditions, worldwide that are making the VR therapy
available are impacting the growth of the market.
Despite the easy access to the Virtual Reality in Therapy Market in the increasing number of
advanced care providing facilities, the number of patients receiving quality
treatment, worldwide, is yet far little. Compared to the well-developed and
developing regions, physiological conditions are still under-diagnosed and
often remain untreated in underdeveloped, African regions.
On the other hand, various regulations & policies
associated with VR therapy are impeding the growth of the market. Also, factors
such as unmet clinical needs due to the high cost of VR therapy are hampering
the growth of the market, especially in the underdeveloped regions. Nevertheless,
spreading awareness among people about the availability of virtual reality
therapeutics is a key factor that would support the market growth over the
assessment period.
Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/4345
Major Key Players:
Players leading the global virtual reality in therapy
market include Virtalis Ltd (UK), Siemens Healthcare (Germany), CAE Healthcare
(US), Virtual Realities, LLC (UK), GE Healthcare (US), Qualcomm Technologies,
Inc. (US), Vuzix (US), Samsung Group (South Korea), Brainlab (Germany), and
Mimic Technologies Inc, (US), among others.
Virtual Reality in Therapy Market
Segmentations:
The
report segments the market into four key dynamics to widen the scope of
understanding,
·
By Device: Head mount, Gesture Control, and Projectors
·
By Technology: Full
Immersive VR, Non-Immersive, and Fully Immersive.
·
By Application: Phobia Treatment, Robotic
Surgery, Visualization, Rehabilitation, Treatment of Post-Traumatic
Stress Disorder, Treatment of Autism, and Surgery Simulation, among others.
·
By Region: Asia Pacific, Europe, North
America and Rest-of-the-World (RoW).
Virtual Reality in Therapy Market Regional Analysis:
The North American region leads the global virtual
reality in therapy market. Attributing to the growing demand for high-end
technology solutions to treat an increasing number of mental conditions like
ADHD and PTSD, the VR in therapy market in this region commands the largest
market share on the global platform.
Moreover, increasing R&D activities for various
therapies and rising usage of VR technology in the healthcare sector drives the
regional market. The virtual reality in therapy market in the US and Canada
lead the regional market, heading with the high healthcare expenditure.
Continuing with these growth trends, North America is expected to retain its
dominance throughout the forecast period, creating a considerable revenue pocket.
The virtual reality in therapy market in the
European region takes the second lead, globally. Factors such as significant technological
advancements and the emergence of digital medicines support the growth of the regional
market. Moreover, the presence of the flourishing medical devices market and
rising healthcare expenditure in the region are estimated to facilitate the
growth of the market.
The Asia Pacific virtual reality in therapy market
is emerging as a lucrative market, worldwide. The growth of the market
attributes to the presence of a large number of technology providers and the
growing use of VR technology in the increasing numbers of medical institutes in
the region. Huge population in the region demonstrates large unmet needs for
the treatment of ADHD and PTSD cases.
Moreover, the availability of low-cost treatment
solutions due to the significant technological developments alongside, the
improving economic conditions in the region is supporting the growth of the
market. Besides, increasing funding support from the public and private
organizations are supporting the market growth in the region, increasing
R&D activities.
Virtual Reality in Therapy Market Competitive Analysis:
Comments
Post a Comment