According to the report, the global VR in healthcare market generated $240.91 million in 2018, and is estimated to reach $2.38 billion by 2026, registering a CAGR of 33.18% from 2019 to 2026.
Rise in demand for innovative diagnostic techniques, increase in incidences of neurological disorders, and surge in awareness regarding the benefits of virtual reality technologies drive the growth of the global VR in healthcare market. Whereas, data privacy concerns of the users, high cost of treatment, and lack of awareness regarding the use of virtual reality technology in developing nations impede the growth to certain extent. Nevertheless, surge in usage of VR in cancer therapies and advanced dental procedures are expected to create new opportunities in the coming years.
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Based on 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, the segment expected to register the highest CAGR of 33.9% from 2019 to 2026. This is owing to rise in use of VR in surgeries, diagnosis, and medical practices.
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, the segment is projected to manifest the highest CAGR of 33.3% during the forecast period. Increase in use of VR rooms equipped with projector-based immersive 3D visualization systems simulating virtual or real environments by involving multiple users drives the growth of the segment.
Based on region, North America contributed to the highest share, accounting for more than two-fifths of the total market share in 2018. Increase in private and government funding toward developing these technologies in the healthcare sector and availability of advanced healthcare infrastructure drive the growth in the region. However, Asia-Pacific is expected to grow at the highest CAGR of 37.4% from 2019 to 2026. Increase in acceptance of VR technologies across several industries and presence of major vendors in this region fuel the growth of the market.
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