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.
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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:
Highly competitive, the virtual reality in therapy market appears to be fragmented characterized by the presence of various small and large-scale players. Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive edge in the market.
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June 24, 2019 —- The researchers at VA’s Center for Neurorestoration and Neurotechnology, Rhode Island, publishes their brain-stimulation study in the American Journal of Psychiatry. The new brain-stimulation research involves testing the effectiveness of combining transcranial direct current stimulation with VR, a form of prolonged exposure therapy for Veterans with chronic PTSD cases.
The researchers used a relatively new form of transcranial magnetic stimulation called theta-burst stimulation and a magnetic coil that can induce an electrical current in brain cells on 50 chronic PTSD cases.
Using virtual reality headset researchers found that this brain stimulation type that can immediately improve communication between neurons in the brain would help ease PTSD symptoms.
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