Virtual Reality In Medical Education Sector Market By Components (Products (VR Headset, Displays, Sensors), Apps), By Application (Visualization, Computer Assisted Surgery, Dentistry, Radiotherapy, & Telemedicine), By End-User, And By Region - Global Industry Analysis & Forecast 2016-2024

Virtual Reality In Medical Education and Training Market

Market Overview

Virtual reality is used in different verticals and it means to visualize or manipulate real-world entity. The market for virtual reality products and service area in medical education and training is majorly based in surgical simulators. With the use of VR personal health and wellness can be improved as VR technology aid as an effective telemedicine platform which decreases the cost of care delivery and advances the clinical efficiency.

Goldstein Research analyst forecast the virtual reality in medical education and training market size is set to reach USD 4.1 billion by 2024, at a growing CAGR of 28.13% over the forecast period. With the increase in investment, there is a rise of 24.0% in the healthcare industry.

Covered In This Virtual Reality in Medical Education and Training Market Report

The report covers the present ground scenario and the future growth prospects of the “Virtual Reality in Medical Education and Training Market” for 2016-2024 along with the adoption rate of virtual reality in medical education and training platform and the revenue generated from the sales of products like VR studios, real time procedure operating room and application installation statistics. We calculated the market size and revenue share on the basis of revenue generated from major players across the globe. We have forecasted the market on the basis of rising adoption of virtual reality technology based systems and products in healthcare facilities for medical education and training.

Virtual Reality In Medical Education And Training Market Segmentation

By Components

• By Product
  • VR Head wearable Glasses
  • 3D Cameras
  • Displays
  • Sensors
• Apps
  • Human Anatomy Atlas
  • Virtual ECG
• By Solution (VR Studios Virtual Reality Solutions)

By Application

• VR Technology For Visualization (virtual endoscopy, colonoscopy)
• VR Technology For Computer assisted surgery (training, planning, rehearsal, and delivery)
• VR Technology For Radiotherapy
• VR Technology For Dentistry
• VR Technology For Rehabilitation and therapy
• VR Technology For Telemedicine
• VR Technology For Phobias

By End-User

• Hospitals, Clinics, and Surgical Centers
• Pharma Company
• Research and Diagnostics Laboratories

Based on Geography

• North America (U.S. & Canada) Virtual Reality in Medical Education and Training Market
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) Virtual Reality in Medical Education and Training Market
• Europe (The U.K., Germany, France, Italy & RoE) Virtual Reality in Medical Education and Training Market
• Asia-Pacific (China, India, Japan, Korea, Taiwan & Rest of Asia) Virtual Reality in Medical Education and Training Market
• Middle East and Africa (GCC, South Africa, North Africa & RoMEA) Virtual Reality in Medical Education and Training Market

On the basis of application, VR technology for computer assisted surgery held the largest share that is 19.0% in 2016 due to increasing adoption of virtual training of surgeons and students for chronic pain management and examines virtual living bodies, phobia therapy and tele-surgery. These systems generate the illusion of reality by stimulating human senses. In addition, VR technology for telemedicine is suspected to grow by 13.0% in 2024 as it is capable of combining different scanning modalities from different sites providing an interactive three-dimensional view.

Virtual reality in medical education and training market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the virtual reality in medical education and training market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Virtual reality in medical education and training market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Our virtual reality in medical education and training market report comprises of the following companies as the key players: Accuray, Brainlab, C-RAD, CAE, Elekta, Hansen Medical, humediQ, Immersive Touch, Intuitive Surgical, Leica Microsystems, Mazor Robotics, Medtech, Medtronic, Mentice.

Other high-flying vendors in the market are: Mimic Technologies OssimtechPhilips Healthcare, Scopis, Smith & Nephew, Stryker, Surgical Navigation, Surgical Theater, TransEnterix, VR/AR Education, Varian Medical Systems, Virtamed,Vision RT, XION, Zspace, 3D Systems.

According to our global market study on the basis of extensive primary and secondary research:  “One trend is the advent of ‘Digital Health Revolution Project’ to explore health-related data from genomics to digital footprint by the medical personnel or practitioners in the field of medical education and training is impacting the penetration of VR technology into medical field. For instance, VR Studio is a solution that allow the surgeon and students to observe the severity of the cases in depth as it’s a collaborative network that allow multi-user to review dynamic patient specific cases, in addition with the enhance experiences in Telemedicine.”

According to the report, the major driving factor for virtual reality in medical education and training market is the increasing investment in care delivery, operations, regulatory compliance and innovations in the field of IT healthcare. By 2020, 50.0% of global healthcare expenditures will be approximately USD 4 trillion.

Further, the report states the major challenge is the huge funding requirements for research and development of the product. In addition, there is lack of awareness as some people think that VR is only used for gaming or entertainment. However, healthcare is a diversified industry, besides having all the new technologies, in some places there traditional methods are still used. in some places there is still the use the old methods.

Based on geography, North America held the largest market share i.e. 65.0% in the global virtual reality in medical education and training market in 2016 due to rising investment in R&D by the government and the ability of private companies to carry this technology way ahead it is right now. Asia-Pacific region is expected to witness substantial CAGR of 21.0% over the forecast period due to increase in the innovation of healthcare devices. Japan, China and Singapore are the opportunistic market for virtual reality in medical education and training market due improved quality of life including better personal care monitoring, more effective treatment, and a helping hand in the operating room.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Virtual Reality in Medical Education and Training Market report

• What is the total market size by 2024 and what would be the expected growth rate of market?
• What is the revenue of Virtual Reality in Medical Education and Training Market in 2015-16 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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