Virtual Reality (VR) In Medical Simulation Market: Current Analysis and Forecast (2023-2030)

Virtual reality is a computer-generated three-dimensional world that is explored interactively through multiple computer peripheral devices. It can be any device that aims to allow a user to feel an experience through special perception-changing mechanisms. It is an illusion of reality that thrives inside a virtual environment and the image changes continuously as per the orientation and gaze of the user. Growing trends of techno-device adoption have led to potential growth in the market. Several other factors, such as the investment in telehealth and digital healthcare industries, growing adoption and expansion of wearable technology, and rising demand for advanced and innovative virtual reality techniques are leading drivers of virtual reality in medical simulations globally. For instance, in March 2023, SimX was awarded a contract to develop a new virtual reality (VR) medical simulation training capability in collaboration with the US Air Force (USAF).

The Virtual Reality (VR) In Medical Simulation Market is expected to grow at a steady rate of around 31.25% owing to the enhanced medical training and education globally. For instance, according to Business Standard in April 2024, Indian businesses are investing in VR-based healthcare to train future doctors. Likewise, MediSim VR tied up with Hartford HealthCare Corp.'s Center for Education, Simulation, and Innovation. Several factors, including increasing awareness regarding telehealth, and increased investments in healthcare departments are driving the growth of the market during the forecast period. Apart from this, accelerated treatment efficiency with virtual reality in medical simulation has resulted in faster treatment procedures and better accuracy which is also driving this market of virtual reality in medical simulation at a steady rate.

Based on application, the market is segmented into medical training & education, pain management & therapy, surgical simulations, and others. The medical training & education segment held the maximum share in the global market of virtual reality in medical simulations in 2022 owing to virtual reality's efficiency in training through a virtual environment. Users can navigate through the virtual world as they are a part of it and can have a high level of interactivity by experiencing it through a virtual presence. This segment dominated the market because of the rising adaption of techno-devices in medical institutes. For instance, in December 2022, according to HealthTech, Medical schools, and healthcare institutions are implementing augmented reality (AR), virtual reality (VR), and even extended reality (XR) training to enable repeatable immersive surgical simulations that introduce valuable practice. Thus, the medical training & education in the application segment held a significant share of the market in 2022.

Based on end use, the market is segmented into hospitals & clinics, educational institutes, and others. The hospitals & clinics held a significant share of the market in 2022. Hospitals serve as primary healthcare institutions where patients receive an immediate diagnosis, treatment, and ongoing care. They play a pivotal role in the management of patients by providing state-of-the-art medical facilities, specialized expertise, and a multidisciplinary approach to patient care. Adaptation of virtual reality devices would further enhance the quality of care offered and boost this segment's growth. Also, the rising number of hospitals is leading to the growth of the segment. For instance, according to the American Hospital Association in 2023, there are in total of 6,129 hospitals in the U.S with 919,649 staffed beds and 34,011,386 hospital admissions in the year 2022. Hence, the hospitals & clinics category is expected to witness higher CAGR during the forecast period.

For a better understanding of the market adoption of virtual reality in medical simulation, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is dominating the market in the current scenario of 2022 due to the company collaborations, and rising number of investments in developing effective virtual reality in medical simulation. For example, in June 2023, Laerdal Medical and U.S-based SimX, a virtual reality (VR) medical simulation platform, announced to build a partnership to help increase patient safety with a VR simulation training solution that prepares providers to deliver optimal care. Thus, amongst regions, North America held a significant share of the market in 2022.

Some of the major players operating in the market include Siemens Healthineers AG; Virtalis; CAE Healthcare Inc.; General Electric; Qualcomm Technologies Inc.; Vuzix; Mimic Technologies, Inc.; Brainlab AG; Firsthand Technology Inc.; SimX.