This report was recently updated on November 16 2024 with the latest and most recent
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Global Virtual Reality Exposure Therapy Market Size, Trends & Analysis - Forecasts to 2026 By Components (Virtual Reality Headset, Virtual Reality Earphones, Virtual Reality Software & Modules, Virtual Reality Workstation, Virtual Reality Position Tracker/ Sensors, Biofeedback Monitor and Other Components), By Application (Mental Disorder & Addiction Management, Stroke Management, Pediatric Management, Education & Medical Training and Other Applications), By End User (Hospitals, Therapy Clinics, & Surgical Centers, Research & Training Organizations and Other End Users), By Region (North America, Europe, Asia Pacific, MEA, and CSA); End User Landscape, Vendor Landscape, and Company Market Share Analysis & Competitor Analysis
Virtual Reality Exposure Therapy Market Insights
The global virtual reality exposure therapy market is estimated to witness a significant growth during the forecast period (2020-2026). This market is expected to grow at a CAGR of ~35.5% during the forecast period. With the help of hardware and software components, a virtual environment is created for the patient to visualize moving pictures and objects. Such practices are carried for the purpose of specific kind of treatments. It provides a fully immersive environment in which the patient can interact with objects similar to that in the real world. The VR technology works on components like headsets, software, headphones, gesture tracking sensors, biofeedback monitors and others. Such technology is found to be useful to treat mental disorders, addiction therapy, post cardiac stroke therapy, surgery etc. Hence, the increasing prevalence of mental disorders and cardiac surgeries or stroke will drive the market to a great extent. Moreover, the support by government for the integration of IoT and AI in healthcare will also support the growth of this market during the forecast period. Furthermore, increasing awareness on the use of AR and VR technologies in the developed regions is giving rise to high demand during this period. This technology has replaced the traditional treatment methods which used to cost the patient a lot, also leads to incomplete or not satisfactory treatments with logistical issues clubbed together. Moreover, the data points and information collected from VR therapy are far better and useful than the patient reactions to traditional treatment methodologies. The data sets can then be useful in further providing drug based treatment.
Virtual Reality Exposure Therapy Market: By Component
On the basis of component, the market is segmented into virtual reality headset, virtual reality earphones, virtual reality software & modules, virtual reality workstation, virtual reality position tracker/ sensors, biofeedback monitor, and other components. The virtual reality headset will have the largest share and will also be the fastest growing market segment during the forecast period. VR headsets are the integral part of the therapy which offer real life like experience in the three-dimensional (3D) format with the expertise of computerized technology. The demand for VR headsets will be increasing in the near future due to the launch of advanced, low cost, and wireless VR headsets. Moreover, increasing compatibility and ease of use of VR headsets with smart phone application for major mental disorder treatment will help boost the market growth.
Virtual Reality Exposure Therapy Market: By Application
On the basis of application, the virtual reality exposure therapy market is segmented into mental disorder & addiction management, stroke management, paediatric management, education and medical training and others. The mental disorder & addiction management segment will have the largest share and will also be the fastest growing amongst other segments in the market. Several research studies conducted on the use of VR therapy for mental health have shown that certain conditions like phobias, and PTSD, will be useful over traditional treatment of drugs administration. Moreover, high prevalence of mental health disorders amongst young generation will fuel the growth of this segment in the market. There are ~44 million people around the globe suffering from some form of the mental illness. Moreover, this treatment welcomes cost effectiveness in the process leading it to be one of the finest techniques for curing and subsiding mental illness and phobias.
Virtual Reality Exposure Therapy Market: By End User
On the basis of end user, the market is segmented hospitals, therapy clinics, & surgical centers, research & training organizations and other end users. The hospitals, therapy clinics, & surgical centers will have the largest share in the market during 2020-2026. Increasing government awareness and funding for connected devices for healthcare infrastructure is the helping this market segment grow. Moreover, rising patient admission for cardiac strokes and rising need for post cardiac stroke/surgery therapy will help the market of this end user propel in the future.
Virtual Reality Exposure Therapy Market: By Region
Based on the region, the market is segmented into North America, Asia-Pacific, Europe, Middle East and Africa and Central & South America. North America region is expected to dominate the market during the forecast period. The major reason for this market to have the largest share is the awareness amongst the patients and healthcare workers on the benefits of VR therapy for mental illness and other diseases. Other major driver for the growth of this region’s market is the growing government investments in the healthcare infrastructure. Furthermore, Asia-Pacific region is expected to grow at a high CAGR during the forecast period. Owing to increasing stroke cases in countries like Japan, Taiwan, China and India will give rise to adoption of VR therapy in this market. Moreover, Asia-Pacific being the headquarters for most of the workstation and electronic parts providers will boost the adoption and awareness for such treatment.
Virtual Reality Exposure Therapy Market Share and Competitor Analysis
The key players operating in the market include: Google, Proprio, Psious, Microsoft, Mindmaze, Samsung Electronics, ImmersiveTouch, Virtually Better, Accelerated Care Plus Corporation, Imotions, Firsthand Technology, Atheer, Medical Realities, Oculus VR, Echopixel, Osso VR, Surgical Theatre, Augmedic, and Truevision among others. (Other companies include: Vicarious Surgical, Health Scholars, Oxford VR, Limbix, KineQuantum, Vivid Vision, Karuna Labs, Fundamentalvar, Sentiar, Augmented Intelligence, Reducept, Neuro Rehab VR, JOGO Health, Oncomfort, Virtualis, Simx VR, FeelsGood, and Meta Medical VR)
Please note: This is not an exhaustive list of companies profiled in the report.
In August 2020, an immersive technology company namely, ImmersiveTouch (U.S.), won a UK Digital Experience Award for its VR therapy programme for mental health, and Oxford VR’s (UK) mental health programme received the Gold Award for Best Use of Emerging Technology.
In April 2020, Oxford VR’s (UK), launched its automated virtual reality therapy which was also featured in the NHSX Global Digital Exemplar (GDE). The company’s programme has been adopted and integrated by the NHS into their service for mental health namely, NHS improving access to psychological therapies (IAPT) services.
Check the Press Release on Global Virtual Reality Exposure Therapy Market Report
Virtual Reality Exposure Therapy Market: By Component
Virtual Reality Exposure Therapy Market: By Application
Virtual Reality Exposure Therapy Market: By End-User
Virtual Reality Exposure Therapy Market: By Region
The global Virtual Reality Exposure Therapy Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Virtual Reality Exposure Therapy Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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