Global Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Size (2023 – 2030)

According to the latest analysis by Virtue Market Research, the Global Virtual Reality Exposure Therapy for Mental Disorders Market was valued at USD 121.37 Million and is projected to reach a market size of USD 168.68 Million by the end of 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 4.2%.

Virtual reality exposure treatment (VRET) is a type of technology-assisted exposure therapy. Exposure therapy aims to reduce the severity of your stress responses to circumstances, ideas, or memories that cause worry or dread. The past decade has seen the emergence of this new technology. Presently, the market is experiencing significant changes owing to developing technologies and rising awareness. Shortly, due to the extensive research progress, collaborations, and investments the market is set to experience promising and notable growth.

Key Market Insights:

In 2020, data from reports suggested that teletherapy and virtual mental health services increased by 300%. During the pandemic, a survey showed that a greater number of people realized the importance of mental health. The reach out for mental health apps increased by about 20% post-pandemic. The post-pandemic behavior treatment industry is predicted to reach $187.4 billion by 2025. This suggests that in 5 years, there will be widespread use of VR for exposure therapy on a worldwide basis. The past 5 years have seen tremendous growth in terms of understanding mental health. 90% of the companies are estimated to have mental health services and programs for the employees. According to a survey conducted in recent years, it was reported that more than 60% of the population was concerned about data security and privacy. This directly affected hospitals, mental health service centers, and other industries. The Health Insurance Portability and Accountability Act (HIPAA) was improvised and played a crucial role in implementing a set of regulatory standards that intended to protect private and sensitive patient data from hospitals, insurance companies, and healthcare providers. Integration of IoT and AI in the healthcare segment is expected to tackle the issue as well.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Drivers:

The advantages of mental health visual simulation technology and virtual reality exposure therapy have encouraged the expansion of the market.

Mental Health Visual Simulation Technology (VST) and Virtual Reality Exposure Therapy are associated with a lot of advantages making them an apt choice. Treatment plans can be tailored specifically to the needs of patients, patients will have a sense of control, there is no need for drugs, provides a safe training environment for both clinicians and patients, lowers the costs associated with other treatments, and gives the liberty to continue the treatment at home using VR apps promoting longer-term use of the treatment plans. Furthermore, licensed professionals and healthcare sectors have realized the vital role it plays. Therefore, many of them are trying to incorporate new technology to aid the patient’s life thereby boosting the growth.

Technological advancements have been a boon to the industry fueling the market growth.

Firstly, VST or VRET is an incredible tool for individuals suffering from agoraphobia, panic disorder, social anxiety, and post-traumatic stress disorder (PTSD). It can monitor heart rate variability and other biometrics in addition to pertinent visual cues. Secondly, brain wave technology has been an aid. Brain waves are electrical impulses that fire at varying frequencies throughout the brain based on what a person is feeling or doing. Thirdly, Transcranial Magnetic Stimulation (TMS) is a non-invasive therapy used to treat people suffering from depression or anxiety. Because this operation may be performed without anesthesia, it is an appealing option for individuals who do not want to cope with the discomfort associated with conventional procedures. This therapy typically lasts 20-30 minutes and has relatively little side effects, making it a good alternative for people who require assistance controlling these symptoms. Apart from these, many other technologies hold promising applications shortly. All these are predicted to have a positive impact on the market.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Restraints and Challenges:

Technical issues, physical and psychological effects, and ethical dilemmas are the major issues hindering market growth.

One of the major barriers to the market is the hardware and software glitches caused by to equipment used. Additionally, these components are very pricey and might not be compatible with every individual. Some studies indicate side effects like nausea, eye strain, dizziness, headache, etc. Although the evidence is limited, it can be a major setback. Moreover, it can trigger people with psychological conditions due to malfunctions and false environment causing severe repercussions. Furthermore, ethical issues regarding the creation of scenarios are often not well-received by the public.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Opportunities:

A lot of research and developmental activities have been taking place to improve the new technology which is providing the sector with an ample number of opportunities. Investments and funds are being increased to expand the market growth. New emerging technologies like computational mood alteration, neurofeedback, and eye tracking are projected to show immense potential. More and more people are embracing the new medical inventions and are ready to undergo these treatments which is a great milestone for the industry. During clinical studies, most subjects found VR to be a pleasant and positive experience, providing a distraction from their anxiety and distress. Moreover, VR-delivered therapy can give a superior experience and satisfaction which has been helping in the market progress. Furthermore, Government initiatives, prominence, and interest of youth in pursuing careers have paved the way for a notable flourishment.

MENTAL HEALTH VISUAL SIMULATION TECHNOLOGY MARKET REPORT COVERAGE:

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Segmentation: By Components

• Virtual Reality Headset

• Virtual Reality Earphones

• Virtual Reality Software & Modules

• Virtual Reality Workstation

• Virtual Reality Position Tracker/ Sensors

• Biofeedback Monitor

• Others

Based on components, the virtual reality headset is the largest and the fastest growing market category throughout the forecast period. VR headsets are a significant part of treatment because they deliver a realistic three-dimensional (3D) experience with the aid of computerized technology. Shortly, the development of smart, low-cost, and cordless VR headsets will enhance demand for VR headsets. Furthermore, improving the compatibility and usability of VR headsets with smartphone apps for severe mental disorder therapy will boost market growth. They hold an approximate share which exceeds 30% of the overall market share.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Segmentation: By Applications

• Mental Disorder & Addiction Management

• Stroke Management

• Pediatric Management

• Education & Medical Training

• Others

Based on applications, mental disorder, and addiction management is the largest and fastest-growing segment. According to a certain report, currently, there are more than 44 million people who suffer from some or other sort of mental illness. The rising number of youngsters diagnosed with addiction to drugs and alcohol, eating disorders like bulimia and anorexia, low self-esteem issues, and insecurities leading to depression, comparison, and insecurities have seen a huge growth. However, the silver lining is that many of them are openly acknowledging their conditions and working towards them through counseling as well as therapy sessions. A lot of progress has been made in destigmatizing mental health illness. This has generated considerable profits for the VRET market owing to the experience, satisfaction, and non-invasive procedures it offers.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Segmentation: By End User

• Hospitals & Healthcare Institutions

• Therapy Clinics & Surgical Centers

• Research & Training Organizations

• Others

Based on end users, hospitals and healthcare institutions are the largest growing end users owing to well-equipped resources, trained experts, and infrastructure. Additionally, an increase in the number of patients getting admitted is propelling the upsurge. Hospitals and healthcare Institutions hold a share of more than 60%. Therapy clinics & and surgical centers are amongst the fastest-growing end users. These are specialized clinics that are increasing due to the demand. They offer exceptional treatments and services. Moreover, many times hospitals might not necessarily have separate sectors for mental health. In such situations, doctors recommend specific and specialized therapy & and surgical centers. Furthermore, the amiable and holistic approach carried out by experts helps in enhancement. Therapy Clinics & Surgical Centers are estimated to hold a share of about 25-30%.

Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market Segmentation: Regional Analysis

• North America

• Asia-Pacific

• Europe

• South America

• Middle East and Africa

Based on region, North America is the largest region in this market. This is because factors like a developed economy, the presence of key players, the increasing prevalence of disorders, and technological advancements help in revenue generation. This holds a share of around 40-45%. The USA and Canada are the leading regions in this market. Asia Pacific is the fastest growing region having a total share of around 20-22%. Countries like China, Japan, and India are at the forefront. Rising funds, Governmental involvement, research activities, developing economy, technological creations, innovations, and improving health care and medical facilities are the main reasons for the immense growth in this sector.

COVID-19 Impact Analysis on the Global Mental Health Visual Simulation Technology (VST) or Virtual Reality Exposure Therapy (VRET) Market:

The pandemic had a positive impact on the market. Lockdown, social isolation, and movement restriction were the new norm. This caused a lot of physical and mental abnormalities. People started to realize the importance of mental health and started reaching out. A shift was observed toward digital transformation. This encouraged remote therapy. Moreover, an increase was seen in the number of people suffering from mental illness. As a result, more investments and initiatives were taken to improve the mental health of the public. R&D activities saw a surge to improve the existing VST and VRET. Few data suggested that a 30-50% reduction was seen in Post Traumatic Stress Disorder (PTSD) by using VRET.

Latest Trends/ Developments:

The companies in this market are motivated to achieve a higher market share by implementing different strategies, such as acquisitions, partnerships, and investments. Companies are also spending heftily to improve existing technology alongside maintaining competitive pricing. This has further resulted in increased government engagement and further enlargement.

There have been discussions and trials to implement VST and VRET in educational institutions, corporate offices, government agencies, and the military. The younger generation is making significant progress in removing the prejudice against the concept of mental health. The rising cases and demand are expected to extend the applications into further sectors and implement them. Psychologists and educational experts are trying to introduce and normalize therapy in educational institutions from a primary level. Furthermore, emphasis is being placed on R&D initiatives to broaden human understanding.

Key Players:

1. Oculus (A subsidiary of Meta)

2. Psious

3. Limbitless Solutions

4. AppliedVR

5. VRTÜL

6. Mimerse

7. Virtually Better, Inc.

8. Psylaris

9. VRHealth

10. Virtro Entertainment

In April 2023, Boston-based virtual reality platform XRHealth and Barcelona-based Amelia Virtual Care, a VR platform for mental health professionals, announced their intention to merge into one company under the XRHealth brand name. The goal was to form an end-to-end product that addresses privacy and security, multiple use cases with a variety of content, compliance and regulation, and operational tools.

In December 2020, VR behavioral health platform BehaVR and OxfordVR, a VR platform for severe mental health issues, announced their merger to create the largest virtual reality healthcare delivery platform. They raised a total of 13 million USD for the same.