Virtual Reality for Diagnostics Market Size (2023 - 2030)

In 2022, the Global Virtual Reality for Diagnostics Market was valued at $104.67 Million and is projected to reach a market size of $1.43 Billion by 2030. Over the forecast period of 2023-2030, the market is projected to grow at a CAGR of 38.7%.

Virtual reality (VR) is an avant-garde technology that engulfs individuals in computer-generated environments, delivering a highly captivating and immersive experience. By donning a head-mounted display (HMD) with motion-tracking sensors, users can interact with and explore virtual worlds. In the medical field, VR has demonstrated numerous advantages in disease detection and treatment. It improves disease diagnosis through VR imaging and planning techniques, specifically in breast cancer, colon cancer, and Alzheimer's disease. VR alleviates pain and stress, aids in drug design, and enhances the safety of breast screening for breast cancer patients. It offers a faster and more comfortable alternative to traditional colon cancer diagnosis methods through Virtual Colonoscopy. In Alzheimer's disease, VR assists patients in recognizing their surroundings and mitigating the side effects of conventional treatments. Integrating VR into medical diagnostics enhances accuracy and efficiency, benefiting both healthcare providers and patients. VR opens up new opportunities for improving understanding, procedures, and outcomes in medical diagnostics, revolutionizing the healthcare industry. VR provides multiple benefits in medical diagnosis, including cognitive rehabilitation, pain management, professional training, physical therapy, and fear treatment. In terms of cognitive rehabilitation, VR enables patients with brain damage to practice and challenge themselves through simulated everyday tasks, improving cognitive abilities. It also helps doctors assess and monitor patients with memory loss and decision-making difficulties. VR integration reduces pain by decreasing brain activity associated with pain, allowing patients to undergo medical procedures more comfortably. Healthcare professionals benefit from VR through immersive training simulations that offer realistic environments and immediate feedback, surpassing traditional methods. In physical therapy, VR enhances therapy exercises by incorporating body movements into interactive games, motivating patients, and potentially improving outcomes. VR is effective in treating fears and phobias through graded exposure therapy in controlled virtual environments, offering personalized treatment options. VR's immersive nature, affordability, controllable simulations, and tailored experiences transform healthcare practices, going beyond classrooms and enhancing patient outcomes.

Global Virtual Reality for Diagnostics Market Drivers:

The growing utilization of virtual reality (VR) technology in diagnosing breast cancer is fueling the growth of the global virtual reality for diagnostics market.

Breast cancer occurs when mutated cells in the breast multiply, leading to various symptoms like lumps, nipple discharge, and changes in breast texture or shape. Depending on the stage of the malignancy, treatment options could include chemotherapy, radiation, hormone therapy, or surgery. Breast cancer causes are unknown; however, they can be linked to a combination of hereditary factors, environmental effects, and lifestyle decisions. False positive results are common in mammography screenings, creating challenges in diagnosis. Virtual reality offers the potential for transforming the visualization process, enabling doctors to study the disease more comprehensively and develop better treatments and drugs. Conventional methods have limitations, including radiation exposure, increased anxiety, pain, and medication reliance. Virtual reality can alleviate these issues by providing stress management techniques, such as pre-surgery videos that familiarize patients with stressors, offer clear information, and promote comfort. Studies indicate positive outcomes, including reduced nervousness, pain, medication use, and recovery time. This approach benefits both patients and healthcare providers seeking improved results and shorter hospital stays. Therefore, this factor drives the demand for virtual reality technology for medical diagnosis.

The rising adoption of virtual reality (VR) technology in diagnosing colorectal cancer is another factor contributing to the growth of the global virtual reality for diagnostics market.

Colorectal cancer is a devastating global disease that affects both genders alike, wreaking havoc with an astonishing 1.3 million new cases annually. The mortality rate is a staggering 51%. Polyps grow on the inner lining of the colon in the early stages of colon cancer. Gastroenterologists use an optical colonoscopy to examine the colon lining and detect colorectal cancer early for timely treatment. Colonoscopy also helps prevent cancer by identifying and removing malignant polyps. The procedure involves inserting a flexible tube with a video camera and light sources into the anus to visualize the colon surface on a monitor. If malignant polyps are found, specialized tools are used for their removal. Manual inspection during colonoscopy can be challenging due to various factors, leading to the adoption of virtual simulation for objective and automated evaluation. Virtual reality (VR) colonoscopy simulators provide information on performance factors such as mucosa visualized, polyp detection rate, withdrawal time, and "red-out" time, facilitating efficient inspection based on standardized cases. Therefore, this factor also drives the demand for virtual reality technology for medical diagnosis.

Global Virtual Reality for Diagnostics Market Challenges:

The global virtual reality for diagnostics market is encountering challenges, primarily in terms of a shortage of trained professionals and limited research on virtual reality technology for medical diagnosis. Researchers are exploring the potential of virtual reality (VR) in diagnosing medical conditions, but it requires trained professionals who comprehend VR technology and can offer appropriate therapeutic interventions. Current studies have primarily emphasized utilizing VR for diagnosing chronic diseases like breast cancer, colorectal cancer, and Alzheimer's disease. However, further research is required to validate its effectiveness across a broader range of chronic conditions and to establish standardized guidelines for its effective utilization. Thus, these challenges inhibit the growth of the global virtual reality for the diagnostics market.

Global Virtual Reality for Diagnostics Market Opportunities:

The replacement of conventional diagnostics with virtual reality technology presents a lucrative opportunity in the global virtual reality for diagnostics market. Hospital costs tend to reduce significantly with the incorporation of virtual reality in medical diagnosis. According to a clinical trial, implementing virtual reality technology for diagnostics in an ongoing setting led to higher expense reduction per patient when compared with conventional diagnostics.

COVID-19 Impact on the Global Virtual Reality for Diagnostics Market:

The outbreak of the COVID-19 pandemic substantially impacted the global virtual reality for the diagnostics market. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the deployment of virtual reality technology for medical diagnosis. This factor negatively impacted the growth of the global virtual reality for diagnostics market. However, the COVID-19 pandemic has underscored the importance of remote healthcare and telemedicine, leading to increased utilization of virtual reality for diagnostics. VR allows healthcare professionals to remotely provide consultations and perform examinations, reducing the risk of virus transmission. This technology enables medical practitioners to deliver high-quality care without the need for physical contact, ensuring the safety of both patients and healthcare providers. This factor positively impacted the market's growth. Therefore, the global virtual reality for diagnostics market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global Virtual Reality for Diagnostics Market Recent Developments:

• In March 2023, Varjo and machineMD partnered to develop Neos, a diagnostic device for the early detection of brain disorders. Neos will integrate with the Varjo Aero VR headset, using its built-in eye-tracking solution to enable a comprehensive neuro-ophthalmologic examination. This collaboration reflects their dedication to advancing medical technology and improving brain disorder diagnosis.

• In February 2023, The Glimpse Group, a US-based VR and AR company, announced that its subsidiary, PulpoAR, has integrated avant-garde AI technology into its AR products. This includes real-time Fingernail Segmentation and Skin Diagnostics capabilities, enhancing the immersive experience and functionality. These features will be incorporated into PulpoAR's SaaS solutions, anticipated to be utilized by a global social media company. 

• In June 2022, MediSim VR established India's first automated VR lab at the Puducherry Institute of Medical Sciences to enhance MBBS students' medical skills. This achievement coincides with Doctors Day and signifies progress in shaping future doctors. MediSim VR secured funding for research and development, aiming to revolutionize healthcare with AI-powered advancements like expert advice, digital diagnostics, and accessible medical training through virtual reality platforms.

VIRTUAL REALITY FOR DIAGNOSTICS MARKET REPORT COVERAGE:

Global Virtual Reality for Diagnostics Market Segmentation: By Technology

• Head-Mounted Technology

• Gesture-Tracking Technology

• Others

In 2022, the head-mounted technology segment held the highest market share. The growth can be attributed to the immersive experience and real-life environment that head-mounted technology offers to the patients in contrast to other technologies, enhancing the effectiveness of medical diagnosis. In addition, head-mounted technology is very convenient and affordable in comparison to other VR-based technological devices, which makes them easily accessible to patients and medical professionals. 

Global Virtual Reality for Diagnostics Market Segmentation: By End-User

• Diagnostic Centers

• Hospitals

• Clinics

• Others

In 2022, the diagnostic centers segment held the highest market share. They specialize in diagnostics, allowing them to focus on utilizing virtual reality technology for diagnostic purposes. Diagnostic centers are known for adopting state-of-the-art technologies, and virtual reality offers an immersive experience that enhances diagnostic accuracy and efficiency. Collaboration with technology providers and research institutes enables diagnostic centers to stay at the forefront of healthcare advancements. Additionally, virtual reality technology has become more accessible and cost-effective, providing diagnostic centers with affordable solutions to improve diagnostic outcomes. 

Global Virtual Reality for Diagnostics Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of North America held the largest share of the global virtual reality for diagnostics market in the year 2022. The early and wide adoption of cutting-edge technologies, including virtual reality (VR), the presence of well-established healthcare industries in nations, such as the United States and Canada, and the increasing investments in research and development activities are some of the factors propelling the region's growth. Additionally, North America is home to several significant market players, including ImmersiveTouch Inc., Osso VR, DiagnaMed Holdings Corp., ViewMind Inc., and Luxsonic Technologies Inc. Due to the presence of well-established healthcare infrastructure in nations, such as Germany, the United Kingdom, and France, the rising adoption of advanced technologies, and the strong presence of major market players, including Medical Realities, FundamentalVR, and Varjo Technologies Oy, the region of Europe is anticipated to expand at the fastest rate over the forecast period.

Global Virtual Reality for Diagnostics Market Key Players:

1. ImmersiveTouch Inc. (United States)

2. Medical Realities (United Kingdom)

3. Osso VR (United States)

4. DiagnaMed Holdings Corp. (Canada)

5. FundamentalVR (United Kingdom)

6. ViewMind Inc. (United States)

7. Varjo Technologies Oy (Finland)

8. MediSim VR (India)

9. Luxsonic Technologies Inc. (Canada)

10. EchoPixel, Inc. (United States)