Virtual Reality for Rehabilitation Market Size (2023 - 2030)

In 2022, the Global Virtual Reality for Rehabilitation Market was valued at $135.2 million, and is projected to reach a market size of $371.03 million by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 13.45%.

Virtual reality (VR) technology is extensively utilized in healthcare for diagnosis and treatment in surgery, rehabilitation, and counseling. It creates a three-dimensional environment that users can feel fully immersed in, allowing for realistic simulations of different scenarios. In rehabilitation, virtual reality can assist patients in movement and exercise, which is not always possible in physical therapy. Patients can fully engage with the virtual environment created, which helps to shift their attention away from physical pain and discomfort, allowing them to achieve their goals more efficiently. This technology's potential benefits include flexibility, patient education, and motivation, transparency in data storage and accessibility, reduced medical costs, and better resource utilization. VR can simulate real-life activities, helping stroke patients to improve their self-care skills and providing a motivating environment for patients to persist in practicing movements. In pain management, VR can help patients overcome painful sensations, potentially reducing their reliance on painkillers. In cancer rehabilitation, VR can decrease pain and improve memory, vision, and overall well-being. Immersive distraction intervention, such as VR rehabilitation, can create therapeutic environments and make chemotherapy more tolerable. 

Global Virtual Reality for Rehabilitation Market Drivers:

The increase in the number of people with disabilities is fueling the growth of the global virtual reality for rehabilitation market.

While many corporations use virtual reality as an enjoyable advertising tool, the technology has the practicability to enhance and resource disabled individuals in their recuperation, adventure, and different activities. It can additionally assist businesses higher recognize the wishes of disabled humans and making bigger inclusion. According to the WHO, about 15% of the world's populace lives with some structure of disability, and amongst them, 2–4% trip enormous difficulties in functioning. With age, incapacity will become greater common, affecting about two in 5 adults aged sixty-five and more. The predominant advantage of virtual rehabilitation for disabled people is that they can interact with a variety of things to do on a simulator, fantastically free from the obstacles imposed by using their disability, and they can do so in safety. Therefore, this factor drives the demand for virtual reality for rehabilitation.

Increasing government investments in healthcare infrastructure is another factor contributing to the growth of the global virtual reality for rehabilitation market.

Many governments around the world have started to recognize the potential advantages that virtual reality offers in healing people with disabilities. With this, governments are investing highly in the development and implementation of virtual reality solutions in healthcare facilities. Therefore, this factor also drives the demand for global virtual reality for the rehabilitation market.

Global Virtual Reality for Rehabilitation Market Challenges:

The global virtual reality for rehabilitation market is encountering challenges, primarily in terms of the presence of alternative technologies. VR for rehabilitation is not the only technique that is prevailing in the market, which is helping patients to recover, other technologies in the market are also helping patients to recover from the disease which is restraining the growth of the market during the forecast period. Other recovery methods in the market that are more natural and easier for people to afford are also hindering the growth of the market.

Global Virtual Reality for Rehabilitation Market Opportunities:

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

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

The COVID-19 pandemic has sparked a surge in demand for virtual rehabilitation services. With COVID-19 patients facing challenges and changes in healthcare, rehabilitation has become crucial during quarantine. Innovative strategies have emerged to ensure continuous treatment, aid in returning to normal life, and enhance overall well-being. Virtual reality games have shown promise in improving functionality, cognition, and patient satisfaction while empowering individuals to take control of their healthcare. By immersing users in visually and audibly stimulating environments, virtual reality is being leveraged for rehabilitation purposes. However, further research is needed to fully comprehend the potential benefits of this technology. Even beyond the pandemic, the virtual rehabilitation market is projected to grow due to increasing patient numbers and the pursuit of improved quality of life.

Global Virtual Reality for Rehabilitation Market Recent Developments:

• In December 2022, BehaVR and OxfordVR, virtual reality (VR)-based mental and behavioral health organizations, unveiled their merger, which was aided by an initial USD 13 million in Series B funding led by Optum Ventures and Oxford Science Enterprises with participation from other businesses including Chrysalis Ventures, Thornton Capital, Accenture Ventures, and Confluent Health.

• In March 2022, the virtual reality (VR)-based therapy for acrophobia developed by Neuton Health Co. Ltd. received class II medical device approval from China's NMPA.

• In March 2022, Incannex Healthcare Limited, an Australia-based clinical-stage pharmaceutical company specializing in the development of unique medicinal cannabis medical products and psychedelic medicine therapeutics, unveiled that it signed a license agreement with Monash University, one of the top universities in Australia, to develop a novel treatment that blends psychedelics and Virtual Reality (VR) technology.

VIRTUAL REALITY FOR REHABILITATION MARKET REPORT COVERAGE:

Global Virtual Reality for Rehabilitation Market Segmentation: By Type

• Cognitive Rehabilitation

• Neurorehabilitation

• Physical Rehabilitation

Based on the type, the neurorehabilitation & cognitive rehabilitation category will see vast growth, with a CAGR of around 25%, all through 2022–2030. This will, in general, be owing to the rising incidence of neurological illnesses, such as brain stroke, Parkinson's disease, multiple sclerosis, cerebral palsy, and spinal cord injuries, as well as the rising public understanding of quite several neurorehabilitation approaches. In addition, digital rehabilitation has made it easier for patients to engage in cognitive rehabilitation activities through exercises like exergames, which enhance executive functions in older adults.

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

• Homecare Settings

• Hospitals

• Rehabilitation Centers and Clinics

Based on the end-user, rehabilitation centers, and clinics contributed greater than 40% of income to the market in 2022. This is because, at rehabilitation facilities and clinics, patients engage with the coach directly, which helps them grow to be acquainted with the digital rehabilitation manner easily, thereby growing the possibilities of recovery.

Global Virtual Reality for Rehabilitation Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

Geographically, the North American market is developing due to the presence of many significant players, such as Neuro Rehab VR, AppliedVR, Limbix, Virtually Better, and Virtual Rehab. Additionally, the developed healthcare infrastructure and a range of insurance policies helping digital rehabilitation are anticipated to be useful resources for market growth. Europe is the fastest-growing region in the VR for rehabilitation market, due to the growing range of incapacity instances in the region.

Global Virtual Reality for Rehabilitation Market Key Players:

1. MindMaze (Switzerland)

2. Neuro Rehab VR (United States)

3. Oxford VR (United Kingdom)

4. AppliedVR (United States)

5. Limbix (United States)

6. Virtually Better (United States)

7. MIRA Rehab Limited (United Kingdom)

8. Virtual Rehab (United States)

9. XRHealth (United States)

10. C2Care (France)