VR in Elderly Care Market Scope
Virtual-Reality (VR) is a computer-generated platform that stimulates a vision of a 3D environment in which a user has emerged in it. This 3d environment is controlled in 3D itself by the same user who is experiencing it. Creating an illusion of being in a location physically. People can interact in this environment using VR headsets, goggles, or mobiles. It is a computer-generated environment or a 3D image. Virtual Reality (VR) is being used in health care for the elderly to better their lives and it has been showing positive since in reducing loneliness, improving their mental health, and transporting them to far-flung places without needing to leave the comfort of their home. While virtual reality experiences are usually done alone, running a program in a nursing home allows multiple patients to use the technology at once. Sharing their feelings and experience with those around them creates a sense of community which can counteract feelings of loneliness.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | Virtually Visiting (United Kingdom), Google (United States), Proxgy (India), QuaQua (India), Heygo (United Kingdom), AirPano (Russia), Klapty (Switzerland), Beeyonder (United States), XplorIt (United States), Ana Holdings Inc. (Japan), Virtual Travel, Ascape VR (United States) and Weezy VR (Switzerland) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States & Europian Players will contribute to the maximum growth of Global VR in Elderly Care market throughout the predicted period.
Virtually Visiting (United Kingdom), Google (United States), Proxgy (India), QuaQua (India), Heygo (United Kingdom), AirPano (Russia), Klapty (Switzerland), Beeyonder (United States), XplorIt (United States), Ana Holdings Inc. (Japan), Virtual Travel, Ascape VR (United States) and Weezy VR (Switzerland) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global VR in Elderly Care market by Type , by Application (Medicine, Health Care {Diagnostics Mental Illness Treatment Robotic Surgery Psychological Therapy Pain Management} and Other {Virtual reality in Dentistry Virtual reality in Nursing VR for the disabled}) and Region with country level break-up.
On the basis of geography, the market of VR in Elderly Care has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
The Glimpse Group, Inc., a diversified Virtual Reality ("VR") and Augmented Reality ("AR") platform company has announced that it has entered into a definitive agreement to merge Brightline Interactive, a global leader in the immersive technology industry, into a new dedicated Glimpse subsidiary.
In the latest leadership training program for leaders in the healthcare industry was powered by virtual reality. Partnering with VR communication technology developer Moth+Flame, Wellstar Health System, and Wellstar’s digital health and innovation center, Catalyst, introduced a new virtual reality-based training program. The two companies collaborated to give over 100 Wellstar leaders an innovative and exciting training program that focuses on emotional intelligence.
While there is currently no positive duty on healthcare professionals to use VR when treating patients, healthcare professionals may be held liable for harm arising from negligent advice or treatment using VR technology
Influencing Trend:
There is a huge increase in Wearable Devices in Healthcare to deal with different types of Monitoring and Treatment.
Market Growth Drivers:
Advancement in technology has brought many Applications in Patient Treatment which has reduced Hospital costs.
Challenges:
There is no adequate training for medical professionals in terms of VR.
Restraints:
Technical limitations related to size and other factors are having a negative impact on VR in Healthcare.
Opportunities:
There is a number of requirements to reduce Hospital Expenses and for many people with Mobile Disabilities to reduce traveling.
Key Target Audience
VR developing companies, Software Companies, Healthcare, Hospitals, New Entrants and Investors, Biodegradable Foodservice Disposables Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others