The global virtual reality (VR) in Pharmacy Management market size is expected to reach USD 20.62 Billion in 2030 and register a revenue CAGR of 32.8% over the forecast period, according to the latest report by Reports and Data. Technological advancement in healthcare sector is driving virtual reality in healthcare market revenue growth.

Rising adoption of virtual reality (VR) in Pharmacy Management sector is attributed to its several benefits, which include its ability to provide effective healthcare services and its capacity to train healthcare personnel. VR training enlightens aspiring doctors on details of several procedures and foundations. It offers a three-dimensional view of human body to medical students and enables them to access and practice on it during their on-job training period. For instance, in 2018, Johnson & Johnson Institute initiated a global VR training program. Aim of this program was to educate medical personnel, such as doctors, nurses and aspiring doctors, on performing medical procedures. Additionally, VR technologies teach emergency care providers (ECPs) about cardiopulmonary resuscitation (CPR) procedures without practically performing them on an individual, and these technologies help medical personnel gain insight regarding several infectious disease control methods.

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Some Key Factors Contributing to the Global Pharma & Healthcare Market Growth

Unprecedented revenue growth of the global pharma & healthcare industry is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing geriatric population, rising awareness of health & wellness among consumers, and growing demand for more advanced healthcare services. Increasing demand for advanced drugs and therapeutics, growing availability of next-generation diagnostics and treatment options – especially in developing countries like India and China – rise in R&D activities and clinical trials in the pharmaceutical and biotechnology sectors, increasing public and private investments in healthcare research projects, and rising consumer expenditure on healthcare are among the other significant factors contributing to the industry revenue growth.

Some Key Highlights from the Report

  • In August 2021, VirtaMed AG, which is a Switzerland-based company, involved in medical training, collaborated with STAN Institute, a provider of technical and non-technical training to medical teams. VirtaMed’s high-fidelity simulators are the world’s most advanced simulators, which integrate virtual reality graphics along with anatomic models and adopted surgical tools for realistic assessment. This advanced technology would be installed in hospitals to train residents autonomously.
  • Hardware segment accounted for larger revenue share in 2020 owing to increasing deployment of VR in various areas of healthcare sector. Use of VR technologies require several hardware devices, such as head-mounted displays, haptic gloves, and smart glasses. Smart glasses are a type of new generation smart devices that help doctors to come up with accurate diagnostic tests and medical procedures. Besides, smart glasses eliminate the requirement for manual data entry, as they enable clinicians to capture and record patient data automatically. Therefore, this process also saves time.
  • Full immersive VR segment accounted for significant revenue share in 2020. Immersive VR is capable of creating deep understanding and empathy, which simplifies complex training in no time. Therefore, these factors are increasingly driving its deployment in the healthcare sector for training and treatment purposes.
  • Surgery segment accounted for a significant revenue share in 2020. Virtual reality helps surgeons organize forthcoming operations. VR offers a three-dimensional view of patient’s physiology and anatomy and therefore helps surgeons in the operating room.
  • Market in North America accounted for largest revenue share in 2020. Rising investment toward adoption of several advanced technologies, such as immersive technology, in healthcare sector is driving market growth in the region. Increasing deployment of clinical trials, improvements in surgery and diagnostic procedures and rising research and development (R&D) activities are boosting market growth in several regions, such as Asia Pacific, North America, and Europe.

Top Players in the Global Virtual Reality in Healthcare Market:

Samsung Group, Microsoft Corporation, Alphabet Inc., Koninklijke Philips N.V, Meta Platforms, Inc., Apple, Inc., Nvidia Corporation, Advanced Micro Devices, Inc., VirtaMed AG, and WorldViz Inc.

The coronavirus pandemic has had a drastic impact on the global healthcare industry, with rising cases of COVID-19 worldwide, substantially growing hospital admission and readmission rates, and rising demand for telehealth and telemedicine services for remote patient monitoring. Furthermore, rising focus on development of rapid COVID-19 diagnostics such as the RT-PCR test kits, increased government funding for vaccine development, stringent regulatory norms and protocols for COVID-19 safety, and increasing sales of COVID-19 safety equipment, such as N-95 masks, face shields, PPE kits, and hand sanitizers, have driven the global pharma & healthcare industry revenue growth over the recent past.  

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Virtual Reality in Healthcare Market Segmentation:

Technology Outlook (Revenue, USD Billion; 2018–2030)

  • Full Immersive
  • Non-immersive
  • Semi-immersive

Component Outlook (Revenue, USD Billion; 2018–2030)

  • Hardware
  • Software

Application Outlook (Revenue, USD Billion; 2018–2030)

  • Patient Care Management
  • Education and Training
  • Fitness Management
  • Pharmacy Management
  • Surgery

End-use Outlook (Revenue, USD Billion; 2018–2030)

  • Research and Diagnostic
  • Laboratories
  • Hospitals and Clinics
  • Others

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Frequently Asked Questions Answered in the Report:

  • What is the estimated revenue growth rate of the global Virtual Reality in Healthcare market over the forecast period?
  • What are the major factors driving the global market revenue growth?
  • Which are the leading manufacturers and suppliers in the global Virtual Reality in Healthcare market?
  • Which regional market is expected to lead in terms of revenue share in the global Virtual Reality in Healthcare market over the forecast years?
  • What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?

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