What are virtual reality technologies and how are they being used in healthcare today? What areas of healthcare are seeing the most use of these products? What is the expected market opportunity for companies entering the market for VR equipment? Who are the main players in the VR market and what moves are they making to grow market share? These are among the questions answered in Kalorama Information's Virtual Reality in Healthcare in the U.S.
The use of virtual reality (VR) technologies in the U.S. healthcare industry has expanded tremendously due to extensive product development and the growing implementation of healthcare information technology (HIT) infrastructure. Virtual reality applications in the healthcare industry are associated with many leading areas of medical technology innovation including robot-assisted surgery, augmented reality (AR) surgery, computer-assisted surgery (CAS), image-guided surgery (IGS), surgical navigation, multi-modality image fusion, medical imaging 3D/4D reconstruction, pre-operative surgical planning, virtual colonoscopy, virtual surgical simulation, virtual reality exposure therapy (VRET), and VR physical rehabilitation and motor skills training. The clinical and enterprise benefits of healthcare VR technology are numerous and include improved patient outcomes, reduced medical errors, improved minimally-invasive surgical (MIS) technique, improved physician collaboration in diagnosis, and improved psychological and motor rehabilitation.
In Kalorama Information’s 2nd edition of Virtual Reality in Healthcare in the U.S., analyst Emil Salazar looks at the current and future market for commercialized VR technologies as divided on the basis of the four application areas:
For each application area (market segment), the report details: current market size, past market sizes (2006-), growth factors and trends, and forecasts to 2015.
Additionally, this report contains a review of relevant U.S. regulation, market drivers, and market inhibitors as well as case studies for each application area and over twenty detailed company profiles for healthcare VR product manufacturers and developers. The information in Virtual Reality in U.S. Healthcare, 2nd ed. Is based on data from multiple industry associations, U.S. governmental healthcare data, Securities and Exchange Commission filings, medical journals, and trade journals.
Additional industry insights and data were obtained through interviews with executives in the healthcare VR product industry and healthcare VR technology researchers.
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Once representing a niche market of specialty applications, virtual reality (VR) has been integrated into a broad portfolio of healthcare activities. Vendors have successfully integrated VR into clinical IT systems, operating rooms, schools of medicine, and treatment programs for returning U.S. soldiers, according to Kalorama Information's Virtual Reality (VR) in Healthcare in the U.S.
"Virtual reality products have made a profound impact on patient outcomes and the daily workflow of physicians," says Emil Salazar, market analyst for Kalorama Information. "The once-touted and projected 'potential' of VR for healthcare has translated into operational benefits for clients and real market opportunities for original equipment manufacturers, R&D companies and medical software developers. Healthcare VR product providers are well-positioned to build upon established client markets and their sales in the U.S. healthcare industry."
According to the report, in 2010, the U.S. market for VR applications in healthcare reached approximately $670 million in sales. The market enjoyed a compound annual growth rate (CAGR) of over 10% during the 2006-2010 period. Kalorama Information projects market growth to continue at a greater rate through 2015 as equipment and technology spending recovers among U.S. healthcare service providers.
"VR products align well with several prevailing healthcare trends," notes Bruce Carlson, publisher of Kalorama Information. "VR has become a key feature in software applications for radiology and other clinical IT systems, training on minimally-invasive surgical procedures in under-staffed departments, and the completion of those procedures in actual operating rooms."
Beyond their utility to medical professionals and diverse industry applications, the report notes that healthcare VR products are receiving increasing attention from healthcare industry suppliers. While joint development and marketing has so far been the primary mode for medical equipment manufacturers to access VR application markets, recent middle market merger and acquisition (M&A) deals have allowed companies outside of the healthcare sector to stake a claim in the matured healthcare VR market.
Virtual Reality (VR) in Healthcare in the U.S. analyzes the U.S. market in detail and provides past and current market sizes and forecasts through 2015 for each application area. Additionally, the report contains a review of relevant U.S. regulation, market drivers, market inhibitors, and case studies for each application area, as well as over twenty detailed company profiles for healthcare VR product manufacturers and developers.
CHAPTER ONE: EXECUTIVE SUMMARY