Virtual Reality (VR) Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Virtual Reality (VR) Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Virtual Reality (VR) Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Virtual Reality (VR) Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The Virtual Reality (VR) market was valued at USD 17.25 billion in 2020 and is expected to reach USD 184.66 billion by 2026, at a CAGR of 48.7% over the forecast period 2021 – 2026.
VR Technology has gained widespread recognition and adoption over the past few years. Recent technological advancements in this field have revealed new enterprises. Numerous players are emerging in this market with the hopes of navigating it toward mainstream adoption.
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Key Players of Virtual Reality (VR) Market are: Oculus, Google, HTC, Samsung, Sony, and Lenovo.
Latest News and Developments:
– September 2020 – Sony revealed PS5 accessory pricing, including a USD 70 DualSense controller. The most significant price is that of Sonys new DualSense controller, which will cost USD 69.99 for additional gamepads, which is a USD 10 increase compared to the USD 59.99 MSRP for the DualShock 4.
– March 2020 – XRHealth announced the first Virtual Reality (VR) telehealth support groups for people in isolation due to the coronavirus, where patients with similar ailments can gain support from each other and from doctors associated with the XRHealth telehealth clinics.
Key Market Trends
Healthcare Industry Offers Potential Growth
– Virtual reality (VR) has been widely studied and applied in numerous medical applications. In pharmacy, VR can potentially be applied as follows, adjunctively or as a replacement for pharmacotherapy in drug design and discovery, pharmacist education, and patient counseling and behavior modification.
– VR applications in healthcare are foreseen to continue growing and evolving over the coming years. VR is also likely to have a significant role in nano-surgery and microsurgery, with projects, such as the Da Vince Surgical System used in many American and European countries for minimally invasive procedures laparoscopic surgeries.
– Likewise, medical associations and professional organizations are increasingly focusing on measuring the impact of VR on health treatments, which translates to improvements in different industry areas and the redesign of traditional healthcare systems.
– In January 2019, VRHealth, a tech company focused on virtual reality products for various healthcare implementations, launched a new set of apps that look to facilitate remote monitoring and family caregiving better. Developed in collaboration with AARPs Innovation Lab and announced at CES 2019, the app-based platform employs in-home VR for a range of different use cases and capabilities, according to the companies. The VR apps are now available for download on the Oculus storefront, as well as through the Health and Wellness section of AARPs Alcove VR platform.
Virtual Reality (VR) Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Virtual Reality (VR) market share, latest trends, key players, and their projections for the future. Also, Virtual Reality (VR) Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Virtual Reality (VR) Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Virtual Reality (VR) market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Virtual Reality (VR) industries have also been greatly affected. With the slowdown in world economic growth, the Virtual Reality (VR) industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Virtual Reality (VR) market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Virtual Reality (VR) market size will be further expanded, we expect that by 2027.
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The Study Objectives of Virtual Reality (VR) Market Report Are:
- Focuses on the key Virtual Reality (VR) manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
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The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
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