Virtual Reality Market to Record CAGR of 28.7% Over 2024-2032; Increasing Use of VR in Healthcare Sector to Bolster Market Growth

The virtual reality market size was valued at USD 12.86 billion in 2023 and is predicted to reach USD 16.32 billion in 2024. The market is anticipated to touch USD 123.06 billion by 2032, recording a CAGR of 28.7% over 2024-2032.

Fortune Business Insights™ presents this information in its latest report titled “Virtual Reality Market Size, Share & Industry Analysis, By Component (Hardware and Software), By Technology (Semi & Fully Immersive and Non-Immersive) By Device Type (Head Mounted Display (HMD), VR Simulator, VR Glasses, Gloves, and Others), By End-user (Consumer and Commercial/Enterprise), and Regional Forecast, 2024-2032”.

Virtual Reality (VR) is a smart technology that creates a simulated virtual environment to give users experiences that mimic the real world. VR is extensively used in the entertainment industry to help users stream live events, such as concerts and live shows and experience the environment of these events from the comfort of their homes. The applications of this technology have extended beyond entertainment and gaming, with healthcare and fashion industries using it to enhance their users’ experiences.

The COVID-19 pandemic had a mixed impact on the market’s growth as the demand for this technology varied in different industries. For instance, the disrupted production of VR headsets due to closure of manufacturing plants led to delays in their supply, thereby slowing the market’s progress. However, industries, such as healthcare started using VR headsets more during this period, which eventually had a positive influence on the market’s development.

Generative AI to be Extensively Used in VR to Improve Performance

The use of generative AI is increasing in the field of VR as this technology has the potential to significantly improve the performance and features of VR devices by offering customers high-quality simulated environments. Moreover, experiments with social interactions is also increasing, which will further boost the use of generative AI in VR.

Apple Launched Vision Pro in New Regions in Move to Accelerate Use of VR Technologies

Apple announced that it has made its VR headset, Vision Pro, available in new several countries and regions. The company revealed that its customers in Japan, Mainland China, Hong Kong, and Singapore can pre-order the gadget starting June 13, 2024. The device will be available for the masses from June 28, 2024. Moreover, Apple customers in Germany, Australia, France, the U.K., and Canada were also allowed to pre-order Vision Pro.

Increasing Use of VR in Healthcare Sector to Bolster Market Growth

The healthcare industry is using virtual reality technologies and systems on a large scale to help medical professionals enhance their patients’ experience. VR has shown great potential to improve the quality and outcome of planned surgeries and patient care systems. Moreover, many healthcare institutions are using VR to offer training to their medical staff and surgeons to help them brush up their skills by working in a highly simulated environment. VR systems are also undergoing continuous developments and innovations as it is an evolving field that needs constant improvements. This factor will also boost the use of VR in various sectors, including healthcare.

However, there are several health concerns linked to the excessive use of VR gadgets, such as fatigue, eyesight problems, and dizziness, which might negatively impact the virtual reality market growth.

Leading Companies to Focus on Business Expansion Through Partnerships and Collaborations

Some of the key organizations operating in the market are focusing on increasing their operations across the world by signing various partnership, collaboration, and acquisition agreements. This move will help them bring innovations to their current range of products and expand their market share.

Notable Industry Development:

• January 2024 – Qualcomm announced that it had launched the Snapdragon XR2+ Gen 2 platform to promote a new mechanism of mixed reality. The newly launched platform offers 12+ concurrent cameras and 4.3K per eye resolution to provide high-quality and crisp immersive Mixed Reality (MR) and Virtual Reality (VR) experiences.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/virtual-reality-market-101378

List of Key Companies Profiled in the Report:

• Oculus (Meta Platforms, Inc.) (U.S.)


• Google LLC (Alphabet Inc.) (U.S.)


• Microsoft Corporation (U.S.)


• Sony Interactive Entertainment LLC (Japan)


• HTC Corporation (Taiwan)


• Samsung Electronics Co., Ltd. (South Korea)


• Unity Software Inc. (U.S.)


• Qualcomm Incorporated (U.S.)


• Nvidia Corporation (U.S.)


• HaptX Inc. (U.S.)

Further Report Findings:

• North America is predicted to dominate the global virtual reality market share during the forecast period due to the increasing presence of renowned virtual reality device manufacturing companies. Moreover, the U.S. being among the early adopters of advanced technologies, creates a conducive environment for the regional market to grow.


• Europe is also expected to showcase appreciable growth in the global virtual reality market due to the increasing adoption of advanced virtual reality solutions in sectors, such as automotive. Moreover, governments across the region are offering adequate funding to encourage research in this field, which will further accelerate the regional market’s growth.


• Based on technology, the non-immersive segment accounted for the highest market revenue in 2023 as this technology is being increasingly used in the gaming and entertainment sectors. Some of the most popular examples where this technology is widely used include video games, such as Warcraft and DOTA.

Table of Segmentation