The virtual reality exposure therapy market is anticipated to grow at a CAGR of 38.53% over the forecast period.

NOIDA, UTTAR PARDESH, INDIA, January 4, 2024 /EINPresswire.com/ -- According to a new study published by Knowledge Sourcing Intelligence, the virtual reality exposure therapy market is projected to grow at a CAGR of 38.53% between 2021 and 2028.

The virtual reality exposure therapy market is influenced by factors such as progress in virtual reality technology, increased recognition and acceptance of non-invasive therapies, and the adoption of personalized and targeted treatment approaches.

The virtual reality exposure therapy (VRET) market represents a transformative segment within mental health treatment, leveraging state-of-the-art virtual reality (VR) technology to address a diverse range of anxiety disorders and phobias. VRET offers a secure and regulated environment where patients can confront their anxieties through gradual and repetitive exposure to stimuli that induce anxiety. This therapeutic approach replicates real-life scenarios by immersing individuals in virtual environments, enabling therapists to guide patients through sessions in a controlled and monitored manner. The immersive and interactive nature of VRET has demonstrated its effectiveness in treating conditions such as post-traumatic stress disorder (PTSD), social anxiety, and specific phobias. Mental health professionals and patients alike are increasingly embracing this innovative and promising therapeutic modality, anticipating significant growth in the virtual reality exposure therapy market. As the awareness and acceptance of VRET continue to expand, it is likely to play a pivotal role in reshaping the landscape of mental health therapy, providing patients with a valuable and technologically advanced treatment option.

Access sample report or view details: https://www.knowledge-sourcing.com/report/virtual-reality-exposure-therapy-market

Based on components, the virtual reality exposure therapy market can be segmented into hardware and software. VR headsets play a crucial role in therapy, providing a lifelike experience in a three-dimensional (3D) format through sophisticated computerized technology. The anticipated rise in demand for VR headsets is attributed to the introduction of advanced, affordable, and wireless models.

In terms of application, the market for virtual reality exposure therapy is categorized into anxiety disorders, PTSD, phobias and fears, panic disorder, OCD, and other related conditions. Various research studies on the application of VR therapy for mental health have indicated that for certain conditions like phobias and PTSD, this approach may offer advantages over traditional drug-based treatments. In 2019, approximately 1 in 8 individuals, totalling 970 million people globally, were reported to be living with a mental disorder, with anxiety and depressive disorders being the most prevalent. The impact of the COVID-19 pandemic in 2020 led to a significant increase in the number of individuals experiencing anxiety and depressive disorders. In 2019, 301 million people, including 58 million children and adolescents, were living with an anxiety disorder. Additionally, the cost-effectiveness of this treatment method positions it as one of the most effective techniques for alleviating and managing mental illnesses and phobias.

Based on type, virtual reality exposure therapy can be used for monitoring and tracking health, disease management, remote consultation and telemedicine, medication adherence, fitness and nutrition, women’s health, etc.

Categorized by end users, the virtual reality exposure therapy market is divided into hospitals and clinics, mental health centers, and research institutes. The anticipated growth in patient admissions for cardiac strokes, coupled with an increasing demand for post-cardiac stroke/surgery therapy, is expected to drive substantial expansion within this segment in the coming years. The rising incidence of cardiac strokes has led to a surge in the need for comprehensive therapeutic interventions, and hospitals and clinics are poised to play a pivotal role in addressing this growing demand. Additionally, mental health centers, specializing in holistic mental health care, are likely to witness an upsurge in the adoption of virtual reality exposure therapy as a progressive and effective treatment modality. Moreover, research institutes are anticipated to contribute to the advancement of virtual reality exposure therapy through ongoing studies and the development of innovative applications. The collaboration between these end-user segments and the evolving landscape of virtual reality therapy is expected to shape a dynamic market environment, fostering advancements in treatment methodologies for various health conditions, particularly those associated with cardiac strokes.

North America stands as the frontrunner in the virtual reality exposure therapy (VRET) market, and this leadership position can be attributed to various factors. These include a state-of-the-art healthcare infrastructure, a high prevalence of mental health issues within the region, and the early incorporation of virtual reality technology into treatment practices. The market in North America is further fueled by the presence of several prominent companies and startups offering VRET solutions, fostering innovation and driving overall market expansion. Additionally, the region benefits from a supportive regulatory framework and an increasing awareness of the therapeutic benefits of VRET for anxiety and phobia treatment. These factors have collectively enhanced North America's prominence in the virtual reality exposure therapy market. As VRET gains momentum globally, North America continues to lead in terms of both adoption and development, maintaining its forefront position in this evolving therapeutic landscape.

As a part of the report, Limbix Inc., Psious, Oxford VR, AppliedVR Inc., Virtually Better Inc., Virtual Reality Medical Center, Virtual Rehab, Bravemind (developed by USC Institute for Creative Technologies), XRHealth (formerly known as VRHealth), and CogniFit are among the notable companies in the field of virtual reality exposure therapy market.

The market analytics report segments the virtual reality exposure therapy market using the following criteria:

• By Component

o Hardware
o Software

• By Application

o Anxiety Disorders
o Post-Traumatic Stress Disorder (Ptsd)
o Phobias And Specific Fears
o Panic Disorder
o Obsessive-Compulsive Disorder (Ocd)
o Others

• By Type

o Monitoring And Health Tracking
o Disease Management
o Remote Consultation and Telemedicine
o Medication Adherence
o Fitness And Nutrition
o Women's Health
o Others

• By End-User

o Hospitals And Clinics
o Mental Health Centers
o Research Institutes
o Others

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Italy
• Spain
• Others

o Middle East and Africa

• Saudi Arabia
• UAE
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others

Companies Profiled:

• Virtually Better, Inc.
• Limbix Inc.
• Psious
• Oxford Vr
• Appliedvr, Inc.
• Virtual Reality Medical Center
• Virtual Rehab
• Bravemind (Developed By Usc Institute For Creative Technologies)
• Xrhealth (Formerly Known As Vrhealth)
• Cognifit

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Ankit Mishra
Knowledge Sourcing Intelligence LLP
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