VR Revolutionizes Medicine, but Faces Commercial Hurdles

In July 2017, Stanford Medicine announced a new software system that combines imaging data from MRIs, CT scans, and angiograms to create a three-dimensional model. This model can be manipulated by physicians and patients. The technology has helped doctors by allowing them to plan alternative surgical approaches in advance and identify the safest and most effective option. The three-dimensional aspect of the imagery aids surgeons in their planning and improves the accuracy of surgery, ultimately leading to safer procedures. Virtual reality(VR) had officially entered the field of medicine.

Virtual Reality (VR) is described as a computer-generated simulation of a three-dimensional environment that can be explored and interacted with by a user. It immerses the user in a digital world through the use of specialized equipment, such as headsets, controllers, and sometimes haptic suits.

Virtual reality was expected to revolutionize medicine, but it seems that, at least for now, this is not the case. The overall virtual reality market is currently experiencing a downturn, and healthcare VR is no exception.

Research from Omdia indicates a significant decline in the consumer VR market. Headset sales dropped by 24% in 2023, falling from 10.1 million units in 2022 to 7.7 million. Further declines of 13% are anticipated in both 2024 and 2025. This follows a nearly 40% decrease in US sales of VR headsets and AR glasses.

The news regarding virtual reality has been overwhelmingly negative from a business standpoint. Here are some of the headlines:

• TF International Securities analyst Ming-Chi Kuo reported that Apple has lowered its annual sales projections for the headset from up to 800,000 units to between 400,000 and 450,000.
• In March, Bloomberg reported that Sony had paused production of the PSVR2 due to excess inventory piling up in warehouses.
• The initial shipment forecast for the Meta's Quest 3 in the second half of 2023 was set at over 7 million units. However, due to anticipated weak demand, the current forecast has been reduced to between 2 and 2.5 million units for the same period, with shipments in 2024 estimated at around 1 million units.

These developments could simply be part of the typical product lifecycle, as most of these companies have released relatively expensive headsets. Such headsets naturally appeal primarily to early adopters.

There are real-world applications for these products. In healthcare, virtual reality has demonstrated solid use cases. For example, Surgical Theater's VR system assists in training residents, planning upcoming operations, and educating patients. It also guides surgeons during procedures, providing a three-dimensional perspective. The company developed a virtual reality surgical platform for training and assessment. After raising $100 million to expand access to surgical education and hire top-tier talent for high-fidelity surgical training experiences in additional specialty areas, they unfortunately announced layoffs.

The broader VR industry's challenges have also impacted the healthcare VR sector, as evidenced by news such as the following:

• Augmedics acquired Surgalign's digital health assets for $900,000 after Surgalign filed for Chapter 11 bankruptcy protection. While Surgalign's problems were related to fraud, the price paid for their virtual reality assets highlights the difficulties of successfully commercializing these products.
• OssoVR, which developed a virtual reality platform for orthopedics fired most of their workers.
• AppliedVR, which offers a VR-based treatment for chronic pain, reduced its workforce last year.
• Penumbra closed its virtual healthcare division after acquiring Sixense Enterprises in 2021, at the peak of the VR boom.

Immersive healthcare, which integrates digital environments, augmented reality (AR), virtual reality (VR), and mixed reality (MR), has a promising future. However, the biggest challenge is that companies need to demonstrate revenue now, not in the distant future. Virtual reality is also competing for investment with the shiny new toy: artificial intelligence (AI).

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