Virtual reality, or VR for short, has long given off the impression that it is a technology in search of a problem to address. As a result, many continue to think this way today. Meta’s recent misstep with the metaverse, which caused its stock price to drop by more than two-thirds at the time this article was written, is a prime example of this.
As a result of this mistake, the business lost money. This technological advancement, which has always seemed like its primary focus has been on the role it could serve as a gaming gadget, appears to be doomed to fail. But despite the fact that it has always seemed like its primary focus has been on the function it could serve as a gaming device, it is doomed to fail.
However, a recent announcement by Penumbra about its Virtual Reality REAL-y platform raises hope that VR gaming may be given a fresh lease on life in the context of rehabilitation. The fact that Penumbra made that remark opened up that door of opportunity.
Penumbra announced the first fully hands-free and untethered VR rehabilitation gadget the previous Tuesday. It has the ability to heal the entire body as well as individual organs and tissues. It has been estimated by GlobalData that there are around 52 million people in the United States who could benefit from rehabilitation services.
This demonstrates the existence of a sizable consumer base for VR systems, suggesting that advancements in the field are warranted to meet the needs of this customer base. Meanwhile, by 2030, the virtual reality market is expected to be worth an amazing $80 billion, according to projections by market research firm GlobalData.
In the event that the REAL-y platform proves its worth, Penumbra may be able to corner a sizeable chunk of this industry. This is why Penumbra places such a premium on the REAL-y protocol. But could you explain it to me in plain English? According to reports, the following was said by Gita Barry, exec VP, and gm at Penumbra.
“Two of the key obstacles in rehabilitation are retaining patient motivation and lack of involvement,” she is quoted as saying. For a citation, see [Citation needed] [Footnote required] There’s hope that if patients’ therapies are “gamified,” they’ll be more invested in them and more likely to complete their workouts.
This uncertainty stems from the fact that the industry lacks a fully built ecosystem consisting of hardware and software to support the REAL-y system, hence it is now impossible to say whether or not taking this risk will be worthwhile in the long term.
Inadequate market infrastructure consisting of compatible gear and software for the REAL-y system. Nevertheless, there is cause for hope; if the REAL-y system can prove that it is capable of overcoming the engagement and motivation problems that have plagued the profession of physiotherapy, it has a strong possibility of seeing a lot of engagement, which could be a very beneficial development.
The REAL-y system has a high chance of revolutionizing physiotherapy if it can prove that it can solve the engagement and motivation issues that have plagued the field for so long. The topic of whether or not the insurance policy would reimburse you for the price of this electronic equipment is also crucial to think about.
A major factor in whether or not a medical device will be widely adopted in the United States is its potential for reimbursement. This is because it will significantly reduce the overall out-of-pocket expense for the patient. Penumbra will need to provide proof of the worth of their wares in order to get paid for their efforts.
GlobalData, an industry analyst firm, predicts that both Penumbra and the market for “VR as a rehabilitation aid” will prosper in the future thanks to several positive trends in the sector.
This propensity can be partitioned into three types: Examples of such patterns include: Growing older populations in many parts of the world meaning more individuals will need access to rehabilitation services of all kinds.
The rehabilitation sector should expect an increase in the number of wealthy patients in the coming decades because these patients often have larger financial means than their younger peers. This is due to the greater likelihood that these individuals have spent more time in the labor force than those in the general population.
Also Read:-After Mark Zuckerberg’s Avatar Escapes the Metaverse, Facebook Locks Down.
This is because these patients are more likely to have been working for a considerable amount of time. One contributing cause to the widespread application of the aforementioned technological breakthroughs is the growing acknowledgment of computer software and hardware as valid categories of medical equipment.
They may have a better chance of getting reimbursement status from the FDA if they do this. During the H1N1 pandemic, telehealth devices were used in this way.
Frequently Asked Questions
What is Virtual Reality in Healthcare?
Virtual reality (VR) simulations are also being used in some healthcare facilities to help medical professionals better empathize with their patients. Dementia, Parkinson’s disease, and migraine headaches are just some of the diseases and conditions that can be simulated in virtual reality.
What is Virtual Reality (VR) Rehab?
Virtual reality (VR) telerehabilitation enables therapists to prescribe online workout programs to patients, which may subsequently be conveniently accessed and completed by patients in the privacy of their own homes. Patients can exercise in a safe setting with the use of virtual reality (VR)-based tasks.
How Much Does Neuro Rehab VR Cost?
The XR Therapy System is available now for USD $4,000.
