The Frost Radar for the global medical virtual reality (VR) market analyzes providers developing tailored VR software solutions for medical and surgical training and education via simulated environments.
From the vast array of medical simulations market, Frost & Sullivan has focused on medical VR software providers that offer fully immersive sensory experiences (primarily visual, auditory, and tactile) through the integration of their solutions with VR headsets and haptic technologies.
This Frost Radar excludes providers that focus on other forms of medical simulation, including:
• Augmented reality/mixed reality first (AR/MR) medical software solutions
• Standard PC or mobile applications that offer simulated 3D environments that do not connect with a VR headset for a fully immersive experience.
• Systems that mainly focus on a combination of a monitor, a mannequin hands-on simulator with haptic technologies, without the visually immersive nature of a VR headset
• Providers mainly or only offering 360-degree video experiences, instead of 3D animation
This Frost Radar offers a perspective on key industry trends as well as an assessment of 10 growth and innovation leaders. It plots the selected medical VR software providers based on 10 growth and innovation criteria, comprising qualitative and quantitative factors.
The vertical axis displays the company’s Growth Index (GI). This index is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective sales and marketing strategies. For growth performance and track record, the Frost Radar of the global medical VR market will consider the revenues incurred by each company in the years 2019, 2020, 2021, and 2022. These metrics compound with three other qualitative criteria, including growth pipeline, vision and strategy, and sales and marketing, to determine the company's positioning on the vertical axis.
The horizontal axis, on the other hand, measures the company’s Innovation Index (II). This index is a measure of a company’s ability to develop offerings/features/services/solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, able to evolve and expand to serve multiple markets, and aligned to customers’ changing needs.
The inclusion criteria for medical VR software providers include:
• Commercially available VR training and education solutions for more than one year
• The compatibility of the company's software with VR headsets or goggles for an immersive visual experience
• The availability of various training and education modules and procedures, including surgical training
• The ability to customize immersive training and education content for customers
• An integrated analytics platform
• Providing customer support from project implementation to integration and beyond
• Targeting various groups (e.g., medical institutions, medical device companies, medical schools) and different types of users (e.g., physicians, sales teams)
• A proven history of case studies and testimonials
• A proven track of effective skills transfer from the virtual to the real world
• Being active at some point in the last 18 months with new advancements and innovations
• A minimum threshold of $1 million in company revenues for CY 2022
Medical VR for Training and Education 2023
- Medical VR for Training and Education
Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
Speak directly with our analytics experts for tailored recommendations.
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- Report download
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Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| Author | Alaa Saayed |
| Industries | Entertainment and Media |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Medical Vr Analysis |
| Keyword 2 | Training Vr Reports |
| Keyword 3 | Virtual Reality For Medical Training |
| Podcast | No |
| WIP Number | K96D-01-00-00-00 |
Frost Radar™: Medical VR for Training and Education, 2023
A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines
20-Nov-2023
Global
Frost Radar