- Virtual reality specialist Vection Technologies (VR1) has signed a $500,000 contract with dental expert D&D
- Through the contract, Vection will create a custom training version of its FrameS technology
- The tech, called FrameS Dental, will help train dentists in delicate procedures like root canals and extractions
- The use of virtual reality can help significantly reduce training time and costs
- This is Vection's first step into the virtual reality healthcare market projected to be worth $30.4 billion by 2026
- Vection's shares are up almost 30 per cent today, worth just under three cents each
Vection Technologies (VR1) will soon be training dentists with its flagship FrameS technology in a $500,000 deal with dental expert D&D.
Through the agreement, Vection will develop a healthcare training version of the FrameS virtual reality (VR) tech.
Essentially, this new tech will let dentists-in-training practise complex procedures and treatments in an entirely digital world. Through virtual reality, medical professionals can be trained in root canal work, dental implantology, extraction, and more.
On top of this, delicate skills like gum incision and bone drilling can be refined in the virtual world.
The FrameS Dental software will use existing VR hardware — like Microsoft's Hololens or the HTC Vive — to immerse users in the custom-build dental clinic.
The benefits of conducting such training in a virtual world include significant cuts to training time and costs.
With the use of realistic digital simulations, dental schools no longer need dummies, models, or patients to practise on. Further to this, the same skills can be honed over and over again with no extra costs and no risk of patient injury.
Vection Managing Director Gianmarco Biagi said the healthcare market is a core focus for the company.
“FrameS Dental marks Vection’s first step into the Healthcare vertical, which represents one of the biggest adopters of virtual reality globally, and an integral part of Vection’s strategy," Gianmarco said.
Vection said according to Fortune Business Insights, the global dental market is estimated to be worth US$35.7 billion (A$51.23 billion) by 2023.
As for virtual training, the company said the VR healthcare market is projected to reach US$30.4 billion (A$44.24 billion) by 2026. In 2018, education and training for VR in healthcare made up just under 35 per cent of this market.
As such, FrameS Dental is just the first healthcare program to be added to Vection's suite of 3D, virtual, and augmented reality tech.
"Vection is currently in discussions with multiple parties in the healthcare and pharmaceutical industries and will update the market in due course," Gianmarco said.
The company's shares are trading almost 30 per cent up in late afternoon trade. Currently, Vection is selling shares for 2.7 cents each in a $17.74 million market cap.