Mixed Reality in Healthcare Market Global Projection, Developments Status, Analysis, Trends, Strategic Assessment, Research, Region, Share And Global Expansion By 2024

Mixed Reality in Healthcare Market Outlook

Mixed reality (MR) is a blend of digital and physical content and distinct from its counterparts, virtual and augmented reality. It is also known as hybrid reality. The application of mixed reality in the healthcare sector in aiding doctors, clinicians, and surgeons in diagnosis and improving outcomes of patients can widen its scope vastly. The virtual content will be displayed in the form of videos or 3D models. The global mixed reality in healthcare market report by Market Research Future (MRFR) delineates the various factors, drivers, and challenges in a detailed and comprehensive manner.

The global mixed reality in healthcare market size is predicted to touch USD 2,475 million by 2024. It can exhibit 26.3% CAGR from 2019 to 2024 (forecast period). Transition towards digitization of various processes is one of the primary drivers of the market. Development of sensors and headsets, application in patient care and disease management, and mass acceptance by users can drive the market growth till the end of the forecast period.

Advancements in user interfaces and haptic technology as well as their application in assisting doctors, surgeons, and support staff can be a strong market driver. Benefits of MR which can alleviate doctor workloads and improve service quality can bode well for the mixed reality in healthcare market. According to a randomized controlled trial by Samsung Corporation, virtual reality (VR) therapy can reduce pain levels by 52%.

However, paucity of skilled personnel, high cases of technical glitches, and heavy investment costs can hamper market growth.

Mixed Reality in Healthcare Market Segmentation Analysis

The global mixed reality in healthcare market growth is segmented by component, device type, application, and end-user.

By component, it is segmented into hardware, software, and service. The software segment had accounted for a large market share due to accessibility of the MR software to users for early testing. On the other hand, the hardware segment is expected to grow at a rapid pace during the forecast period.

By device type, it is segmented into augmented reality (AR) in healthcare and virtual reality (VR) in healthcare. The AR in healthcare segment can hold a major market share due to application of AR for alleviating pain levels. On the flip side, the VR in healthcare segment can expand at a robust growth rate due to rising awareness as well as backed up research.

By application, it is segmented into fitness management, patient management, pharmacy management, surgery, surgery simulation, and others. The surgery simulation segment can capture a large share of the mixed reality in healthcare market due to the use of the setup in training upcoming medical students in new surgical techniques.

By end-user, it is segmented into research organizations, hospitals & surgical centers, and others. Hospitals & surgical centers can command the lion’s share of the market due to the rising number of hospitals adopting MR technology.

Mixed Reality in Healthcare Market Regional Analysis

The Middle East & Africa, Latin America, Asia Pacific (APAC), North America, and Europe are regions taken into consideration in the compilation of the global mixed reality in healthcare market report.

The Americas is expected to be the leading region in the global market due to adoption of MR software and increased healthcare budget of the countries. The use of MR in minimally invasive procedures for improving surgical outcomes can lead to significant revenue generation.

The APAC region is projected to exhibit a stupendous growth rate due to a large patient pool and changing government reforms pertaining to healthcare. The region can accrue significant revenue due to increasing collaborations between medtech companies and hospitals.

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Mixed Reality in Healthcare Market Competitive Analysis

Major industry participants in the global mixed reality in healthcare market include Echopixel, Medical Realities, Mindmaze, Surgical Theatre LLC, Psious, Osso VR, Atheer, Orca Health, Daqri, Samsung Electronics, Microsoft, Oculus VR, Augmedix, Firsthand Technology, and Google. Development of innovation pilots by companies as well as constant upgrade of the software are certain steps taken to improve their standings in the market.

Mixed Reality in Healthcare Industry News

Microsoft and Philips have decided to collaborate for expanding the application of mixed reality for the Holo Lens 2 headset, the brainchild of Microsoft. The amalgamation of VR and AR can be used in understanding the human condition as well as extend its application beyond pain management.

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