SEATTLE, June 08, 2021, (MEDGADGET) — A combination of both virtual reality (VR) and augmented reality (AR), mixed reality is an emerging technology that blends the real-life environment with digital elements. The technology can find a wide number of applications in the healthcare sector such as reducing the use of cadavers in medical student training, post-traumatic stress disorder (PTSD) engagement therapy for patients, and and pre-operative visualization of brain tumors by reviewing scans in-person using AR.
Increasing adoption of mixed reality (MR) in the healthcare sector leads to enhanced operational environment. The use of AR in MR technology allows to move static images to enhance the experience, while VR engages the observer in a simulated 3D environment. Technologies such as MR facilitate transformational changes in various treatments and services in the healthcare sector.
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Mixed Reality in Healthcare Market – Market Dynamics
Increasing focus on digitalization in the healthcare sector is a major factor boosting growth of the mixed reality in healthcare market. Furthermore, increasing prevalence of neurological & psychological disorders is also expected to boost the market growth. For instance, according to National Alliance on Mental Illness (NAMI), around 43.8 million, that is nearly 18.5% of the total adult population of the U.S., experienced mental illness in 2015, which is 1 in 5 adults in U.S. In addition, over 42 million American adults were suffering from anxiety disorders in 2015.
Increasing awareness regarding the use of MR technology in patient care management is also expected to boost growth of the market. For instance, the Autism Glass Project at Stanford University is developing a wearable behavioral aid that improves the verbal and non-verbal communication among patients. Autism glass application uses Google Glasses to identify facial expressions and give social indications that is linked to facial expressions.
However, lack of adequate skill among medical practitioners to adopt new technologies and high cost of some MR systems is expected to hinder growth of the market. For instance, the price of a special equipment for the use of virtual reality in the healthcare sector starts with US$ 30,000 and could even exceed US$ 300,000.
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Mixed Reality in Healthcare Market – Regional Insights
On the basis of region, the mixed reality in healthcare market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the mixed reality in healthcare market during the forecast period, owing to continuous technological advancements and well-developed healthcare infrastructure in the region. High adoption rate of technologically advanced products in the region is also expected to boost the market growth.
The market in Asia Pacific is expected to witness significant growth during the forecast period. This is attributed to rapid economic development, improvement in the healthcare infrastructure, and increasing disposable income in the region. Increasing R&D in MR is also expected to contribute to the market growth.
Mixed Reality in Healthcare Market – Competitive Landscape
Key players operating in the mixed reality in healthcare market include, Atheer, Augmedix, Daqri, Echopixel, Firsthand Technology, Medical Realities, Microsoft, Mindmaze, Oculus VR, Orca Health, Osso VR, Osterhout Design Group, Psious, Samsung Electronics, Start-Up Ecosystem, Surgical Theatre, and Widerun.
Growing technological advancements in the field of mixed reality encourages new companies in the healthcare industry to adopt proficient software-enabled solutions. Moreover, new product launches, rising funding for R&D, and mergers and acquisitions are some dynamic strategies opted by the prominent players to capture a reasonable amount of share and maintain its business presence in the global market. For instance,
- In October 2018, Novarad received FDA 510(k) clearance for its Augmented Reality System – OpenSight Augmented Reality System. It is the first AR medical solution will be used in pre-operative surgical planning.
- In November 2018, Precision OS received Series A funding worth US$ 2.3 million from AO Invest, for its virtual reality orthopedic surgical education and pre-operative planning software.
- In January 2017, CAE Healthcare launched CAE VimedixAR, an ultrasound-training simulator, integrated with Microsoft HoloLens. This is the world’s first independent holographic computer. CAE Healthcare is the first company to bring a commercial Microsoft HoloLens application to the medical simulation segment.
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Mixed Reality in Healthcare Market – Market Taxonomy
On the basis of components the global mixed reality in healthcare market is segmented into
- Hardware Components
- Semiconductor Components
- Displays and Projectors
- Position Tracker
- Software Components
- Software Development Kits
- Cloud-based Services
On the basis of device types, the global mixed reality in healthcare market is segmented into
- AR Devices
- Head-Mounted Display (HMD)
- Handheld Devices
- VR Devices
- Head-Mounted Display (HMD)
- Gesture Tracking devices
- Projectors & Display Walls
On the basis of application, the global mixed reality in healthcare market is segmented into
- Patient Care Management
- Pharmacy Management
- Fitness Management
- Medical Training & Education
On the basis of end users, the global mixed reality in healthcare market is segmented into
- Hospitals & Surgical Centers
- Government & Defense Institutions
- Research Organizations
On the basis of geography, the global mixed reality in healthcare market is segmented into:
- North America
- Latin America
- Asia Pacific
- Middle East
Table of Content
Global Mixed Reality in Healthcare Market Research Report
Section 1: Global Mixed Reality in Healthcare Industry Overview
Section 2: Global Economic Impact on Mixed Reality in Healthcare Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to Regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Mixed Reality in Healthcare Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Mixed Reality in Healthcare Market Forecast
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