Mixed reality is a revolutionary technology that merges virtual reality (VR) and augmented reality (AR) to combine real-world surroundings with digital components. This technology has immense potential in the healthcare industry, making it an emerging and valuable asset. The uses of mixed reality in healthcare are multifaceted, ranging from decreasing the need for cadavers in medical education to providing PTSD therapy for patients and enabling surgeons to review scans in person using AR for pre-operative visualization of brain tumors.
The healthcare sector has undergone significant improvements with the introduction of mixed reality (MR) technologies that enhance the operational environment. MR blends augmented reality (AR) to augment real-life experiences by moving static images, while virtual reality (VR) immerses users in simulated 3D environments. With the incorporation of information technology (IT) solutions in healthcare, the industry has undergone transformative changes in the way patient treatments are perceived and the services provided by healthcare providers.
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Mixed Reality in Healthcare Market – Market Dynamics
The increasing need for digitalization in the healthcare industry is a crucial factor driving the significant growth of the mixed reality in healthcare market. Additionally, the market is expected to experience a positive upswing due to the rising prevalence of neurological and psychological disorders worldwide. According to the National Alliance on Mental Illness (NAMI), in 2015, approximately 43.8 million, nearly 18.5% of the total adult population in the U.S., experienced mental illness, which is equivalent to 1 in 5 adults in the country. Furthermore, over 42 million American adults suffered from anxiety disorders in 2015.
The market growth for mixed reality (MR) technology has also been supported by increasing awareness of its potential applications in patient care management. One such example is the Autism Glass Project developed by Stanford University, which utilizes a wearable behavioral aid to enhance verbal and non-verbal communication among patients. The application of Autism Glass uses Google Glasses to recognize facial expressions and provide social cues related to those expressions.
Despite the potential benefits, the growth of the mixed reality (MR) healthcare market is being hindered by challenges such as the lack of expertise among healthcare professionals to adopt new technologies, as well as the high cost of some MR systems. For example, the cost of specialized virtual reality equipment for healthcare applications can range from US$30,000 to over US$300,000.
Mixed Reality in Healthcare Market – Regional Insights
The global mixed reality in healthcare market is divided into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa based on geographical location. The North American region is anticipated to be the leading market for mixed reality in healthcare during the forecast period. The United States holds a significant share in this region due to its continuous technological advancements and well-established healthcare infrastructure. Furthermore, the high rate of adoption of technologically advanced products has boosted the growth of the market in this region.
The mixed reality in healthcare market in Asia Pacific region is anticipated to exhibit substantial growth in the forecast period. This is attributed to the rapid economic progress, improved healthcare infrastructure, and increasing disposable income of individuals in the region. Additionally, the rising research and development activities and growing awareness of novel technologies have propelled the growth of the mixed reality in healthcare market in this region.
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Healthcare Industry for Mixed Reality: Competitive Environment
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.
The advancement of technology in mixed reality is encouraging more companies in the healthcare industry to adopt software-enabled solutions. In addition, prominent players in the market are using dynamic strategies such as new product launches, increased funding for research and development, and mergers and acquisitions to capture a significant market share and maintain their business presence globally. An example of this is:
- Novarad obtained FDA 510(k) clearance for its OpenSight Augmented Reality System in October 2018, which is the first AR medical solution utilized in pre-operative surgical planning.
- Precision OS secured Series A funding of USD 2.3 million from AO Invest in November 2018 for its virtual reality orthopedic surgical education and pre-operative planning software.
- In January 2017, CAE Healthcare released CAE VimedixAR, which is an ultrasound simulator for training that is connected with Microsoft HoloLens. This device is the first self-contained holographic computer globally. CAE Healthcare is the pioneer in bringing a commercial Microsoft HoloLens application to the medical simulation sector.
Mixed Reality in Healthcare Market – Market Taxonomy
The worldwide mixed reality in healthcare market is divided into several categories based on its components:
- 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
The global market for mixed reality in healthcare is segmented based on application into
- Patient Care Management
- Pharmacy Management
- Fitness Management
- Medical Training & Education
The global market for mixed reality in healthcare is segmented into distinct groups depending on end-users.
- Hospitals & Surgical Centers
- Government & Defense Institutions
- Research Organizations
On the basis of region, the worldwide mixed reality in healthcare market is split:
- North America
- Latin America
- Asia Pacific
- Middle East
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Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Mixed Reality in Healthcare Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Mixed Reality in Healthcare Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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