Mixed Reality in Healthcare Market

Global Mixed Reality in Healthcare Market Size (2024 to 2029)

The global mixed reality in healthcare market is one of the fastest-growing markets in the healthcare industry. The global mixed reality in healthcare market is forecasted to witness a remarkable CAGR of 46.8% from 2024 to 2029 and be worth USD 5.60 billion by 2029 from USD 0.82 billion in 2024.

Current Scenario of the Mixed Reality in Healthcare Market

Combining real and virtual worlds to create new habitats and representations in which physical and digital items co-exist and interact in real time is known as mixed reality (MR). Mixed reality is a combination of reality and virtual reality that does not occur solely in the physical or virtual worlds. Virtual reality (VR) and augmented reality (AR) are examples of mixed reality used in the gaming and film industries. Mixed reality is helping healthcare service providers organize, evaluate, and control healthcare processes more conveniently and effectively, building on the uses of virtual and augmented reality in healthcare. In recent years, physicians have begun investigating the possible benefits of immersive technology in healthcare. For example, researchers from the Netherlands, Sweden, and the United Kingdom discussed practical applications in medical education and training and preprocedural planning and visualization during surgery at a Coffee and Talk event at ECR 2019. Medical operations may be made considerably easier for healthcare professionals and safer for patients via mixed reality.

MARKET DRIVERS

The growing utilization of mixed reality in healthcare is anticipated to fuel the market’s growth rate.

The market for mixed reality in healthcare is being driven by an increase in mixed reality in healthcare. The healthcare business has been quickly developing in recent years. Many healthcare practitioners are adopting mixed reality because it has a bright future. Surgeons can now do operations on patients thousands of kilometers distant using Mixed Reality. It allows nurses to practice their abilities and execute hundreds of surgeries without touching a patient. Mixed reality offers a significantly more practical way to see images and data than charts or displays for doctors. Furthermore, mixed reality might enable new methods to connect with patients by projecting information into medical records or even directly to the patient. Mixed reality is also becoming more popular in delivering real-time medical information and give patients hospital-level treatment at home. Even in medical education, mixed reality is becoming more popular. Mixed reality interactive medical training allows students to execute practice procedures without putting their lives in danger physically. As a result, the mixed reality in the healthcare market is increasing.

Increasing research activities and mixed reality usage for the medical condition also drive the mixed reality in the healthcare market.

The mixed reality in the healthcare market is also being driven by rising research efforts and studies indicating the utility of mixed reality in specific medical problems. Many studies are underway or finished that suggest that mixed reality may be used to solve problems with various circumstances that have yet to be resolved. For example, some medical diseases research includes post-traumatic stress disorder, congenital heart disease, pain management, and mental health. For example, mixed reality utilizing HoloLens® has aided surgeons in comprehending the complicated geometries of congenital heart disease. Similarly, prior research has demonstrated Virtual reality (VR) helps relieve acute and chronic pain in adults and children. In addition, clinical studies conducted by Daniel Freeman, professor of clinical psychology and NIHR Research Professor at the University of Oxford, found that most subjects found virtual reality to be a pleasurable and positive experience that provided a distraction from their anxiety and distress in 2019. As a result, many research investigations are underway in this area, which would assist in developing the mixed reality industry in healthcare.

MARKET RESTRAINTS

Lack of expertise and high equipment costs hampers the mixed reality in the healthcare market.

However, the mixed reality in the healthcare sector is hampered by a shortage of expertise and a high cost of technology. Mixed reality is a new technology that is still in its development. As a result, the benefits and flaws are uncertain, and medical practitioners are not qualified to use this technology. In addition, the cost of mixed reality technology is out of reach for certain hospitals, tiny and medium-sized ones. For example, Microsoft's HOLOLENS 2 mixed reality headsets cost $3,500. As a result, mixed reality is still trailing behind in terms of acceptance.

Impact Of COVID-19 On The Global Mixed Reality in Healthcare Market

Millions of individuals were affected by the covid – 19 and businesses worldwide were affected. Early-stage technologies like mixed reality, virtual reality, and augmented reality have had some ups and downs during the epidemic. However, the use of virtual reality technology to simulate human behavior, infection transmission, and pathogen structure to boost skill management and safety protection is increasing. During this pandemic, the use of virtual reality (VR) for telemedicine, communications, and drug development has risen significantly. Furthermore, the usage of augmented reality is growing in the healthcare profession, allowing for high-resolution audio and video transmission, easing distant cooperation, and permitting the representation of previously unseen concepts.In addition, the group is focusing on new ways to address the covid – 19 problems. For example, doctors on the front lines of the COVID outbreak utilize Microsoft HoloLens headsets to help with their patient care. Moreover, the use case for this project allows other doctors to sit in another room and watch a live video stream of the doctor treating COVID-19 patients via Microsoft Teams. Using the devices and staff decreased the time they had to wait and spend in a high-risk region by 83 %.Since mixed reality technology is still in its early stages, the current epidemic also harms it. The supply of end-use mixed reality goods has been hampered due to the lockdown and travel prohibitions affecting many businesses such as IT and telecommunications, transportation and logistics, and others. In addition, many countries face challenges with the supply of VR/AR headsets and other equipment.

REPORT COVERAGE

KEY PLAYERS IN THE  MIXED REALITY IN HEALTHCARE MARKET

A few of the leading companies in the global mixed reality in healthcare market covered in this report are Daqri, Firsthand Technology, Inc., Osso VR, Atheer, Inc., Samsung Electronics Co. Ltd., EchoPixel, Inc., Oculus VR, Surgical Theater, Inc., Microsoft Corporation, HTC Corporation, Atheer, Inc., Medical Realities Ltd., Augmedix, Psious, Start-Up Ecosystem, and Widerun.These players focus on new product launches, raising funding for R&D, and mergers and acquisitions strategies to expand their market share.

RECENT MARKET HAPPENINGS

• In March 2021, Apple announced that it would soon enter the mixed reality space and launch its long-rumored device for the AR/VR experience. The Cupertino tech major is expected to launch its first mixed reality headset in 2022.
• In December 2019, GIGXR, Inc. announced that it had acquired global mixed reality and immersive learning assets from Pearson PLC, the world's learning company. The acquisition includes HoloPatient and HoloHuman, leading applications for the mixed reality that facilitate clinical skills practice and anatomy learning in medical and nursing schools, undergraduate institutions, and hospitals.

DETAILED SEGMENTATION OF THE GLOBAL MIXED REALITY IN HEALTHCARE MARKET INCLUDED IN THIS REPORT

This research report on the global mixed reality in healthcare market has been segmented and sub-segmented based on component, application, end-user, and region.

By Component

• Hardware
• Software
• Content and Application

By Application

• Surgery and Surgery Simulation
• Patient Care Management
• Fitness Management
• Medical Training and Education
• Others

By End-User

• Hospitals
• Surgical Centers and Medical Institutes
• Others

By Region

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of Europe
• APAC
  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Mexico
  • Brazil
  • Chile
  • Argentina
  • Rest of Europe
• Middle East and Africa