Mixed Reality in Healthcare Market Size Overview
Mixed Reality (MR) is a combination of Augmented Reality (AR) and Virtual Reality (VR), defining the polar ends of a spectrum known as virtuality spectrum or mixed reality spectrum. Augmented reality delivers digital components, whereas virtual reality enables immersive imitation of real-life settings. MR has widespread applications in different fields of healthcare, varying from treatment to training and education. It is estimated that the global Mixed Reality in Healthcare Market Size is expected to register a CAGR 26.3% during the forecast period of 2019 to 2024, with an estimated market value of USD 2,475 million in 2024.
Numerous factors such as rapid improvements in the adoption of sensor technology, increase in the user acceptance, increased applications of MR in disease care and treatment, and increasing workload of healthcare professionals are anticipated to fuel the growth of the market. Additionally, the benefits of MR systems such as operational efficiency, increased service quality, and reduced human effort is also projected to drive market growth. On the other hand, the lack of adequate skill among medical practitioners, high investment costs, occurrences of technical glitches and the concern related to loss of data is likely to curb the growth of the market during the assessment period.
The global Mixed Reality in Healthcare Market Size is currently dominated by several market players. The important players in the market are involved in new product launches and strategic collaborations to strengthen its market position. For instance, in March 2018, Samsung announced a partnership with Travelers Insurance, Cedars-Sinai Medical Center, Bayer, and AppliedVR to study a virtual reality for pain management.
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The global Mixed Reality in Healthcare Market Size has been segmented into component, device type, application, and end user. The market, based on component, has been segmented into software, hardware, and service. The market, by device type, has been segmented into augmented reality in healthcare and virtual reality in healthcare. The market, by augmented reality in healthcare, has been further segmented into head-mounted display (HMD), and handheld device. The market, by virtual reality in healthcare, has been segmented into head-mounted display (HMD), gesture tracking devices, projectors, and others. The market, by application, has been segmented into surgery simulation, surgery, patient care management, pharmacy care management, fitness management, and others. The market, by end user, has been segmented into hospital and surgical centers, research organizations, and others.
Some of the key players in the global Mixed Reality in Healthcare Market Size are Mindmaze, Atheer, Augmedix, Firsthand Technology, Daqri, Medical Realities, Google, Microsoft, Echopixel, Oculus VR, Orca Health, Psious, Samsung Electronics, Surgical Theatre LLC, and Osso VR.
The market in the Americas is expected to dominate the global Mixed Reality in Healthcare Market Size during the forecast period owing to the increasing per capita healthcare expenditure, and the heavy adoption of new technology in the region. Europe is expected to hold the second largest position in the global Mixed Reality in Healthcare Market Size. The market growth in this region is because of the presence of a well-established healthcare system and increase in life-threatening diseases. Asia-Pacific is estimated to be the fastest growing region in the market due to the huge patient pool and rising government initiatives of healthcare reforms. In 2016, as a part of an ongoing neurosurgical collaboration between Children’s Hospital in Ho Chi Minh City (Vietnam) and Children’s of Alabama Hospital, a Virtual Interactive Presence and Augmented Reality (VIPAR) telecommunication system was implemented at both hospitals to provide intraoperative assistance to medical professionals. However, less capital investment is restricting the market growth of this region. The market in the Middle East & Africa is likely to account for the smallest share of the global Mixed Reality in Healthcare Market Size. The market growth in this region is restricted due to the low disposable income in the region.
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