Mixed Reality in Healthcare Market Trends, Growth and Size Analysis By Component (Software, Hardware, Service), Device Type (Augmented Reality in Healthcare, Virtual Reality in Healthcare), Application (Surgery Simulation, Surgery, Patient Care Management, Pharmacy Management, Fitness Management, Others), End User (Hospital & Surgical Centers, Pharmaceutical Companies, Research Organizations, Others) and Region (Americas, Europe, Asia-Pacific, Middle East & Africa) - Forecast till 2030

Mixed Reality in Healthcare Market Scenario

The mixed reality in healthcare market is expected to register a CAGR of 25.04% during the forecast period of 2022 to 2030, with an estimated market value of USD 9722.85 million in 2030.

Mixed Reality (MR) is an amalgamation of Augmented Reality (AR) and Virtual Reality (VR), defining the polar ends of a spectrum known as vitality 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. The global market of mixed reality in healthcare is fueled by 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. Additionally, the benefits of MR systems such as operational efficiency, increased service quality, and reduced human effort is also projected to drive the growth of the mixed reality in healthcare market. For instance, in 2018, Samsung completed a randomized control trial that showed that VR therapy reduces pain by 52%.

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. Nevertheless, changes in regulatory policies are expected to reduce the impact of barriers over the forecast period.

Moreover, major companies in the market are involved in strategic acquisitions and collaborations to brace their position in the market. 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.

Rapid advances in sensor technology, rising user acceptability, expanding uses of MR in illness care and treatment, and rising healthcare professionals' workloads all contribute to the growth of the worldwide mixed reality in healthcare market. The advantages of MR systems, such improved productivity, higher service quality, and less need for human intervention, are also expected to fuel the healthcare MR market's expansion.

July 2023: Innovate UK has given funds to FourPlus, a UK immersive technology firm, Holosphere, and the Cell and Gene Therapy Catapult to develop and pilot a mixed-reality training platform for the pharmaceutical and healthcare industries beginning in July 2023. Investment of $1 million has been made in the project through the digitalization and automation of pharmaceuticals R&D and manufacturing competition, with around 75% coming from Innovate UK. The money will go toward building a flexible platform with mixed reality and multiplayer capability. There are a variety of manufacturing positions in the cell and gene therapy, biopharmaceutical, and broader life science industries, as well as in hospital settings, that will benefit from this digital and automated training platform.

Segmentation

The mixed reality in healthcare market 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 software segment is expected to hold a major share due to the increased accessibility of software to the users, whereas the hardware segment is projected to be the fastest growing segment owing to ease of availability of hardware components.

The market of mixed reality in healthcare, by device type, has been segmented into augmented reality in healthcare and virtual reality in healthcare. The AR in healthcare segment is expected to hold a major share due to the increased application of AR for the attenuation of pain perception, whereas VR in healthcare segment is anticipated to be the fastest growing segment owing to rise in awareness and increased research in this field. 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 of mixed reality in healthcare, by application, has been segmented into surgery simulation, surgery, patient care management, pharmacy care management, fitness management, and others. The surgery simulation segment is expected to hold a major share owing to the increasing use of MR tools for training surgeons due to the anatomically realistic recreations. The segment of surgery is expected to be the fastest growing segment due to the increased patient population in recent years.

The market, by end user, has been segmented into hospital and surgical centers, research organizations, and others. The segment of hospital and surgical centers is projected to hold a major share due to the rise in the hospitals switching to MR systems, whereas the segment of research organizations is expected to be the fastest growing segment due to the increased research initiatives.

The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The mixed reality in healthcare market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.

Key Players

• Atheer


• Augmedix


• Daqri


• Echopixel


• Firsthand Technology


• Google


• Medical Realities


• Microsoft


• Mindmaze


• Oculus VR


• Orca Health


• Osso VR


• Psious


• Samsung Electronics


• Surgical Theatre LLC

Regional Market Summary

Global Mixed Reality in Healthcare Market Share (%), by Region

Source: World Health Organization (WHO), Institute of Medicine (IOM)

Geographically, the Americas is expected to dominate the global mixed reality in healthcare market due to the increasing per capita healthcare expenditure, and the heavy adoption of new technology. According to the research published in 2016 by Johns Hopkins University School of Medicine, it was estimated that if all US hospitals increased the number of minimally invasive procedures by 50%, nearly 3,600 complications could be avoided annually. Furthermore, rising expenses in research and investment by healthcare bodies are anticipated to drive the growth of the market in this region.

Europe showed a considerable amount of growth in the global mixed reality in healthcare market. The market growth in this region is because of the presence of a well-established healthcare system and increase in chronic diseases.

Asia-Pacific is expected to have a sturdy growth rate during the forecast period owing to the huge patient pool and 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.

On the other hand, the Middle East & Africa has the least share of the market due to the low disposable income. Moreover, limited access to treatment facilities is also expected to curb the growth of the market in the near future.

By Component Outlook

• Software


• Hardware


• Service

By Device Type Outlook

• Augmented Reality in Healthcare




• Head-Mounted Display (HMD)


• Handheld Device




• Virtual Reality in Healthcare




• Head-Mounted Display (HMD)


• Gesture Tracking Devices


• Projectors

By Application Outlook

• Surgery Simulation


• Surgery


• Patient Care Management


• Pharmacy Management


• Fitness Management


• Others

By End User Outlook

• Hospital & Surgical Centers


• Research Organizations


• Others

By Region Outlook

• Americas
  
  
  
  • US
  
  
  • Canada
  
  
  
  




• North America


• Latin America

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • UK
  
  
  • Rest of Western Europe
  
  
  
  




• Western Europe


• Eastern Europe

• Asia-Pacific




• Japan


• China


• India


• Australia


• South Korea


• Rest of Asia-Pacific

• Middle East & Africa




• Middle East


• Africa

Intended Audience

• Medical Device Companies


• Research and Development (R&D) Companies


• Government and Private Research Institutes


• Academic Institutes and Universities


• Venture Capitalists