Global Mixed Reality in Healthcare Market Insights Forecasts to 2033

• The Global Mixed Reality in Healthcare Market Size was Valued at USD 2.63 Billion in 2023
• The Market Size is Growing at a CAGR of 26.16% from 2023 to 2033
• The Worldwide Global Mixed Reality in Healthcare Market Size is Expected to Reach USD 26.87 Billion by 2033
• Asia-Pacific is Expected to Grow the fastest during the forecast period.

The Mixed Reality in Healthcare Market Size is Anticipated to Exceed USD 26.87 Billion by 2033, Growing at a CAGR of 26.16% from 2023 to 2033. Growing awareness related to the implementation of Mixed Reality (MR) technology in surgical as well as other medical processes is expected to be the key factor that propels the market growth for mixed reality in the healthcare market.

MIXED REALITY IN HEALTHCARE MARKET REPORT OVERVIEW

Mixed Reality (MR) also known as ‘extended reality,’ or ‘hybrid reality’ has the potential to transform almost every industry, including healthcare. MR is a technology that combines Virtual Reality (VR), Augmented Reality (AR), and Artificial Intelligence (AI) to create experiences that integrate the actual world with digital aspects. Its capacity to deliver a more immersive and customized experience is regarded as transformative. Also, recent advancements are opening up previously imagined possibilities in medicine, not only by lowering training and operational costs but also by improving surgical safety and precision. Utilizing a hands-free interface, mixed reality is being used in the healthcare industry to provide critical information to operating surgeons. Healthcare professionals can streamline patient safety-focused medical procedures by utilizing mixed reality. Healthcare professionals might now provide more individualized treatment by simulating complex scenarios, improving diagnosis accuracy, and streamlining patient interactions due to developments in MR devices and software. The sector is experiencing increased innovation and better results as a result of the confluence of technology and healthcare. In January 2023, Atheer announced that it had raised $10 million in funding to develop its mixed reality platform for healthcare. The platform will be used to provide surgeons with real-time information and guidance during surgery.

Report Coverage

This research report categorizes the market for the mixed reality in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the mixed reality in the healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the mixed reality in the healthcare market.

DRIVING FACTORS:  

“Increasing Application of VR & AR in Various Treatments”

Virtual reality (VR) is being used by the healthcare sector for realistic visualization. Numerous applications of VR software assist medical practitioners in obtaining a multidimensional perspective of medical imaging. This provides them with a complete understanding of a patient's medical state. The use of augmented reality in healthcare diagnostics gives the industry real-time visualization capabilities by fusing its evolution into mixed reality. Mixed reality glasses can be used to overlay digital images on a patient's body, allowing a medical practitioner to undertake real-time analysis. If required, patients can utilize these devices to view their scans in real-time to better understand their physical condition. Furthermore, developing a relationship between a physician and a patient is essential to fostering trust between them. Patients might only trust doctors if they communicate, concisely, and effectively, and mixed reality aids in establishing it more engagingly.

“Remote collaboration and Telemedicine will Support Healthcare Market”

Healthcare practitioners might collaborate virtually and share diagnoses, treatment plans, and medical information in real time due to mixed reality technology. It improves telemedicine's capabilities by offering remote assistance and comprehensive conversations, particularly in difficult or critical situations. This functionality is particularly valuable in scenarios where physical presence is not feasible, such as remote areas or emergencies.

RESTRAINING FACTORS:

“Cost and Infrastructure Limitations”                            

The mixed reality in the healthcare sector is hampered by the shortage of expensive and high-cost technology. However, the implementation of mixed reality technology in healthcare necessitates significant investments in hardware, software, and infrastructure. The expensive price of mixed reality equipment, such as head protection and cameras, and the need for reliable computer systems can be barriers to wider adoption, especially for smaller medical facilities with limited resources. Mixed reality is the new technology is still in its development. The lack of adequate skill among medical practitioners, high investment costs, occurrences of technical glitches, and the concern related to loss of data are likely to curb the growth of the market during the assessment period. Higher investment prices, technological challenges, and a lack of knowledge across diverse geographical locations are expected to hamper the expansion of the mixed reality in the healthcare market.

Market Segmentation

The mixed reality in healthcare market share is classified into type, application, and end user.

Which segment is expected to hold the largest share of the mixed reality healthcare market during the forecast period?

“The augmented reality segment dominates the market with the highest market share over the forecast period”

Based on the type, the mixed reality in the healthcare market is categorized into augmented reality and virtual reality. The main factors boosting the market's expansion are the expanding application of augmented reality in healthcare, an increase in augmented reality investments, the rise in the number of AR start-up companies, and the progress of technology. Augmented reality (AR) has gained prominence in the healthcare sector due to its ability to overlay digital information in the real-world environment. AR technology provides healthcare professionals with real-time, contextually relevant information, enhancing their decision-making process and improving patient outcomes. AR applications in healthcare range from surgical navigation and medical education to patient visualization and rehabilitation. Because AR is comprehensive and interactive, it can be a useful tool for improving patient experiences in general.

Which segment is expected to grow the fastest CAGR in the mixed reality in healthcare market during the forecast period?

“The medical training & education segment expected to grow the market with the fastest CAGR over the forecast period”

Based on the application, the mixed reality in healthcare market is categorized into patient care management, fitness management, medical training & education, surgery & surgery stimulation, and others. The fastest-growing application of mixed reality in the healthcare market is Medical Training and Education. The use of mixed reality technology in medical training and education offers immersive and interactive learning experiences for healthcare professionals. It allows for realistic simulations, virtual anatomy models, and interactive surgical training, enabling medical students, surgeons, and other healthcare practitioners to enhance their skills and knowledge in a safe and controlled environment. The need for innovative and effective training techniques in the healthcare sector is driving the increasing use of mixed reality in medical education and training.

Why hospitals are Preferred over surgical centers & medical institutes, and others?

“Pain management, mental health, and other applications are support in healthcare”

Based on the end user, the mixed reality in healthcare market is categorized into surgical centers & medical institutes, hospitals, and others. The hospital is attributed to the highest market share due to the increasing use of mixed reality-based technology for improved patient care management. In addition, the rising use of mixed reality technology for pain management, mental health, and other applications is driving the mixed reality in healthcare market growth. This is due to the growing use of virtual reality in hospitals. Hospitals and clinics are overburdened with patients, and the rise in chronic diseases is driving the use of modern technology. Furthermore, there is a growth in the number of patients with chronic conditions, as well as a rising desire for better patient outcomes. Technological innovations assist healthcare facilities in increasing service quality by allowing them to provide care at a lesser cost and in a more efficient manner.

Regional Segment Analysis of the Mixed Reality in Healthcare Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Which region is expected to hold the largest share of the mixed reality in healthcare market over the forecast period?

“North America is anticipated to hold the largest share of the mixed reality in healthcare market over the forecast period”

The presence of a developed healthcare infrastructure allows North America to hold a dominant share of the global mixed reality in the healthcare market during the projected timeframe. In the global mixed reality of the healthcare market, the most dominant region is North America. The region has a well-established healthcare infrastructure, advanced technological capabilities, and a strong presence of major companies specializing in mixed reality solutions for healthcare. The US specifically has a significant role in North America's dominance in this sector. VR adoption is increasing in this region owing to the growing use of immersive technologies in medical practices. Other reasons driving the regional market growth include government initiatives and considerable R&D spending. Furthermore, government support for the use of these technologies in the medical industry to reduce training costs and improve training and education programs is expected to drive the North American mixed reality in healthcare market expansion even further. Some of the important factors driving the regional market expansion include the increasing acceptance of new technologies, the presence of a larger number of market competitors, and a well-developed healthcare infrastructure. The U.S. FDA authorized the commercialization of EaseVRx, a prescription-only immersive virtual reality system that helps patients with proven persistent lower back pain who are at least 18 years old by reducing pain through cognitive behavioral therapy and other behavioral techniques. Among the main indications driving the market growth include the increasing prevalence of neurological and psychiatric illnesses, technological developments connected to mixed reality products and services, and the existence of several industry competitors in the region.

Which region is expected to grow the fastest CAGR in the mixed reality in healthcare market during the forecast period?

“The Asia Pacific region is expected to grow in the mixed reality in the healthcare market with the fastest CAGR over the forecast period”

In the Asia-Pacific mixed reality in the healthcare industry is expected to grow at the current rate during the anticipated period. Asia-Pacific is the area with the largest development potential in the global mixed-reality healthcare industry. The region's healthcare sector is large and developing quickly because of rising disposable incomes, growing healthcare infrastructure investments, and growing public awareness of cutting-edge medical advances. Countries such as China, Japan, South Korea, and India are witnessing a surge in the adoption of mixed reality solutions in healthcare settings. The Asia-Pacific area has witnessed a rapid increase in mixed reality because of its increasing application in surgical simulations, telemedicine, medical education, and patient care. In addition, in the Asia Pacific, the market for mixed reality in healthcare is also expected to exhibit lucrative growth owing to constantly improving healthcare infrastructure, increasing adoption of digital solutions for healthcare, and economic development. Furthermore, the increasing prevalence of psychological or mental disorders coupled with the rising geriatric population is likely to propel the market growth during the upcoming years.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the mixed reality in the healthcare market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Daqri LLC
• Medtronic Plc
• Atheer, Inc.
• Orca Health, Inc.
• Philips Healthcare
• AccuVein Inc.
• Siemens Healthineers AG
• Hologic, Inc.
• GE Healthcare
• EchoPixel, Inc.
• Osso VR, Inc.
• Augmedix, Inc.
• Vuzix Corporation
• Others

Recent Developments

• In March 2023, Microsoft declared that it would be working with the Mayo Clinic to create a mixed-reality training platform. The platform will use Microsoft's HoloLens 2 headset to provide surgeons with a more immersive and interactive training experience.

• In February 2023, Lynch Google announced that it is developing a mixed-reality app for remote patient monitoring. The app will use Google's Project Tango technology to allow doctors to see and interact with patients in real-time

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the mixed reality in healthcare market based on the below-mentioned segments: 

Mixed Reality in Healthcare Market, By Type

• Augmented Reality
• Virtual Reality

Mixed Reality in Healthcare Market, By Application

• Patient Care Management
• Fitness Management
• Medical Training & Education
• Surgery & Surgery Stimulation
• Others

Mixed Reality in Healthcare Market, By End User

• Surgical Centers & Medical Institutes
• Hospitals
• Others

Mixed Reality in Healthcare Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa