Portland, OR, July 19, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Mixed Reality in Healthcare Market by Type (Augmented Reality, Virtual Reality), by Component (Hardware, Software, Content and Application, Others), by Application (Surgery and Surgery Simulation, Patient Care Management, Fitness Management, Medical Training and Education, Others), by End User (Hospital, Surgical centers and Medical Institutes, Others): Global Opportunity Analysis and Industry Forecast, 2023-2031”. According to the report, the global mixed reality in healthcare market generated $2.7 billion in 2022, and is anticipated to generate $30.6 billion by 2031, witnessing a CAGR of 27% from 2023 to 2031.
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Prime Determinants of Growth
The increased patient awareness, development of modern healthcare infrastructure, and the increasing adoption of mixed reality for various treatments are driving the growth of the global mixed reality in healthcare market in the forecast timeframe. However, the high investment costs and lack of knowledge across diverse geographical locations may hamper the mixed reality in healthcare market growth in the coming period. On the contrary, the integration of virtual reality with wearable gadgets including fitness trackers, headsets, rings, goggles, fitness bands, rings, and others is expected to offer growth opportunities for expansion of the mixed reality in healthcare market in the 2023-2031 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2031 |
| Base Year | 2022 |
| Market Size in 2022 | $2.7 billion |
| Market Size in 2031 | $30.6 billion |
| CAGR | 27% |
| No. of Pages in Report | 280 |
| Segments covered | Type, Component, Application, End-User, and Region |
| Drivers | Increasing application of AR & VR in various treatments Growing awareness about the use of mixed reality technology in surgical & other medical operations |
| Opportunities | Increase in awareness of mixed reality through improved visibility of MR-based solutions Rising trend of wearable technology in healthcare |
| Restraints | Technological issues and higher investment costs |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a significant impact on the growth of the global mixed reality in healthcare market. The increase in need for services, such as telemonitoring, medical education and training, and patient management are the factors driving the growth of the industry during the pandemic.
- In addition, there was a quick surge in demand for rapid digitalization, training of healthcare experts, and an increase in usage of mixed reality technology during the pandemic.
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Type: Augmented Reality Sub-segment to be the Most Lucrative by 2031
The augmented reality sub-segment accounted for the major share in the mixed reality in healthcare market in 2022 and is expected to grow at a CAGR of 27.6% during the forecast period. An increase in the usage of augmented reality in healthcare, growing investments in AR, and the rising technological advancements are predicted to drive the sub-segment's growth during the forecast period.
Component: Software Sub-segment to be Highly Dominant by 2031
The software sub-segment accounted for the highest market share in 2022 and is predicted to grow at a highest CAGR of 27.7% during the forecast period. This growth is due to increased software availability and accessibility for consumers, as well as increased awareness about the use of software platforms for various healthcare reasons
Application: Patient Care Management Sub-segment to Generate Highest Revenue during the Forecast Period
The patient care management sub-segment held the major share in the mixed reality in healthcare market in 2022 and is predicted to continue to account for the majority of market share by 2031. The increasing need for new technology to improve patient satisfaction and the growing prevalence of critical medical illnesses like cancer are projected to boost the sub-segment's growth over the forecast period.
End-User: Hospital Sub-segment to Flourish Immensely by 2031
The hospital sub-segment generated the highest market share in 2022 and is predicted to continue to maintain its dominance during the forecast period. The growing usage of mixed reality-based technology for improved patient care management and the rising usage of mixed reality technology for mental health, pain management, and other applications are expected to drive the sub-segment's growth by 2031.
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Region: North America Market to Hold Majority of Market Share in 2031
The North America region accounted for the highest share in the global mixed reality in healthcare market in 2022 and is predicted to continue to maintain its dominance during the forecast period. This is mainly owing to the rising adoption of VR and the growing use of immersive technologies in medical practices in the region. Besides, government initiatives and considerable R&D spending are other factors expected to drive the regional growth by 2031.
Leading Players in the Mixed Reality in Healthcare Market:
- Daqri, Surgical Theater, Inc.
- Firsthand Technology, Inc.
- HTC Corporation
- Samsung Electronics Co. Ltd.
- Osso VR
- Microsoft Corporation
- Atheer, Inc.
- Oculus VR
- ECHOPIXEL, INC.
The report provides a detailed analysis of the key players of the global mixed reality in healthcare market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
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