New York, United States , Aug. 02, 2024 (GLOBE NEWSWIRE) -- The Global Mixed Reality in Healthcare Market Size is to Grow from USD 2.63 Billion in 2023 to USD 26.87 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 26.16% during the projected period.
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Mixed reality, also referred to as "hybrid reality" or "extended reality," has the power to completely change practically every sector of the economy, including the medical field. Virtual reality (VR), augmented reality (AR), and artificial intelligence (AI) are combined in mixed reality (MR) technology to create experiences that blend the real world with digital elements. Its ability to provide a more personalized and immersive experience is thought to be revolutionary. Healthcare, which encompasses surgical simulation, anxiety therapy, robot training, and expert training, is one of the key industries for the adoption of MR. With the integration of virtual and augmented reality technology, mixed reality (MR) in the healthcare market is undergoing a revolutionary change that will improve surgical operations, patient care, and medical education. It enables clinicians to provide detailed explanations to patients to improve clarity and understanding. In the medical field, magnetic resonance imaging (MRI) is used to improve surgical precision and decrease the time to respond. This eventually leads to a smooth treatment and a positive patient experience. However, Healthcare organizations must make large investments in infrastructure, software, and hardware to implement mixed-reality solutions.
Browse key industry insights spread across 210 pages with 120 Market data tables and figures & charts from the report on the "Global Mixed Reality in Healthcare Market Size, Share, and COVID-19 Impact Analysis, By Type (Augmented Reality and Virtual Reality), By Application (Patient Care Management, Fitness Management, Medical Training & Education, Surgery & Surgery Stimulation, and Others), By End User (Surgical Centers & Medical Institutes, Hospitals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The augmented reality segment dominates the market with the largest market share of the mixed reality in healthcare market during the projected timeframe.
Based on the type, the mixed reality in healthcare market is divided into augmented reality and virtual reality. Among these, the augmented reality segment dominates the market with the largest market share of mixed reality in the healthcare market during the projected timeframe. The growing use of augmented reality in healthcare, the rise in augmented reality investments, the rise in the number of augmented reality start-up companies, and technological advancements are the primary drivers of market expansion. Because augmented reality (AR) allows digital information to be superimposed on top of real-world surroundings, it has become increasingly popular in the healthcare industry. By giving medical personnel access to contextually relevant information in real time, augmented reality (AR) technology improves patient outcomes and decision-making.
The medical training & education segment is expected to grow at the fastest CAGR in the global mixed reality in healthcare market during the projected timeframe.
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. Among these, the medical training & education segment is expected to grow at the fastest CAGR in the global mixed reality in healthcare market during the projected timeframe. Medical Training and Education is the area of the healthcare business where mixed reality applications are expanding the fastest. Healthcare personnel can benefit from realistic and interactive learning experiences when mixed reality technology is used in medical education and training. Through interactive surgical training, virtual anatomical models, and realistic simulations, medical professionals such as surgeons and students can improve their knowledge and abilities in a secure setting.
The hospital segment dominates the market with the largest market share of the mixed reality in healthcare market during the projected timeframe.
Based on the end user, the mixed reality in healthcare market is divided into surgical centers & medical institutes, hospitals, and others. Among these, the hospital segment dominates the market with the highest market share of the mixed reality healthcare market during the projected timeframe. The hospital's growing usage of mixed reality-based technologies for better patient care management is credited with giving it the largest market share. Additionally, the growing market for mixed reality in healthcare is being driven by the increasing usage of this technology for mental health, pain treatment, and other applications. This is because virtual reality is being used in hospitals more and more. The number of patients in hospitals and clinics is stressful, and the usage of modern technology is being driven by the rise in chronic diseases.
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North America is expected to hold the largest share of the mixed reality in healthcare market over the forecast period.
North America is expected to hold the largest share of the mixed reality in healthcare market over the forecast period. North America's reliable healthcare infrastructure enables it to maintain a leading position in the global mixed reality healthcare market over the estimated period. North America is by far the most dominant region in the global mixed reality of the healthcare business. Mixed reality technology has been widely adopted in the region for a variety of healthcare applications, such as patient education, surgery planning, medical training, and rehabilitation. The area provides an effective mixed reality healthcare solutions industry, a well-established healthcare infrastructure, and cutting-edge technology capabilities. The U.S. government is funding research on VR applications in the healthcare sector. Due to rising demand to cut treatment costs, healthcare providers are outsourcing healthcare-related IT services. Some of the other factors driving market expansion in North America include the increase in the prevalence of psychiatric and neurological illnesses, technological advancements linked to mixed reality products and services, and the existence of several market players in the region.
Asia Pacific is predicted to grow at the fastest pace in the Mixed Reality in Healthcare market during the projected timeframe. In the projected period, the healthcare industry in the Asia-Pacific region is likely to increase at the current rate. In the worldwide mixed-reality healthcare market, Asia-Pacific has the most growth potential. Because of the region's expanding healthcare infrastructure investments, increased disposable incomes, and growing public knowledge of cutting-edge medical advancements, the healthcare industry is expanding rapidly. The use of mixed reality solutions in healthcare settings is growing rapidly in nations like China, Japan, South Korea, and India. In addition, the growing number of elderly people and the growing incidence of psychological or mental illnesses are anticipated to drive market expansion in the future years.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global 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. Major vendors in the mixed reality in healthcare market are 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, and Others.
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Recent Developments
- In December 2022, Medical Realities revealed that Johnson & Johnson is collaborating with it to create a mixed-reality patient education app. The app will use Medical Realities' MR platform to provide patients with an interactive way to learn about their medical conditions.
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:
Global Mixed Reality in Healthcare Market, By Type
- Augmented Reality
- Virtual Reality
Global Mixed Reality in Healthcare Market, By Application
- Patient Care Management
- Fitness Management
- Medical Training & Education
- Surgery & Surgery Stimulation
- Others
Global Mixed Reality in Healthcare Market, By End User
- Surgical Centers & Medical Institutes
- Hospitals
- Others
Global 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
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