The global mixed reality in healthcare market was valued at USD 60.35 Million in 2019 and expected to reach USD 1,330.31 million by 2027, with at a compound annual growth rate (CAGR) of 47.2% during the forecast period 2020 to 2027.
Growing awareness related to implementation of Mixed Reality (MR) technology in surgical as well as other medical processes expected to be the key factor that propels the market growth for mixed reality in healthcare market. Implementation of mixed reality in surgical processes reduces human error, enhances patient outcomes, and the efficiency of surgeons that overall enhances the healthcare facilities and boost upcoming innovations in the sector.
Further, its increasing adoption in various training process across healthcare centers further drives the market growth. Skilled nurses and doctors are very critical to the industry, mixed reality provides simulations and virtual situations that are rare and specific and are very difficult to arrange in a medical centers that offers hundreds and thousands of opportunities to train nurse before the actual surgery. In the wake of same several education institutes are collaborating with the technology providers to inculcate mixed reality in their education system. For instance, in January 2018, Pearson, an education company collaborated with each other to launch apps such as HoloHuman and HoloPatient to provide better training to the students.
Additionally, prominent rise in research activities for the integration of mixed reality with healthcare facilities such as mental health detection and pain management has attracted several investors in the market. For instance, in April 2020, XRHealth, one of the leading companies in therapeutic application and mixed reality, announced to raise its fund with USD 7 Million to expand telehealth platform for supporting large number of patients and clinicians for augmented/virtual reality therapy.
Software segment emerged as a market leader for mixed reality in healthcare acquiring a value share of 58% in 2019. The significant share of the segment is largely attributable to the rising accessibility and availability of software to the users along with increasing awareness for usage of software platforms in various healthcare applications. Furthermore, rising demand for software applications for better patient engagement anticipated to excel the adoption of mixed reality based software.
However, the hardware segment expected to register the fastest growth over the analysis period. The growth of the segment is attributed to the easy availability of hardware components in the market.
On the basis of application, patient care management held leading market position accounting for a revenue share of nearly 48.5% in 2019 owing to surge in demand for advanced technologies that enhances the patient satisfaction level. Furthermore, rising prevalence of serious diseases such as cancer coupled with growing importance for patient care management projected to prosper the market growth during the upcoming years.
Apart from this, surgery and surgery simulation witnesses the highest growth rate among the application segment during the forthcoming years. The prominent growth of the segment is mainly because of increasing implementation of mixed reality technologies and tools in order to provide training to the surgeons as it creates realistic situation as well as helps in depicting accurate anatomy. For instance, Surgical Theater Inc., a United States based medical technology company, provides a MR platform that assists in training and assessment programs.
North America led the global market for mixed reality in healthcare accounting for a revenue share of more than 40% in the year 2019. Rising prevalence of psychological and neurological disorders, technological advancements related to mixed reality products and services, and presence of numerous market players in the region are some of the prime factors that fuel the market growth. In addition, government support towards the implementation of these technologies in medical sector to cut the rate of training and upgrade training and education programs estimated to further propel the market growth.
On the contrary, the Asia Pacific expected to witness a lucrative growth during the forthcoming years due to constant improvement in healthcare infrastructure, rising adoption of digital healthcare solutions, and economic development of the region. Furthermore, growing prevalence of mental or psychological disorders along with increasing geriatric population anticipated to prosper the market growth in the coming years.
Key Companies & Market Share Insights
The global mixed reality in healthcare industry experiences moderate competition among the market players because of its fragmented nature. Presence of large number of companies in the market and their increasing partnerships and collaboration with technology providers because of increasing demand for mixed reality oriented solutions and software along with the on-going technological advancements are the key factors that spurs the rate of competition in the global market. To expand their product portfolio and market presence these industry participants are significantly involved in merger & acquisition, partnership, collaboration, and other inorganic growth strategies.
Some of the prominent players in the mixed reality in healthcare market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of component, application, end-user, and region:
By Regional Outlook
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