The global mixed reality in the healthcare market was valued at USD 178.56 billion in 2022 and is expected to reach USD 9,925.6 billion by 2032, with at a compound annual growth rate (CAGR) of 49.5% during the forecast period 2023 to 2032.
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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. Implementation of mixed reality in surgical processes reduces human error, enhances patient outcomes, and the efficiency of surgeons overall enhances the healthcare facilities and boosts upcoming innovations in the sector.
Further, its increasing adoption in various training processes 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 center that offers hundreds and thousands of opportunities to train nurses before the actual surgery. In the wake of the same several education, institutes are collaborating with 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, a 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 the therapeutic application and mixed reality, announced to raise its fund with USD 7 Million to expand its telehealth platform for supporting a large number of patients and clinicians for augmented/virtual reality therapy.
The software segment emerged as a market leader for mixed reality in healthcare acquiring a value share of 58% in 2022. 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, the rising demand for software applications for better patient engagement is anticipated to excel in the adoption of mixed reality-based software.
However, the hardware segment is 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 a leading market position accounting for a revenue share of nearly 48.5% in 2022 owing to a surge in demand for advanced technologies that enhance the patient satisfaction level. Furthermore, the rising prevalence of serious diseases such as cancer coupled with the growing importance of patient care management is 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 the increasing implementation of mixed reality technologies and tools in order to provide training to the surgeons as it creates realistic situations as well as helps in depicting accurate anatomy. For instance, Surgical Theater Inc., a United States-based medical technology company, provides an 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 2022. The rising prevalence of psychological and neurological disorders, technological advancements related to mixed reality products and services, and the 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 the medical sector to cut the rate of training and upgrade training and education programs is estimated to further propel the market growth.
On the contrary, the Asia Pacific is expected to witness 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, the growing prevalence of mental or psychological disorders along with the increasing geriatric population is anticipated to prosper the market growth in the coming years.
Key Companies & Market Share Insights
The global mixed reality in the healthcare industry experiences moderate competition among the market players because of its fragmented nature. The presence of a 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 ongoing technological advancements are the key factors that spur 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 the healthcare market include:
Report Scope of the Mixed Reality in the Healthcare Market
|Market Size||USD 9,925.6 billion by 2032|
|Growth Rate||CAGR of 49.5% from 2023 to 2032|
|Largest Market||North America|
|Fastest Growing Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Segments Covered||Component, Application, End User, Region|
|Companies Mentioned||Echopixel, Inc., Microsoft Corporation, Firsthand Technology, Inc., Samsung Electronics Co. Ltd., Surgical Theater, Inc., HTC Corporation, Atheer, Inc., Oculus VR, Osso VR, and Proximie|
Segments Covered in the Report
This research study comprises a complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers a classification of the marketplace into impending and niche sectors. Further, this research study calculates the market size and its development drift at global, regional, and country from 2020 to 2032. This report contains a 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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