The healthcare industry has witnessed a transformative wave with the mixing of Mixed Reality (MR) technology. MR, blending the digital and bodily worlds, has emerged as a game-changer in healthcare, supplying progressive solutions to enhance patient care, medical schooling, and diagnostics. One of the important thing marketplace dynamics is the growing adoption of MR in medical training. Healthcare specialists gain from immersive simulations that mirror real-life situations, allowing them to practice surgical procedures, medical approaches, and emergency responses in a danger-free environment. This now not only enhances their competencies but also contributes to progressed affected person outcomes. MR allows advanced diagnostic competencies by imparting 3-dimensional visualization of clinical photographs. This aids healthcare professionals in a more correct and distinctive analysis of affected person information, leading to quicker and more specific diagnoses. The era's capacity to overlay scientific pix onto the patient's frame at some stage in strategies has been verified as priceless in guiding surgeons and enhancing average diagnostic accuracy.
MR's integration with Electronic Health Records (EHR) is a first-rate fashion. By overlaying affected person records onto the clinician's field of view, MR complements choice-making techniques all through consultations. This streamlined entry to records leads to advanced efficiency in affected person care, reduced mistakes, and a more seamless healthcare experience. Despite the fine marketplace dynamics, challenges exist. Regulatory concerns, along with privacy and facts security issues, are paramount. Striking a balance between innovation and making sure compliance with healthcare guidelines remains a crucial factor influencing the increased trajectory of MR in healthcare. MR is making enormous strides in rehabilitation therapies. The era affords interactive and tasty reviews for patients' present process of physical and cognitive rehabilitation. Through gamified physical activities and simulations, MR contributes to improved affected persons' motivation and more powerful rehabilitation results.
The competitive landscape of the MR in the healthcare market is evolving swiftly. Established technology businesses, healthcare carriers, and startups are vying for marketplace proportion. Collaboration among technology builders and healthcare institutions is becoming commonplace, fostering a synergistic method of innovation and solution implementation. MR plays a pivotal role in the affected person's schooling and engagement. Interactive simulations and visualizations help patients apprehend their scientific situations, remedy options, and put upoperative care plans. This no longer empowers sufferers to take part actively in their healthcare adventure; however, it additionally contributes to higher adherence to prescribed remedies.
Mixed Reality in Healthcare Market Size was valued at USD 2.77 Billion in 2023. The Mixed Reality in Healthcare industry is projected to grow from USD 3.02 Billion in 2024 to USD 6.14 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.27% during the forecast period (2024 - 2032).
Healthcare Mixed Reality (MR) is an amalgamation of Augmented Reality (AR) and Virtual Reality (VR), defining the polar ends of a spectrum known as vitality spectrum or mixed reality spectrum. Augmented reality delivers digital components, whereas virtual reality enables immersive imitation of real-life settings. MR has widespread applications in different fields of healthcare, varying from treatment to training and education. The global market of healthcare mixed reality is fueled by factors such as rapid improvements in the adoption of sensor technology, increase in the user acceptance, increased applications of MR in disease care and treatment, and increasing workload of healthcare professionals. Additionally, the benefits of MR systems such as operational efficiency, increased service quality, and reduced human effort is also projected to drive the growth of the mixed reality in healthcare market. For instance, in 2018, Samsung completed a randomized control trial that showed that VR therapy reduces pain by 52%.
On the other hand, the lack of adequate skill among medical practitioners, high investment costs, occurrences of technical glitches and the concern related to loss of data is likely to curb the growth of the market during the assessment period. Nevertheless, changes in regulatory policies are expected to reduce the impact of barriers over the forecast period.
Moreover, major companies in the market are involved in strategic acquisitions and collaborations to brace their position in the market. For instance, in March 2018, Samsung announced a partnership with Travelers Insurance, Cedars-Sinai Medical Center, Bayer, and AppliedVR to study a virtual reality for pain management.
Rapid advances in sensor technology, rising user acceptability, expanding uses of MR in illness care and treatment, and rising healthcare professionals' workloads all contribute to the growth of the worldwide mixed reality in healthcare market. The advantages of MR systems, such improved productivity, higher service quality, and less need for human intervention, are also expected to fuel the healthcare MR market's expansion.
July 2023: Innovate UK has given funds to FourPlus, a UK immersive technology firm, Holosphere, and the Cell and Gene Therapy Catapult to develop and pilot a mixed-reality training platform for the pharmaceutical and healthcare industries beginning in July 2023. Investment of $1 million has been made in the project through the digitalization and automation of pharmaceuticals R&D and manufacturing competition, with around 75% coming from Innovate UK. The money will go toward building a flexible platform with mixed reality and multiplayer capability. There are a variety of manufacturing positions in the cell and gene therapy, biopharmaceutical, and broader life science industries, as well as in hospital settings, that will benefit from this digital and automated training platform.
The mixed reality in healthcare market has been segmented into component, device type, application, and end user.
The market, based on component, has been segmented into software, hardware, and service. The software segment is expected to hold a major share due to the increased accessibility of software to the users, whereas the hardware segment is projected to be the fastest growing segment owing to ease of availability of hardware components.
The market of mixed reality in healthcare, by device type, has been segmented into augmented reality in healthcare and virtual reality in healthcare. The AR in healthcare segment is expected to hold a major share due to the increased application of AR for the attenuation of pain perception, whereas VR in healthcare segment is anticipated to be the fastest growing segment owing to rise in awareness and increased research in this field. The market, by augmented reality in healthcare, has been further segmented into head-mounted display (HMD), and handheld device. The market, by virtual reality in healthcare, has been segmented into head-mounted display (HMD), gesture tracking devices, projectors, and others.
The market of mixed reality in healthcare, by application, has been segmented into surgery simulation, surgery, patient care management, pharmacy care management, fitness management, and others. The surgery simulation segment is expected to hold a major share owing to the increasing use of MR tools for training surgeons due to the anatomically realistic recreations. The segment of surgery is expected to be the fastest growing segment due to the increased patient population in recent years.
The market, by end user, has been segmented into hospital and surgical centers, research organizations, and others. The segment of hospital and surgical centers is projected to hold a major share due to the rise in the hospitals switching to MR systems, whereas the segment of research organizations is expected to be the fastest growing segment due to the increased research initiatives.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The mixed reality in healthcare market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada. The European market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, UK, Italy, Spain, and the rest of Western Europe. The market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.
November 2023Medtronic plc announces that it has received FDA approval for its new Stealth AutoGuide system, a surgical robot that uses mixed reality to provide surgeons with a more precise and controlled way to perform minimally invasive procedures. The Stealth AutoGuide system is designed to be used with a variety of surgical procedures, including spine surgery, orthopedic surgery, and neurosurgery.Microsoft Corporation announces that it has partnered with the University of California, San Francisco (UCSF) to develop a new mixed reality platform for medical education and training. The platform will use Microsoft's HoloLens technology to allow medical students and trainees to interact with virtual patients and learn about different medical procedures in a more immersive and engaging way.Siemens AG announces that it has launched a new mixed reality platform for healthcare called Siemens Healthineers Healthineers XR. The platform will be used to develop a variety of new mixed reality applications for healthcare, including surgical planning, patient education, and rehabilitation.
September 2023Several companies announce new partnerships to develop and commercialize new mixed reality applications for healthcare. These partnerships aim to develop new applications that can be used to improve patient care, reduce healthcare costs, and train medical professionals.A new study published in the journal Nature Medicine finds that mixed reality can be used to effectively treat patients with anxiety disorders. The study found that mixed reality-based therapy was as effective as traditional therapy in reducing anxiety symptoms.Another study published in the journal Pain Medicine finds that mixed reality can be used to effectively treat patients with chronic pain. The study found that mixed reality-based therapy was effective in reducing pain symptoms and improving quality of life.
August 2023, the Faculty of Medicine at Imperial College will offer a new and fascinating massive open online course (MOOC) named "Extended Reality in Healthcare Education and Clinical Practice" to meet the rising need for specialized expertise in this field. This massive open online course (MOOC) is a product of the Department of Surgery and the Cancer Center's partnership with the Interdisciplinary EdTech Lab and the Digital Media Lab. The motivation behind creating this innovative MOOC was the recognition that successfully implementing Extended Reality in healthcare needed more than just buying the right equipment.
Geographically, the Americas is expected to dominate the global mixed reality in healthcare market due to the increasing per capita healthcare expenditure, and the heavy adoption of new technology. According to the research published in 2016 by Johns Hopkins University School of Medicine, it was estimated that if all US hospitals increased the number of minimally invasive procedures by 50%, nearly 3,600 complications could be avoided annually. Furthermore, rising expenses in research and investment by healthcare bodies are anticipated to drive the growth of the market in this region.
Europe showed a considerable amount of growth in the global mixed reality in healthcare market. The market growth in this region is because of the presence of a well-established healthcare system and increase in chronic diseases.
Asia-Pacific is expected to have a sturdy growth rate during the forecast period owing to the huge patient pool and government initiatives of healthcare reforms. In 2016, as a part of an ongoing neurosurgical collaboration between Children’s Hospital in Ho Chi Minh City (Vietnam) and Children’s of Alabama Hospital, a Virtual Interactive Presence and Augmented Reality (VIPAR) telecommunication system was implemented at both hospitals to provide intraoperative assistance to medical professionals. However, less capital investment is restricting the market growth of this region.
On the other hand, the Middle East & Africa has the least share of the market due to the low disposable income. Moreover, limited access to treatment facilities is also expected to curb the growth of the market in the near future.
By Component Outlook
By Device Type Outlook
By Application Outlook
By End User Outlook
By Region Outlook
Intended Audience
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)