Mixed Reality in Healthcare Market Size Projected to Generate a Revenue of $30,603.80 Million by 2032

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The Global Mixed Reality in Healthcare Market Share is predicted to be valued at $30,603.80 million by 2032, surging from $2,700.00 million in 2022, at a noteworthy CAGR of 27.0%.

Impact Analysis of COVID-19 on the Mixed Reality in Healthcare Market

The COVID-19 pandemic had a positive impact on the mixed reality in healthcare market. The increase in need for services such as telemonitoring, medical training and education, and patient management are main drivers of market expansion during the pandemic. Furthermore, during the pandemic, there was a significant increase in need for rapid digitalization, training of healthcare experts, and an increase in healthcare business utilization. The demand for online and interactive learning sessions also significantly surged as a result of the pandemic. Medical students, for example, have difficulties when choosing practical sessions because there was no technology accessible to provide face-to-face instruction for students. This encouraged the use of virtual reality in training and learning environments for the medical field. Medical students benefited substantially from VR simulation-based training sessions during the pandemic. Therefore, the coronavirus infection's onset greatly accelerated the rise of the virtual reality in healthcare sector. However, the manufacturing and supply chain industries' restrictions originally had a detrimental impact on the mixed reality in healthcare market growth.

Global Mixed Reality in Healthcare Market Analysis

Growing awareness about the use of Mixed Reality (MR) technology in surgical and other medical operations is projected to drive the growth of the mixed reality in healthcare market. Implementing mixed reality in surgical processes decreases human error, improves patient outcomes, and increases surgeon efficiency, which benefits healthcare facilities and future developments. In addition, the market is developing due to its growing acceptance in various training procedures across healthcare facilities. These are the major factors anticipated to boost the mixed reality in healthcare market share during the forecast timeframe.

Hardware such as virtual reality headsets and other devices are huge in size and also have certain other problems, such as lumpiness and high implementation costs, which hampers the use of these tools. The available resolution and computer configuration may also be a limiting factor for some healthcare facilities. In addition, as this sector has used a paper-based system for a longer time, the implementation of electronic medical records may call for certain technological expertise. This factor is expected to have an impact on mixed reality in healthcare market size in the upcoming years.

The development of modern healthcare infrastructure, increased patient awareness, and adoption of mixed reality are driving the mixed reality in healthcare market expansion. Furthermore, rising studies and R&D of MR-based solutions for use in various medical diseases across different geographies is expected to drive mixed reality in healthcare market demand. Increase in awareness of MR through improved visibility of MR-based solutions and equipment, as well as rise in usage of MR technology in the healthcare sector are predicted to create several growth opportunities for key players operating in the mixed reality in healthcare market.

Global Mixed Reality in Healthcare Market, Segmentation

The mixed reality in healthcare market is segmented on the basis of type, component, application, end user, and region.

Type:

The type segment is classified into augmented reality and virtual reality. Among these, the augmented reality sub-segment is anticipated to be the fastest growing during the forecast period. One of the primary factors driving the adoption of augmented reality (AR) in the healthcare sector is the rising demand for medical education and training. Through the provision of an immersive and engaging experience, augmented reality technology offers a unique opportunity to enhance medical education and training. It enables medical professionals to prepare their abilities in a virtual environment before putting them to use in real-world situations. Furthermore, a survey by Medical Training Magazine found that 60% of respondents would be interested in using augmented reality (AR) for educational reasons and 78% of medical professionals believe that AR technology may enhance medical education and training.

Component:

The component segment is further classified into hardware, software, content & application, and others. Among these, the software sub-segment is projected to witness the highest CAGR during the forecast years. Various software components promote the acceptance and improvement of mixed reality applications in the healthcare sector. These components enable healthcare practitioners to improve patient care, increase medical training, and streamline numerous healthcare operations. Medical simulations and training environments are made more lifelike with mixed reality software. These software components enable doctors, surgeons, and nurses to practice procedures, surgical methods, and complex medical scenarios in a safe and regulated virtual environment. These factors are anticipated to drive the software sub-segment in mixed reality in healthcare market share.

Application:

The application segment is further classified into surgery & surgery simulation, patient care management, fitness management, medical training & education, and others. Among these, the surgery & surgery simulation sub-segment is predicted to have the fastest growth during the forecast period. This is due to the increasing usage of mixed reality tools and technology for surgeon training due to their realistic recreations and anatomically accurate renderings. Furthermore, an increasing number of surgeons using mixed reality technologies for training and pre-operative planning is expected to drive the segment growth.

Ens User:

The end user segment is further classified into hospital, surgical centers & medical institutes, and others. Among these, the surgical centers & medical institutes sub-segment is predicted to have the fastest growth during the forecast period. This is because healthcare professionals and students are increasingly using mixed reality technologies for training and pre-operative preparation. Furthermore, a surge in clinical studies revealing beneficial outcomes of mixed reality treatment on patients is expected to drive market expansion during the forecast period.

Region:

The mixed reality in healthcare market in Asia-Pacific is projected to show the fastest growth during the forecast period. The market for mixed reality in healthcare is also predicted to rise rapidly as a result of constantly improving healthcare infrastructure, increased acceptance of digital healthcare solutions, and economic development. Furthermore, the increased frequency of psychological or mental problems, combined with an aging population, is expected to drive the regional market expansion during the forecast period. In terms of revenue, developing economies such as India, China, and Japan are expected to dominate the healthcare sector. China is making significant investments in the telehealth and digital healthcare businesses. Organizations in the healthcare sector are projected to invest more on VR technologies in the upcoming years. All these are the major factors projected to drive the regional market growth in the future.

Key Players in the Global Mixed Reality in Healthcare Market

Some of the leading mixed reality in healthcare market players are

• Daqri
• EchoPixel Inc.
• Oculus VR
• Atheer Inc.
• Firsthand Technology Inc.
• Osso VR
• Surgical Theater Inc.
• Microsoft Corporation
• Samsung Electronics Co. Ltd.
• HTC Corporation