Mixed Reality In Healthcare Market Size, Share & Trends Analysis Report By Component (Software, Hardware, Content & Application), By Application, By End User, By Region, And Segment Forecasts, 2020 - 2027

Report Overview             

The global mixed reality in healthcare market size was valued at USD 54.2 million in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 48.7% from 2020 to 2027. Increasing awareness regarding the utilization of mixed reality (MR) technology in surgical and other processes and rising adoption of MR in medical training processes are the key factors driving the growth of this market. In addition, a surge in the number of research activities and studies signifying the use of MR in certain medical conditions such as pain management and mental health is further increasing its adoption. Furthermore, technological advancements in the field of mixed reality, that are helpful in increasing the efficiency of the surgical procedures and reducing the number of human errors are the other factors driving the market. For instance, as per an article published in The Times in 2018, hologram technology was utilized for reconstructive surgeries of an 85-year-old woman and 41-year-old man.

Thus, the increase in the use of such technologies is helpful in boosting the efficiency of surgeons and in enhancing patient outcomes. In addition, the presence of sophisticated healthcare infrastructure, increasing patient awareness, and acceptance of mixed reality are further propelling the growth of the market for mixed reality in healthcare. Moreover, increasing studies and research for the development of MR based solutions for the utilization in various medical conditions in different geographies is anticipated to boost the market growth. For instance, in 2016, Cedars Sinai Medical Center adopted the use of VR headsets as a part of a pilot study for pain management. The medical center has experienced affirmative results in alleviating pain and has been utilizing the technology since then and has used it on more than 2,500 patients.

Furthermore, MR technology is also useful in effectively managing the time of medical professionals. This is helpful in increasing the number of cases or patients that can be handled by the healthcare specialist. For instance, the Augmedix platform, created by Augmedix, is useful in saving 2 to 3 clinician or physician hours per day. Hence, such platforms will help inpatient and workload management for healthcare professionals.

Moreover, MR can be beneficial in training medical students and nurses by helping in improving their skills. Through various software platforms and devices such as head-mounted displays, the students and medical staff can learn and hone their surgical and other skills. Furthermore, this can also help in reducing the use of cadavers in the medical teaching and learning process. For instance, the software platform created by HoloAnatomy is useful for medical students in analyzing human anatomy with the help of mixed reality technology.

In addition, factors such as higher investment costs, technological issues, and lesser awareness across different geographical areas are likely to pose as hurdles to the growth of the market for mixed reality in healthcare. However, increasing awareness regarding MR through better visibility of MR based solutions and devices and the rising adoption of MR technology in healthcare will help in boosting the market.

Component Insights

Based on component type, the software segment dominated the market for mixed reality in healthcare with a revenue share of 58.0% in 2019. This high share is attributable to rising availability and accessibility of software to the users and increasing awareness regarding the usage of software platforms for various healthcare purposes. Furthermore, the hardware segment is expected to be the fastest-growing segment at a significant growth rate over the forecast period. This growth can be attributed to the ease of availability of hardware components.

In addition, the rising demand for software technologies for better patient engagement is increasing the adoption of MR based software technologies. For instance, Firsthand Technology has a health software named Cool, which can be used for providing relaxation and soothing effect to the patients using MR and VR technology. Therefore, increasing the adoption of MR based software is anticipated to contribute to the overall growth.

End-user Insights

Based on the end-user, the hospital segment accounted for the highest revenue share of 58.4% in 2019 in the market for mixed reality in healthcare. This is owing to the rising adoption of mixed reality-based technologies for better patient care management. In addition, increasing utilization of mixed reality technologies for pain management, mental health, and much more is further bolstering the growth of the market for mixed reality in healthcare.

The surgical centers and medical Institutes segment is expected to witness the highest CAGR over the forecast period in the market for mixed reality in healthcare. This is owing to the increasing use of mixed reality technologies for training and pre-operative planning purposes by healthcare professionals as well as students. Furthermore, an increase in clinical research demonstrating affirmative results of mixed reality treatment on patients is creating a positive impact on patients and healthcare professionals and is anticipated to boost the market growth.

Application Insights

Based on application, patient care management accounted for the highest revenue share of 48.5% in 2019 in the Mixed Reality (MR) in the healthcare market owing to an increase in demand for better technologies for enhancing patient satisfaction. Furthermore, factors such as the increasing prevalence of serious medical conditions such as cancer and the rising importance of patient care management for patient referrals are expected to propel the growth of the market during the forecast period.

In addition, surgery and surgery simulation is expected to grow at the highest CAGR in the market for mixed reality in healthcare. This is owing to the rising use of mixed reality tools and technologies for providing training to the surgeons due to its realistic recreations and anatomically accurate depictions. For instance, Surgical Theater, a U.S. based company, provides a mixed reality platform for training and assessment. Furthermore, a rising number of surgeons adopting mixed reality technologies for training as well as pre-operative planning is anticipated to fuel the growth of MR in the healthcare market.

Regional Insights

North America dominated the market for mixed reality in healthcare with a revenue share of 38.8% in 2019. The increasing adoption of new technologies, the presence of a higher number of market players, and well-developed healthcare infrastructure are some of the key factors fueling market growth.

In addition, in the Asia Pacific, the market for mixed reality in healthcare is also expected to exhibit lucrative growth over the forecast period owing to constantly improving healthcare infrastructure, increasing adoption of digital solutions for healthcare, and economic development. Furthermore, the increasing prevalence of psychological or mental disorders coupled with the rising geriatric population is likely to propel the market growth during the forecast period.

Key Companies & Market Share Insights

Competition is moderate among existing players owing to the fragmented nature of the market, rising demand for MR based solutions, and technological advancements. The growing demand in the market is anticipated to favor the entry of new players in the future, fueled by rising awareness and acceptance of MR based technologies and solutions. Furthermore, strategic expansions by companies in the form of partnerships, mergers, and acquisitions are expected to boost the competition and propel the growth of the market. For instance, in 2019, Osso VR announced its partnership with Sawbones, the creator of hands-on medical and orthopedic workshop models, for the purpose of digitization of anatomical medical training with the help of its MR platform. This move will help in increasing the visibility of Osso VR in the field of mixed reality. Some of the prominent players in the mixed reality in healthcare market include:

• Daqri

• EchoPixel, Inc.

• Firsthand Technology, Inc.

• Oculus VR

• Osso VR

• Surgical Theater, Inc.

• Atheer, Inc.

• Microsoft Corporation

• Samsung Electronics Co. Ltd.

• HTC Corporation

Mixed Reality In Healthcare Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research, Inc. has segmented the global mixed reality in healthcare market report on the basis of component, application, end-user, and region:

• Component Outlook (Revenue, USD Million, 2016 - 2027)

  • Hardware

  • Software

  • Content and Application

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Surgery and Surgery Simulation

  • Patient Care Management

  • Fitness Management

  • Medical Training and Education

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2027)

  • Hospital

  • Surgical Centers and Medical Institutes

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

  • Europe

    • The U.K.

    • Germany

    • France

    • Russia

    • Italy

    • Spain

    • Netherlands

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Singapore

    • Australia

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia