Mixed Reality in Healthcare Market Expected to Reach $30.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Mixed Reality in Healthcare Market," The mixed reality in healthcare market size was valued at $2.7 billion in 2022, and is estimated to reach $30.6 billion by 2031, growing at a CAGR of 27% from 2023 to 2031.

Mixed reality is a merging of the physical and digital worlds that allows for natural and intuitive 3D interactions between computers, humans, and the environment. Advances in computer vision, graphical processing, display technologies, input methods, and cloud computing have all contributed to this new reality. Since its beginnings, the mixed reality (MR) application has evolved into a mixture of virtual reality (VR) and augmented reality (AR). Recognizing the combined potential of these technologies, medical practitioners have begun to investigate MR capabilities in the healthcare sector in recent years.

Growing awareness of the use of mixed reality technology in surgical and other developments and increasing acceptance of MR in medical education processes are the key factors driving the growth of market. In addition, there is an increasing amount of research activities and studies demonstrating the use of MR in specific medical conditions such as pain management and mental health, leading to greater acceptance. Technological advancements in mixed reality help increase the efficiency of surgical procedures and reduce the number of human errors. Therefore, increase in use of such technologies will increase surgeon efficiency and improve patient outcomes.

Mixed reality are huge in size and have several other disadvantages, such as lumpiness and high implementation costs, which hampers the adoption process of these tools. Similarly, for some healthcare facilities, the available resolution and computer specification/configuration may be a constraint. Furthermore, as this sector has been using a paper-based system for a longer period of time, the adoption of electronic medical records may necessitate certain technological skills. This aspect is expected to hamper the mixed reality in healthcare market size.

Technological innovations and advances in mixed reality are paving the way for the development of MR assistive tools and devices that help increase surgical efficiency while reducing the potential for human error. This trend will increase the efficiency of health care professionals such as doctors and surgeons and improve patient outcomes. This will contribute to the expansion of the mixed reality in healthcare market. Other major factors of the global mixed reality in healthcare market expansion also include the presence of an established and highly developed healthcare and medical infrastructure, as well as increased patient awareness. All these factors are anticipated boost the mixed reality in healthcare market share in upcoming years.

The mixed reality in healthcare market is segmented on the basis of type, component, application, end user, and region. By type, the market is divided into augmented reality and virtual reality. By component, the market is classified into hardware, software, content & application, and others. By application, the market is classified into surgery & surgery simulation, patient care management, fitness management, medical training & education, and others. By end user, the market is classified into hospital, surgical centers & medical institutes, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the mixed reality in healthcare market analysis report include Daqri, EchoPixel, Inc., Oculus VR, Atheer, Inc., Firsthand Technology, Inc., Osso VR, Surgical Theater, Inc., Microsoft Corporation, Samsung Electronics Co. Ltd., and HTC Corporation.

The report offers a comprehensive analysis of the global mixed reality in healthcare market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of COVID-19 on the Global Mixed Reality in Healthcare Industry

• The demand for virtual and augmented reality in the healthcare industry increased during the pandemic. The use of virtual reality in the healthcare sector allowed doctors to better understand and research the impact of the new viral strain.
• Virtual reality in healthcare has also assisted medical personnel in obtaining real-time radiographic insights, showing the impact on patient’s body. Most patients who recovered from the COVID-19 infection developed Post-Intensive Care Syndrome (PICS). In this case, virtual reality technology assisted patients in recovering from this syndrome through virtual rehab sessions.
• Increase in demand for services such as telemonitoring, medical training and education, and patient management in the post-pandemic period are driving market expansion. Furthermore, during the pandemic situation, there was a significant increase in demand for rapid digitalization, training of healthcare experts, and an increase in adoption of mixed reality in healthcare industry.

Key Findings of the Study

• Based on type, the augmented reality sub-segment emerged as the global leader in 2022 and is expected to grow with the highest CAGR during the mixed reality in healthcare market forecast period.
• Based on component, the software sub-segment emerged as the global leader in 2022 and is predicted to have a fastest growth rate during the forecast years.
• Based on application, the patient care management sub-segment emerged as the global leader in 2022 and the surgery and surgery simulation sub segment is expected to grow with the highest CAGR during the forecast period.
• Based on end user, the hospital sub-segment emerged as the global leader in 2022 and the surgical centers and medical institutes sub-segment is expected to grow with the highest CAGR during the forecast period.
• Based on region, Asia-Pacific registered the highest mixed reality in healthcare market share in 2022 and is projected to show the fastest growth during the forecast period.