Global Mixed Reality in Healthcare Market By Component (Software, Content & Application and Hardware), By Application (Patient Care Management, Surgery and Surgery Simulation, Medical Training and Education, Fitness Management and Other Applications), By End User (Surgical Centers and Medical Institutes, Hospital and Other End user), By Region, Industry Analysis and Forecast, 2020 - 2026
The Global Mixed Reality in Healthcare Market size is expected to reach $723.9 Million by 2026, rising at a market growth of 57.3% CAGR during the forecast period. The fusion of both virtual reality (VR) and augmented reality (AR) by combining the real-life environment with digital components is termed mixed reality. This emerging technology has massive applications in the healthcare sector. Mixed reality appears to be a feasible option in the domain of healthcare with several applications varying from decreasing the utilization of cadavers in medical student training to post-traumatic stress disorder (PTSD) engagement therapy for patients and pre-operative visualization of brain tumors by examining scans in-person utilizing augmented reality.
The operational environment can be enhanced by deploying mixed reality (MR) technologies in the healthcare sector. To enhance the real-life environment, MR technology takes the help of AR in order to move static images and VR is capable to absorb the observer in a simulated 3D environment. The outlook of patient’s treatment and services offered by the healthcare vendors has been transformed due to the incorporation of IT solutions in the healthcare sector.
Using mixed reality, surgeons become capable of conducting an operation even on a person who is miles away. With the help of mixed reality, nurses become empowered to polish their skills and conduct numerous operations in a virtual manner without even touching a patient. This emerging technology is making possible what was earlier impossible. Mixed reality integrated the actual world with the virtual to develop solutions that were impossible previously. In the healthcare domain, this technology plays a critical role and allows efficient collaborations between physical and digital objects.
Based on Component, the market is segmented into Software, Content & Application and Hardware. On the basis of component type, the software segment procured the highest revenue share of mixed reality in the healthcare market. The reasons behind this high revenue are the growing availability of software to the users & growing awareness in terms of the utilization of software platforms for several healthcare purposes.
Based on Application, the market is segmented into Patient Care Management, Surgery and Surgery Simulation, Medical Training and Education, Fitness Management and Other Applications. Surgery & surgery simulation is anticipated to exhibit a considerable CAGR during the forecast period. This is credited to the increasing utilization of mixed reality tools and technologies for offering training to the surgeons because of its real-life like recreations and anatomically precise depictions. For example, Surgical Theater, a company based in the U.S., offers a mixed reality platform that can help in training and evaluation. Moreover, an increasing number of surgeons deploying mixed reality technologies for training & pre-operative planning are expected to boost the growth of MR in the healthcare market in the next few years.
End User Outlook
Based on End User, the market is segmented into Surgical Centers and Medical Institutes, Hospital and Other End user. The surgical centers and medical Institutes segment would showcase a substantial growth rate during the forecast period in mixed reality in the healthcare market. This is due to the rising utilization of mixed reality technologies for training & pre-operative planning purposes by healthcare experts & students. Moreover, a surge in clinical research demonstrating positive results of mixed reality treatment on patients is creating an optimistic impact on patients & healthcare professionals is expected to fuel the market growth.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2019, North America emerged as a leading region in the mixed reality in the healthcare market by acquiring the maximum revenue share. The growth of the regional market is anticipated to be boosted by the rising adoption of advanced technologies, the existence of a large number of market players, and a highly established healthcare infrastructure.
The major strategies followed by the market participants are Partnerships and Product Launches. Based on the Analysis presented in the Cardinal matrix; Facebook, Inc., Samsung Electronics Co., Ltd., and Microsoft Corporation are the forerunners in the Mixed Reality in Healthcare Market. Companies such as EchoPixel, Inc., Atheer, Inc., and Osso VR, Inc., and Surgical Theater, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Samsung Electronics Co., Ltd. (Samsung Group), HTC Corporation, Facebook, Inc., CounterPath Corporation (Firsthand Technology, Inc.), EchoPixel, Inc., Surgical Theater, Inc., Atheer, Inc., Osso VR, Inc., and Medical Realities Ltd.
Strategies deployed in Mixed Reality in Healthcare Market
Nov-2020: Samsung expanded its global footprint by establishing the Samsung AR-VR Innovation Lab at IIT-Jodhpur. The expansion strengthened its commitment towards the government’s Skill India mission and also boosted the Digital India initiative. The Samsung AR-VR Innovation Lab at IIT-Jodhpur will educate and train students on the latest technologies like Augmented Reality and Virtual Reality (AR/VR), assisting the students to learn industry-relevant skills and train them job-ready.
Aug-2020: Osso VR introduced a virtual reality training tool. This tool enables health care professionals to experience the SuperPath hip technique and Evolution medial-pivot knee system by MicroPort Orthopedics. The VR training platform is a fascinating training environment, developed with haptic-enhanced relation to assisting surgeons to raise confidence in these techniques at their speed.
Jul-2020: Microsoft collaborated with the Jewish General Hospital (JGH). Under this collaboration, JGH is using Microsoft HoloLens, which is an untethered mixed-reality device with apps and solutions. It improves collaboration, through which practitioners are better equipped to deliver the best-customized care.
Feb-2020: Samsung came into partnership with BTS, a K-pop band. Under this partnership, both entities are working on many projects including an augmented reality (AR) experience for the band's global art project Connect, BTS, and a possible BTS special edition Galaxy phone. Samsung will deliver an AR service that Galaxy phone customers can download to access a virtual reality experience of Connect, BTS that features a series of art exhibitions in five cities around the world including New York City.
Dec-2019: DeepQ, a healthcare division of technology innovator, HTC partnered with Taiwan National Defense Medical Center (NDMC). The partnership aimed to build the largest Mixed Reality (MR) anatomy classroom in Taiwan. Through MR, customers can change between real and virtual anatomy classroom environments, which depends on the suitable learning method.
Oct-2019: Osso VR partnered with Sawbones, the originator of hands-on orthopedic and medical workshop models. The partnership aimed to digitizing Sawbones’ original bone models to extend and strengthen the products’ application, allowing the models to be used repeatedly and without barriers in the virtual environment.
Sep-2019: EchoPixel launched the first-ever intraoperative software. The software offers a naked-eye, touchless interactive 3D anatomical imaging to help in structural heart procedures in the cath lab, OR, and hybrid OR's. EchoPixel also showcased the turnkey intraoperative solution as part of its prevailing integrated portfolio of mixed reality software solutions that help cardiologists and surgeons with visualization of live 3D medical images at the time of many procedures for more accurate catheter and device placement and personalized planning.
Aug-2019: Atheer took over Flype, a San Francisco-based digital work platform pioneer. Under this acquisition, Atheer boosted the development of Atheer's award-winning Augmented Reality Management Platform by integrating Atheer's prevailing leading real-time collaboration offerings with the intelligent digital work and integration offerings of the Flype platform.
Apr-2019: Surgical Theater released its first-ever Augmented Reality. It combines Precision VR patient-specific models with the Magic Leap One spatial computing headset. Through the release, Neurosurgeons who attend the American Association of Neurological Surgeons Annual Meeting in San Diego, CA can look at patient-specific virtual reconstructions in Augmented Reality.
Feb-2019: Microsoft collaborated with Philips, a Dutch multinational conglomerate corporation. Together, the companies developed an augmented reality concept for image-guided minimally invasive surgeries. Build on Philips’ Azurion image-guided therapy platform and Microsoft’s HoloLens 2 holographic computing platform, the augmented reality applications involve those for image-guided minimum invasive therapies.
Feb-2019: Microsoft introduced new AI and mixed reality applications, as part of Dynamics 365. Microsoft's mixed reality applications are called Remote Assist that enables technicians to utilize their smartphone or PC to remotely dial into a HoloLens headset and look at what the wearer sees. The other new tool is Product Visualize that enables sellers, especially in manufacturing, healthcare, and automotive, to show and personalize their products.
Aug-2018: Osso VR introduced its collaborative training feature. These features enable various surgeons to train together in one immersive VR space. The choice to train collaboratively delivers enhanced learning opportunities for surgeons and the surgical teams without the need of their physical location and at a moment’s notice, which provides more efficient and frequent training sessions.
Oct-2017: Microsoft acquired AltSpaceVR, the social virtual reality (VR) startup. In this acquisition, AltSpaceVR with building the world’s preeminent mixed reality community.
Jul-2017: Atheer acquired SpaceView, an interactive design tool. The acquisition provided Atheer's customers improved ways to visualize and place 3D virtual objects in the real world, giving richer Mixed Reality experiences.
Feb-2017: EchoPixel introduced a new set of software tools. These tools are developed on EchoPixel’s already existing True 3D Viewer software, to help medical professionals to picturize and interact with patient-specific anatomy which can be printed.
Jan-2017: Surgical Theater collaborated with Barrow Brain and Spine. Under this collaboration, Barrow Brain and Spine use the Precision Virtual Reality medical visualization platform by Surgical Theater. This technology offers Barrow’s world-renowned neurosurgeons and physicians a view of the anatomy and pathology of their patients’ complicated neurologic conditions.
Scope of the Study
Market Segments covered in the Report:
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