Mixed Reality in Healthcare Market Size to Hit USD 1.33 bn by 2027 – GlobeNewswire

OTTAWA, June 23, 2021 (GLOBE NEWSWIRE) -- The global mixed reality in healthcare market size was valued at USD 60.35 Million in 2019. Mixed reality is an amalgam of both Augmented Reality (AR) and Virtual Reality (VR) by mixing real-life environment and digital elements. Mixed reality is a developing technology that holds enormous potential within the healthcare industry during the upcoming years. The technology continues to manage various applications ranging from reducing the implementation of cadavers in training programs of medical students to post-traumatic stress disorder (PTSD) patient engagement therapy as well as pre-operative visualization of critical diseases such as brain tumors by studying scan h using augmented reality.

Further, the implementation of mixed reality technology in healthcare industry has enhanced the operational environment within the industry. MR technology applies AR for moving static images in order to improve the user experience along with VR that involves the viewer in a simulated three-dimensional environment. With the combination of IT solutions in healthcare industry has brought transformational changes in the point of view of healthcare providers especially for patients treatment along with the services provided by them.

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Growth Factors

Mixed reality technology is at its nascent stage and expected to upend the healthcare industry operations in the recent coming years. Presently, the technology is largely helpful to surgeons to execute a medical procedure such as surgery from longer distance. The mixed reality technology enables effective collaboration between digital and physical objects and has gained prominent importance in healthcare applications. In addition to this, the technology is greatly helpful in training and education programs to horn the skills of nurses and primary doctors by providing them virtual specific medical situations that are highly difficult to be arranged in a real clinical setting. For instance, Holo Anatomy introduced a software platform that is greatly helpful for students in the study of human anatomy by using mixed reality technology.

Besides this, high investment cost, initial development phase of technology that generates various types of technical issues, and less awareness related to benefits of the mixed reality in healthcare sector may hamper the growth of the market. However, rising technological advancements in the healthcare industry creates lucrative opportunity for the market growth in the forthcoming years.

Report Highlights

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Regional Snapshots

North America being a technology leader on a global scale leads the market for mixed reality in healthcare in 2019 and expected to show its dominance in the upcoming years. This is mainly attributed to the increasing cases of mental and neurological disorders in the people due to hectic and stressful lifestyle. However, the Asia Pacific expected to be the most lucrative region during the analysis period because of rising geriatric population and healthcare facilities in the region.

Key Players & Strategies

The mixed reality in healthcare industry is highly fragmented in nature and experiences moderate competition among the industry participants owing to presence of large number of players in the market. In order to strengthen their presence in the global market these market players are significantly investing in Research & Development (R&D) as well as are significantly involved in partnership, collaboration, and merger & acquisition activities with technology developers. For instance, in 2019, Osso VR entered into a partnership agreement with Sawbones, a developer of medical simulation models and training displays, for digitizing anatomical medical training by using its mixed reality platform. This agreement expected to helps Osso VR in uplifting its market position in the field of mixed reality.

Some of the key players operating in the market are Echopixel, Inc., Microsoft Corporation, Firsthand Technology, Inc., Samsung Electronics Co. Ltd., Surgical Theater, Inc., HTC Corporation, Atheer, Inc., Oculus VR, Osso VR, and Proximie among others.

Market Segmentation

By Component

By Application

By End-user

By Regional Outlook

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Mixed Reality in Healthcare Market Size to Hit USD 1.33 bn by 2027 - GlobeNewswire