Mixed Reality in Healthcare Market - Regional Insights
On the basis of geography, Mixed Reality in Healthcare Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the mixed reality in healthcare market during the forecast period. The U.S. dominates the market in this region due to continuous technological advancements, and well developed healthcare infrastructure. Moreover, high adoption rate of technologically advanced products has fuelled growth of the market in this region.
Asia Pacific is expected to witness significant growth in the market during the forecast period, owing to rapid economic development and improvement of healthcare infrastructure along with rising disposable income of the people in the region. Moreover, increasing R&D and growing recognition of newer technologies in this region has driven growth for the mixed reality in healthcare market.
Mixed reality is a combination of both virtual reality (VR) and augmented reality (AR) by blending the real-life environment with digital elements. This is an emerging technology that has an enormous potential in the healthcare industry. Mixed reality continue to be a manageable force in the field of healthcare with various applications ranging from reducing the use of cadavers in medical student training to post-traumatic stress disorder (PTSD) engagement therapy for patients and pre-operative visualization of brain tumors by reviewing scans in-person using AR.
The implementation of mixed reality (MR) technologies in healthcare industry has improved the operational environment. MR technology uses AR for moving static images to improve an actual experience and VR engages the observer in a simulated 3D environment. Combination of IT solutions in healthcare field has brought transformational changes in the perception of patients’ treatment and services provided by healthcare providers.
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Mixed Reality in Healthcare Market - Market Dynamics
Growing demand for digitalization in healthcare sector is a major factor contributing to significant growth of mixed reality in healthcare market. Moreover, the market is expected to witness positive growth with rising prevalence of neurological & psychological disorders across the world. According to National Alliance on Mental Illness (NAMI) around 43.8 million, that is nearly 18.5% of the total adult population of the U.S., experienced mental illness in 2015, which is 1 in 5 adults in U.S. In addition, over 42 million American adults were suffering from anxiety disorders in 2015.
Moreover, rising awareness for use of MR technology in the applications of patient care management has supported growth of the market. For instance, the Autism Glass Project at Stanford University are developing a wearable behavioral aid that improves the verbal and non-verbal communication among patients. Autism glass application uses Google Glasses to identify facial expressions and give social indications that is linked to facial expressions.
However, lack of adequate skill among medical practitioners to adopt new technologies and high cost of some MR systems has restricted growth of the market. The price of a special equipment for the use of virtual reality in healthcare field starts with US$ 30,000 and could even exceed US$ 300,000.
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Mixed Reality in Healthcare Market - Competitive Landscape
Key players operating in the mixed reality in healthcare market include Atheer, Augmedix, Daqri, Echopixel, Firsthand Technology, Medical Realities, Microsoft, Mindmaze, Oculus VR, Orca Health, Osso VR, Osterhout Design Group, Psious, Samsung Electronics, Start-Up Ecosystem, Surgical Theatre, and Widerun.
Growing technological development in the field of mixed reality encourages new companies in the healthcare industry to adopt proficient software-enabled solutions. Moreover, new product launches, rising funding for R&D, and mergers and acquisitions are some dynamic strategies opted by the prominent players to capture a reasonable amount of share and maintain its business presence in the global market. For instance,
In October 2018, Novarad received FDA 510(k) clearance for its Augmented Reality System - OpenSight Augmented Reality System. It is the first AR medical solution will be used in pre-operative surgical planning.
In November 2018, Precision OS received Series A funding worth US$ 2.3 million from AO Invest, for its virtual reality orthopedic surgical education and pre-operative planning software.
In January 2017, CAE Healthcare launched CAE VimedixAR, an ultrasound-training simulator, integrated with Microsoft HoloLens. This is the world’s first independent holographic computer. CAE Healthcare is the first company to bring a commercial Microsoft HoloLens application to the medical simulation segment.
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