The mixed reality of the size of the healthcare market reached $ 1.33 million

OTTAWA, June 23, 2021 (GLOBE NEWSWIRE) – The global mixed reality in the size of the healthcare market was valued at $ 60.35 million in 2019. Mixed reality is an amalgam of augmented reality (RA) and virtual reality (VR) by mixing real-life environments and digital elements. Mixed reality is a developing technology that has huge potential within the healthcare industry for years to come. The technology continues to manage a variety of applications ranging from reducing the implementation of corpses in medical student training programs to patient engagement therapy with post-traumatic stress disorder (PTSD), as well as preoperative visualization of critical diseases such as brain tumors through study using augmented reality.

In addition, the implementation of mixed reality technology in the healthcare industry has improved the operating environment within the industry. MR technology applies AR to move still images in order to enhance the user experience along with virtual reality involving the viewer in a simulated three-dimensional environment. With the combination of IT solutions in the healthcare industry, there have been transformative changes in the perspective of healthcare providers, especially for the treatment of patients along with the services they provide.

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Growth factors

Mixed reality technology is in an incipient phase and is expected to be able to turn the healthcare industry’s operations upside down in recent years. Currently, the technology is largely useful for surgeons to perform a medical procedure such as longer distance surgery. Mixed reality technology enables effective collaboration between digital and physical objects and has gained prominence in healthcare applications. In addition, technology is very useful in training and education programs to raise awareness of the skills of nurses and primary care physicians, providing them with specific virtual medical situations that are very difficult to organize in a real clinical setting. For example, Holo Anatomy introduced a software platform that is very useful for students in the study of human anatomy through the use of mixed reality technology.

In addition, the high cost of investment, the initial phase of technology development that generates various types of technical problems and lower awareness related to the benefits of the mixed reality of the healthcare sector can hinder market growth. However, the increase in technological advances in the healthcare industry creates lucrative opportunities for market growth in the coming years.

Highlights of the report

  • North America led the world market with a revenue share of over 40% in 2019 due to the increasing prevalence of psychological and neurological disorders in the region
  • Asia Pacific expects to experience lucrative growth over the next few years due to the constantly improving health infrastructure and the growing adoption of digital health solutions in the region
  • The software segment became the market leader with a value share of 58% in 2019 due to the increased accessibility and availability of software for users.
  • The hardware segment is expected to record the fastest growth during the analysis period attributed to the easy availability of hardware components in the market
  • Patient care management maintained a leading position in the market with a value share of close to 48% in 2019 due to the increased demand for advanced technologies which improves the level of patient satisfaction.
  • Surgery and surgery simulation are witnessing the highest growth rate over the next few years due to the increased implementation of technology in surgery and medical procedure

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Regional snapshots

The fact that North America is a global technology leader is leading the mixed health market in 2019 and is expected to show its dominance in the coming years. This is mainly attributed to the growing cases of mental and neurological disorders in people due to a hectic and stressful lifestyle. However, Asia Pacific was expected to be the most lucrative region during the analysis period due to the increase in the geriatric population and health centers in the region.

Key players and strategies

The mixed reality of the healthcare industry is highly fragmented in nature and experiences moderate competition among industry participants due to the presence of a large number of players in the market. In order to strengthen their presence in the global market, these market agents invest significantly in Research and Development (R&D) and participate significantly in collaboration, collaboration and merger and acquisition activities with technology developers. For example, in 2019, Osso VR signed a collaboration agreement with Sawbones, a developer of medical simulation models and training screens, to digitize anatomical medical training through its mixed reality platform. This agreement is expected to help Osso VR elevate 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

  • Software
  • Hardware
  • Content and application

By application

  • Patient care management
  • Surgery and surgery simulation
  • Medical training and education
  • Fitness management
  • Others

For the end user

  • Surgical centers and medical institutes
  • Hospital
  • Others

By regional perspectives

  • North America
  • Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • The rest of the world

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Precedence Research is a worldwide consulting and research organization. We offer an unparalleled nature of offering to our clients present all over the world through industry verticals. Precedence Research has experience in providing an in-depth immersion market insight along with market intelligence to our clients spread across multiple companies. We are obliged to serve our different customer bases present in the companies of medical services, health, innovation, state-of-the-art technologies, semiconductors, chemicals, automotive and aerospace and defense, among the different companies present worldwide.

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