What Will The Mixed Reality in Healthcare Market Look Like In 2023?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s mixed reality in healthcare market report forecasts the mixed reality in healthcare market size to grow to $2.58 Billion by 2027, with a CAGR (compound annual growth rate) of 54%.
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Mixed Reality in Healthcare Market Size Forecast
The global mixed reality in healthcare market is expected to grow from $0.3 billion in 2022 to $0.46 billion in 2023 at a compound annual growth rate (CAGR) of 51.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The mixed reality in healthcare market size is expected to grow to $2.58 billion in 2027 at a CAGR of 54.0%.
North America held the largest mixed reality in healthcare market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Mixed Reality in Healthcare Market Driver – Increase In Older Population
For instance, in 2020, according to the Department of Economic and Social Affairs, a US-based intergovernmental organization, the elderly population aged 65 and above was estimated at 727 million in 2020 and is projected to double by 2050, reaching 1.5 billion people. Therefore, the rising elderly population is driving the growth of the mixed reality in the healthcare market.
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Key Mixed Reality in Healthcare Market Trend – Technological Advancement
Major companies operating in the mixed reality of the healthcare market are focused on developing new technological solutions to strengthen their position. For instance, in February 2022, Apollo Hospitals Group, an India-based healthcare company, collaborated with 8chili Inc. to enable participation in the metaverse. Virtual reality patient counseling before and after surgery will improve patient outcomes by bringing generic surroundings with soothing narratives that will encourage control over one’s own body and physiological response. In order to strengthen the users’ capacity to control their emotions, it will also involve them in virtual reality-based activities. An increase in patient satisfaction will be facilitated by this individualized approach to each patient. 8chili Inc. is a US-based deep tech firm creating the foundational framework for the production and distribution of metaverse content.
Mixed Reality in Healthcare Market Segment
1) By Device Types: AR Devices, VR Devices
2) By Component: Hardware, Software, Content and Application
3) By Application: Surgery and Surgery Simulation, Patient Care Management, Fitness Management, Medical Training and Education, Other Applications
4) By End-Users: Hospital, Surgical Centers and Medical Institutes, Other End Users
Mixed Reality in Healthcare Market Major Players and Strategies
Major players in the mixed reality in healthcare market are Atheer Inc., Daqri, EchoPixel Inc., Firsthand Technology Inc., Microsoft Corporation, Oculus, HTC Corporation, Samsung, Surgical Theater Inc., Osso VR Inc., Medical Realities Ltd., Augmedix, Google LLC, MindMaze, Facebook Inc., and ThirdEye.
In February 2020, Medtronic plc, a US-based medical technology company, acquired Digital Surgery for an amount of $300 million. Medtronic’s acquisition of Digital Surgery will boost Medtronic’s robotic-guided surgery platform and advance the company’s mixed reality portfolio. Digital Surgery is a UK-based digital health company that develops virtual reality and artificial intelligence technology for the medical industry.
The Mixed Reality in Healthcare Global Market Report 2023 covers regional data on mixed reality in healthcare market size, mixed reality in healthcare market trends and drivers, opportunities, strategies, and mixed reality in healthcare market competitor analysis. The countries covered in the mixed reality in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Mixed reality in healthcare refers to a combination of augmented and virtual reality to experience a real-life environment using digital tools in the medical field to accelerate diagnoses, improve access to healthcare, reduce infection transmission, educate, and enhance outcomes.
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