Mixed Reality In Healthcare Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.54 Billion |
| Market Size (2029) | USD 4.03 Billion |
| CAGR (2024 - 2029) | 21.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mixed Reality In Healthcare Market Analysis
The Mixed Reality In Healthcare Market size is estimated at USD 1.54 billion in 2024, and is expected to reach USD 4.03 billion by 2029, growing at a CAGR of 21.30% during the forecast period (2024-2029).
The major factors driving the market are the rising adoption of mixed reality technologies and the increasing incorporation of mixed reality medical devices.
The rising adoption of mixed reality technologies in medical training and surgical procedures is expected to drive the demand for mixed reality products, ultimately boosting the market during the forecast period. For instance, in November 2022, Osso VR, a virtual reality (VR) company in healthcare, and the American College of Cardiology (ACC), a nonprofit dedicated to transforming cardiovascular care, reported the new collaboration to develop an immersive, VR-enabled training program for cardiovascular professionals. The collaboration supported over 56,000 cardiovascular professionals with state-of-the-art procedural training from Osso VR to guide learning, track performance, and analyze procedures on demand. Hence, such collaborations increase the adoption of mixed-reality solutions for training doctors, ultimately driving the market during the forecast period.
Similarly, in March 2023, Fresenius Medical Care (FME), a provider of products and services for individuals with renal diseases, launched a new augmented reality (AR) application to make learning easier for nursing staff in kidney replacement therapy in intensive care units. Hence, the increasing adoption of mixed reality technologies for training healthcare professionals is also expected to drive the market during the forecast period.
Also, the increasing investments in the development of mixed reality technologies are expected to drive the market during the forecast period. For instance, in August 2023, FourPlus, a UK technology company, created and tested a mixed reality training platform for the pharmaceutical and healthcare industries. The project will support the development of a customizable platform with mixed reality and multi-player capabilities. Around 75% of the EUR 1 million (USD 1.1 million) investment in the project comes from this Innovate UK grant. Hence, such investments by the government are expected to increase the accessibility of mixed reality, which will ultimately drive the market during the forecast period.
In conclusion, the increasing adoption of mixed reality technologies in medical training and growing investments in the development of new mixed reality technologies are expected to drive the market during the forecast period. However, lack of expertise and high costs of mixed reality are expected to restrain the market during the forecast period.
Mixed Reality In Healthcare Market Trends
The Surgery and Surgery Simulation Segment is Expected to Hold Significant Market Share During the Forecast Period
Mixed reality (MR) technology introduces a new dimension to medical images by transforming 2D CT and MRI scans into interactive 3D holographic simulations. This advancement aids surgeons in making smarter and safer surgical plans. The growing use of mixed reality technologies in surgical procedures highlights significant clinical benefits in surgical planning.
The increasing adoption of mixed reality technologies in surgical procedures is expected to increase the demand for this technology and drive the market during the forecast period. For instance, in March 2024, PolarisAR, a developer of mixed reality surgical guidance technology, reported the first total knee arthroplasty (TKA) using its STELLAR Knee mixed reality surgical guidance system. The procedure was performed at Columbia University Irving Medical Center in New York. The mixed-reality system acts as a spatial computer, creating continuous data exchange between the surgeon and the software to help enhance surgical decision-making while simplifying operating room workflow.
Similarly, in January 2024, Stryker, a medical technology company, reported the first shoulder arthroplasty surgeries using Blueprint Mixed Reality (MR) guidance. This surgery is performed by Dr. Joaquin Sanchez-Sotel, a Professor of Orthopedic Surgery at Mayo Clinic in Rochester, Minnesota, and Dr. George Athwal at St. Joseph’s Health Care London, Canada. Hence, the increasing adoption of mixed reality technologies in surgical procedures is expected to drive the market during the forecast period.
Also, the high clinical advantages of mixed reality are expected to increase the adoption of this technology and drive the market. For example, an article published in JMIR Serious Games in January 2023 stated that two studies on congenital cardiac surgery showed a significant decrease in the time needed for surgical planning and intraoperative preparation when using mixed reality for planning instead of two-dimensional imaging. Hence, the increasing adoption of mixed reality due to its clinical advantage in planning complex surgeries is expected to drive the market during the forecast period.
Hence, the increasing adoption of mixed reality technologies in surgical procedures and the growing clinical advantages of mixed reality in planning surgeries are expected to drive segment growth during the forecast period.
North America is Expected to Hold the Significant Market Share During the Forecast Period
The mixed reality in the healthcare market in North America is primarily driven by the increasing adoption of digital solutions in hospitals, advanced healthcare infrastructure, and increasing strategic activities by the key players.
The growing digitalization of the healthcare industry in the United States increases the utilization of mixed reality technologies, which will ultimately drive the market during the forecast period. For instance, in October 2023, Surgical Theater, a healthcare technology company, reported that Stanford Medicine performed the first spine surgery utilizing surgical theater augmented reality technology. The augmented reality spine surgery used Surgical Theater SyncAR Spine, which integrates the Microsoft HoloLens headsets. Hence, the increasing utilization of mixed reality technologies is expected to drive the market during the forecast period.
Also, the increasing strategic activities, such as collaborations to increase access to mixed reality technologies, are expected to drive the market during the forecast period. For instance, in September 2022, Zimmer Biomet Holdings Inc., a medical technology company, reported the exclusive, multi-year co-marketing agreement with Surgical Planning Associates Inc. to commercialize HipInsight, the US Food and Drug Administration cleared mixed reality navigation system for total hip replacement. Hence, such strategic initiatives increase the accessibility of mixed reality technologies across North America and will drive the market during the forecast period.
Hence, the growing investment in the digitalization of the healthcare sector, increasing adoption of mixed reality solutions in surgical procedures, and growing strategic activities are expected to drive the market during the forecast period.
Mixed Reality In Healthcare Industry Overview
The mixed reality market is fragmented due to the entry of new players and an increasing number of new startups in the field. The major players in the market are adopting various strategic activities such as mergers, collaborations, and expansions to strengthen their geographical presence and expand their customer base across the globe. Some of the key players in the market are EchoPixel, Firsthand Technology Inc., Osso VR Inc., Surgical Theater Inc., and Microsoft Corporation.
Mixed Reality In Healthcare Market Leaders
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EchoPixel
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Firsthand Technology Inc
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Osso VR, Inc.
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Surgical Theater, Inc.
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Microsoft
*Disclaimer: Major Players sorted in no particular order
Mixed Reality In Healthcare Market News
- July 2024: Mercy Medical Center, a US-based orthopedic surgery center, reported the utilization of Blueprint Mixed Reality (MR) Guidance, developed by Stryker, to offer shoulder arthroplasty. The Blueprint Mixed Reality system overlays 3D holographic images with real life, allowing the surgeon to view the surgical site directly.
- January 2024: GigXR Inc., a provider of mixed reality solutions for healthcare training, and CAE Healthcare reported the partnership to enhance the efficiency and effectiveness of clinical simulation. The collaboration between GigXR and CAE Healthcare streamlines the ability to implement and manage multimodal simulation for medical schools, nursing schools, and hospital systems.
Mixed Reality In Healthcare Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and market definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Adoption of Mixed Reality in Medical Training Process
4.2.2 Increasing Government Intiatives
4.3 Market Restraints
4.3.1 Lack of Expertise and High Costs of Mixed Reality
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Component
5.1.1 Software
5.1.2 Hardware
5.1.3 Services
5.2 By Application
5.2.1 Surgery and Surgery Simulation
5.2.2 Patient Care Management
5.2.3 Fitness Management
5.2.4 Medical Training and Education
5.2.5 Other Applications
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Surgical Centers
5.3.3 Research Institutes
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 EchoPixel
6.1.2 Firsthand Technology Inc.
6.1.3 Osso VR Inc.
6.1.4 Surgical Theater Inc.
6.1.5 Microsoft
6.1.6 Samsung Electronics Co. Ltd
6.1.7 HTC Global Services
6.1.8 Augmedics
6.1.9 Medical Realities
6.1.10 Atheer Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mixed Reality In Healthcare Industry Segmentation
As per the scope of the report, mixed reality (MR) is an emergent technology that blends virtual reality (VR) and augmented reality (AR). This technology is used for medical teaching and surgery planning to improve patient care. The mixed reality in the healthcare market is segmented into components, applications, end users, and geography. By component, the market is segmented into software, hardware, and services. By application, the market is segmented into surgery and surgery simulation, patient care management, fitness management, medical training and education, and other applications. The market is segmented by end user into hospitals and clinics, surgical centers, and research institutes. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers values (USD) for the above segments.
| By Component | |
| Software | |
| Hardware | |
| Services |
| By Application | |
| Surgery and Surgery Simulation | |
| Patient Care Management | |
| Fitness Management | |
| Medical Training and Education | |
| Other Applications |
| By End User | |
| Hospitals and Clinics | |
| Surgical Centers | |
| Research Institutes |
| Geography | ||||||||
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Mixed Reality In Healthcare Market Research FAQs
How big is the Mixed Reality In Healthcare Market?
The Mixed Reality In Healthcare Market size is expected to reach USD 1.54 billion in 2024 and grow at a CAGR of 21.30% to reach USD 4.03 billion by 2029.
What is the current Mixed Reality In Healthcare Market size?
In 2024, the Mixed Reality In Healthcare Market size is expected to reach USD 1.54 billion.
Who are the key players in Mixed Reality In Healthcare Market?
EchoPixel, Firsthand Technology Inc, Osso VR, Inc., Surgical Theater, Inc. and Microsoft are the major companies operating in the Mixed Reality In Healthcare Market.
Which is the fastest growing region in Mixed Reality In Healthcare Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Mixed Reality In Healthcare Market?
In 2024, the North America accounts for the largest market share in Mixed Reality In Healthcare Market.
What years does this Mixed Reality In Healthcare Market cover, and what was the market size in 2023?
In 2023, the Mixed Reality In Healthcare Market size was estimated at USD 1.21 billion. The report covers the Mixed Reality In Healthcare Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mixed Reality In Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mixed Reality In Healthcare Industry Report
Statistics for the 2024 Mixed Reality In Healthcare market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Mixed Reality In Healthcare analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Mixed Reality In Healthcare Market Report Snapshots
