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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