The implementation of mixed reality (MR) technologies in healthcare industry has enhanced the operational environment. Mixed reality technologies are Augmented Reality (AR) covering moving and static images to boost an actual environment and Virtual Reality (VR) which engages the observer in a simulated 3D environment. The amalgamation of IT solutions in healthcare field has brought transformational change in the perspective of patients’ treatment and services offered by healthcare specialists. The benefits associated with digitally managed operations & processes are encouraging naive companies in the healthcare industry to transform them to more proficient software-enabled solutions from using conventional operated devices.
AR & VR technologies have transformed the healthcare sector with their implementation in virtual training of medical practitioner for challenging surgeries, phobia buster in mental health treatment, 3D operating room simulations, and chronic pain management. For instance, VR technology has played a substantial role in Eye Movement Desensitization and Reprocessing (EMDR) therapy which empowers to overcome traumatic memories via particular eye movements. Furthermore, these technologies also benefits in various areas of care management such as autism & depression therapy, cancer therapy. VR-based organ prototypes have played a fundamental part in preparing medical practitioner for complicated & delicate operations which requires reduced trauma, less complications with greater precision.
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The growing implementation of digitalization & technology in healthcare sector, focus on delivering efficient services, significance in training professionals, rising healthcare expenditure, and offering innovatory solutions for real-time care services are few of the factors anticipated to enhance the market growth in the forecast period. Furthermore, protective medicines application, medicinal visualization, surgical computers, are various health apps contributing to the growth of dispersion of AR & VR technologies in Healthcare sector.
Growing awareness among people towards MR is one of the major factor driving the patient-care management application in healthcare market. Various naïve technologies such as AR and VR would assist the patients to remotely avail the doctor’s consultation. Although, high costs involvement in VR software and supporting hardware devices might alter the growth, otherwise the market has exceptional growth prospects, especially in emerging countries. However, substantial funds brought in the field of medical education, especially in emerging countries such as India and China, are anticipated to fuel the implementation of MR in medical education field, associated with the VR & AR growth in healthcare sector.
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The global market has been segmented by offerings, device types, end-users, and application. On the basis of offerings, the sector is further segmented as hardware components and software components. Hardware components are further bifurcated as sensors, semiconductor component, display & projectors, position trackers, and cameras, while software components are segmented as software development kits and cloud-based services. Based on device type, the global MR surgical industry is categorized into AR devices which further include AR Head-Mounted Display (HMD) and handheld display; and VR devices including VR Head-Mounted Display (HMD), gesture-tracking device; projectors and display walls. The end users for the global market are Hospitals, Clinics & Surgical Centers, Research Organizations & Pharmaceutical Companies, Government & Defense Institutions, and Medical Training and Education. Application segment is bifurcated as surgery, fitness management, Patient Care Management, Pharmacy Management, and Medical Training and Education.
North America is expected to contribute majorly in the market share, which can be credited to continuous technological advancement, pervasiveness of neurological & psychological disorders, and presence of a urbane healthcare infrastructure. Moreover, rising technological advancements in information technology, government support and rigorous R&D activities in the region along with the presence of numerous market players are also contributing to the huge share of the region.
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Major players dominating the industry 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. . Huge funding for R&D coupled with new product launches and various corporate strategies such as mergers and acquisitions are the vital strategies deployed by the prominent players to capture a larger share and maintain the dominance in the global market.
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