The mixed reality in healthcare market has seen considerable growth due to a variety of factors.
• There has been a significant escalation in the size of the mixed reality in healthcare market in the past few years. The market is predicted to grow from a value of $0.71 billion in 2024 to a whopping $1.08 billion in 2025, representing a compound annual growth rate (CAGR) of 51.3%.
The notable growth in the preceding period is largely due to factors like advanced medical training, patient education, rehabilitation with physical therapy, management of chronic diseases, and a reduction in radiation exposure.
The mixed reality in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of mixed reality in healthcare is anticipated to witness a substantial rise in the forthcoming years, achieving the value of $7.28 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 61.2%.
Reasons contributing to this growth over the forecasted period include worldwide health programs, regulatory frameworks, holographic telemedicine, optimized workflow, and distance consultations. The forecast period also anticipates major trends such as the incorporation of artificial intelligence (AI), virtual clinical examinations, wearable mixed reality gadgets, augmented pre-operative plans, and instantaneous language translation.
The advancement of the mixed reality in healthcare sector is projected to be driven by the upsurge in the elderly demographic. This designation pertains to individuals who are 65 years of age or older. Such an age group is typically susceptible to various medical conditions that often necessitate surgical procedures. Mixed reality's application in surgical operations empowers surgeons to concurrently view a patient's physiological structure and their MRI and CT scan results. To illustrate, the Health Rankings of America, an American assessment body for health results, has reported that over 56 million elderly individuals exist in America, making up approximately 16.9% of the complete population. The expectancy is to have above 73.1 million senior citizens by 2030 as the final set of the baby boomers mature into the elderly bracket. Hence, the surging proportion of the aging population is contributing to the development of the mixed reality in healthcare field.
The mixed reality in healthcare market covered in this report is segmented –
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
Subsegments:
1) By AR Devices: Smart Glasses, Head-Mounted Displays (HMDs), Mobile AR Applications, Projection-based AR Systems
2) By VR Devices: Head-Mounted Displays (HMDs), VR Software Platforms, Motion Tracking Devices, Controllers And Input Devices
The rise of technological innovations is a significant trend in the mixed reality healthcare market. Key players are emphasizing the development of new tech-based solutions to solidify their market positioning. For instance, in February 2022, Apollo Hospitals Group, a healthcare firm based in India, teamed up with 8chili Inc., to incorporate the metaverse. Virtual reality will provide patient consultation pre and post-surgery, enhancing patient results by introducing a standard environment combined with calming narratives to promote self-control over one's physiological responses. Furthermore, partaking in virtual reality activities is expected to help users gain better control of their emotions. This personalized approach to each patient is projected to boost patient satisfaction levels. 8chili Inc., a deep tech company from the US, is at the forefront of developing the essential infrastructure for producing and delivering metaverse content.
Major companies operating in the mixed reality in healthcare market include:
• Atheer Inc.
• Daqri Ltd.
• EchoPixel Inc.
• Firsthand Technology Inc.
• Microsoft Corporation
• Oculus Labs
• HTC Corporation
• Samsung Electronics Co. Ltd.
• Surgical Theater Inc.
• Osso VR Inc.
• Medical Realities Ltd.
• Augmedix Inc.
• Google LLC
• MindMaze SA
• Facebook Inc.
• Third Eye Technologies Private Limited
• Orca Health Care India Private Limited
• Surgical Theatre LLC
• Hologic Inc.
• AccuVein Inc.
• Medivis Inc.
• Intuitive Surgical Inc.
• Philips Healthcare
• Siemens Healthineers
• GE HealthCare Technologies Inc.
• Magic Leap Inc.
• Intel Corporation
• Varjo Technologies
• Vuzix Corporation
• Augmentix Corporation
• AccuVein LLC
North America was the largest region in the mixed reality in healthcare market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mixed reality in healthcare market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.