Mixed Reality in HealthcareMarket - Regional Insights
On the basis of geography, MixedReality in Healthcare Market is segmented into North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa. North America isexpected to hold dominant position in the mixed reality in healthcare marketduring the forecast period. The U.S. dominates the market in this region due tocontinuous technological advancements, and well developed healthcareinfrastructure. Moreover, high adoption rate of technologically advancedproducts has fuelled growth of the market in this region.
Asia Pacific is expected towitness significant growth in the market during the forecast period, owing torapid economic development and improvement of healthcare infrastructure alongwith rising disposable income of the people in the region. Moreover, increasingR&D and growing recognition of newer technologies in this region has drivengrowth for the mixed reality in healthcare market.
Mixed reality is a combination ofboth virtual reality (VR) and augmented reality (AR) by blending the real-lifeenvironment with digital elements. This is an emerging technology that has anenormous potential in the healthcare industry. Mixed reality continue to be amanageable force in the field of healthcare with various applications rangingfrom reducing the use of cadavers in medical student training to post-traumaticstress disorder (PTSD) engagement therapy for patients and pre-operativevisualization of brain tumors by reviewing scans in-person using AR.
The implementation of mixedreality (MR) technologies in healthcare industry has improved the operationalenvironment. MR technology uses AR for moving static images to improve anactual experience and VR engages the observer in a simulated 3D environment.Combination of IT solutions in healthcare field has brought transformationalchanges in the perception of patients’ treatment and services provided byhealthcare providers.
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Mixed Reality in HealthcareMarket - Market Dynamics
Growing demand for digitalizationin healthcare sector is a major factor contributing to significant growth ofmixed reality in healthcare market. Moreover, the market is expected to witnesspositive growth with rising prevalence of neurological & psychologicaldisorders across the world. According to National Alliance on Mental Illness(NAMI) around 43.8 million, that is nearly 18.5% of the total adult populationof 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 anxietydisorders in 2015.
Moreover, rising awareness foruse of MR technology in the applications of patient care management hassupported growth of the market. For instance, the Autism Glass Project atStanford University are developing a wearable behavioral aid that improves theverbal and non-verbal communication among patients. Autism glass applicationuses Google Glasses to identify facial expressions and give social indicationsthat is linked to facial expressions.
However, lack of adequate skillamong medical practitioners to adopt new technologies and high cost of some MRsystems has restricted growth of the market. The price of a special equipmentfor the use of virtual reality in healthcare field starts with US$ 30,000 and couldeven exceed US$ 300,000.
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Mixed Reality in HealthcareMarket - Competitive Landscape
Key players operating in themixed reality in healthcare market include Atheer, Augmedix, Daqri, Echopixel,Firsthand Technology, Medical Realities, Microsoft, Mindmaze, Oculus VR, OrcaHealth, Osso VR, Osterhout Design Group, Psious, Samsung Electronics, Start-UpEcosystem, Surgical Theatre, and Widerun.
Growing technological developmentin the field of mixed reality encourages new companies in the healthcareindustry to adopt proficient software-enabled solutions. Moreover, new productlaunches, rising funding for R&D, and mergers and acquisitions are somedynamic strategies opted by the prominent players to capture a reasonableamount of share and maintain its business presence in the global market. Forinstance,
In October 2018, Novarad receivedFDA 510(k) clearance for its Augmented Reality System - OpenSight AugmentedReality System. It is the first AR medical solution will be used inpre-operative surgical planning.
In November 2018, Precision OSreceived Series A funding worth US$ 2.3 million from AO Invest, for its virtualreality orthopedic surgical education and pre-operative planning software.
In January 2017, CAE Healthcarelaunched CAE VimedixAR, an ultrasound-training simulator, integrated withMicrosoft HoloLens. This is the world’s first independent holographic computer.CAE Healthcare is the first company to bring a commercial Microsoft HoloLensapplication to the medical simulation segment.
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