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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

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.

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.  

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 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.

Mixed Reality in Healthcare Market - Market Taxonomy

On the basis of components the global mixed reality in healthcare market is segmented into

  • Hardware Components
    • Sensors
    • Semiconductor Components
    • Displays and Projectors
    • Position Tracker
  • Software Components
    • Software Development Kits
    • Cloud-based Services

On the basis of device types, the global mixed reality in healthcare market is segmented into

  • AR Devices
    • Head-Mounted Display (HMD)
    • Handheld Devices
  • VR Devices
    • Head-Mounted Display (HMD)
    • Gesture Tracking devices
    • Projectors & Display Walls

On the basis of application, the global mixed reality in healthcare market is segmented into

  • Surgery
  • Patient Care Management
  • Pharmacy Management
  • Fitness Management
  • Medical Training & Education

On the basis of end users, the global mixed reality in healthcare market is segmented into

  • Hospitals & Surgical Centers
  • Government & Defense Institutions
  • Research Organizations

On the basis of geography, the global mixed reality in healthcare market is segmented into:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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