Metaverse in Healthcare Market is Expected to Reach $79.6 billion | MarketsandMarkets.

SEZ Magarpatta City, INDIA

Chicago, May 19, 2023 (GLOBE NEWSWIRE) -- The concept of the metaverse, a virtual reality space where individuals can interact with each other and digital content, is poised to make significant strides in the healthcare industry in the near future. The metaverse has the potential to revolutionize healthcare delivery by offering immersive and personalized experiences for patients, providers, and researchers. In the metaverse, healthcare professionals can conduct virtual consultations, perform medical procedures in a simulated environment, and collaborate with colleagues from around the world. Patients can access virtual healthcare services, receive education and support, and even participate in virtual clinical trials. Additionally, the metaverse can facilitate medical training and education, allowing students and professionals to engage in realistic simulations and experiential learning. With the integration of advanced technologies such as artificial intelligence and virtual reality, the metaverse has the capacity to enhance diagnostics, treatment planning, and patient outcomes. While there are still challenges to address, including ensuring privacy and security of patient data, the potential benefits of the metaverse in the healthcare industry are vast, offering new opportunities for personalized care, improved accessibility, and innovation in medical research and practice.

Metaverse in Healthcare market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The factors driving market growth include increasing demand for telehealthcare services, and shift towards patient-centric healthcare delivery. However, the lack of data security and concerns regarding data theft and healthcare fraud, and authenticity and reliability issues are challenging the market growth during the forecast period.

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Metaverse in Healthcare Market Scope:

Report Coverage Details
Market Revenue in 2023 $9.5 billion
Estimated Value by 2028 $79.6 billion
Growth Rate Poised to grow at a CAGR of 52.9%
Market Size Available for 2021–2028
Forecast Period 2023–2028
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Components, Technology, Application, End user, and region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and Middle East and Africa
Report Highlights Updated financial information / product portfolio of players
Key Market Opportunity Increasing use of metaverse in medical education and training
Key Market Drivers Increasing adoption of mixed reality for performing minimally invasive surgeries

Based on product & service, the software segment accounted for the largest share of 70.9% of the metaverse in healthcare market. Factors such as the increasing adaptation of AR platforms to perform complex surgical procedures for higher precision and flexibility and investments made in the software segment resulted in the greater adoption of metaverse technologies.

Based on technology, the augmented/virtual reality segment accounted for the largest share of 28.2 % of the metaverse in healthcare market. The large share of the augmented/virtual reality segment is attributed to increased technological developments, a rise in healthcare costs as well as an increased demand for robotic surgery.

Based on application, the medical education and surgical training segment accounted for the largest share of 26.6% of the metaverse in healthcare market. Metaverse technology is widely being accepted in healthcare industry. Reduced costs associated with conventional treatment methods, improved patient outcomes due to increased provider engagement, and improved collaboration between various stakeholders within the health system are driving the growth of this segment.

Based on end user, the healthcare provider segment accounted for the largest share of 57.5 % of the metaverse in healthcare market. The large share of this segment can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth and rising adoption of metaverse technology in healthcare.

North America is projected to secure the highest share by region in the metaverse in healthcare market. The adoption of the metaverse solution for healthcare market is expected to be the highest in North America compared to other regions. North America, being technologically advanced and developed, is the leading market in terms of developing cutting-edge technologies used in display devices. Further, the rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts market growth.

Key Market Players:

Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE Inc. (Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc (Ireland), GE HealthCare (US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc. (US), EON Reality (US), Brainlab AG (Germany), Novarad Corporation (US), Oodles Technologies (India), CMR Surgical (UK), Merative (US), BioflightVR (US), WorldViz, Inc. (US), Google (US), Oculus (Meta Platforms, Inc.) (US), and Augmedics (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

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Hypothetic Challenges of Metaverse in Healthcare Market in Near Future:

  • Privacy and Security: Ensuring the privacy and security of patient data within the metaverse ecosystem will be a major challenge. Robust measures need to be in place to protect sensitive medical information from unauthorized access or breaches.
  • Ethical Considerations: The use of metaverse technology in healthcare raises ethical concerns. Issues such as informed consent, data ownership, and the potential for bias in virtual healthcare experiences need to be addressed to ensure ethical and equitable healthcare delivery.
  • Integration and Interoperability: Integrating the metaverse platforms with existing healthcare systems and infrastructure may pose challenges. Seamless connectivity between the metaverse and electronic health records, medical devices, and other healthcare technologies is essential for effective healthcare delivery.
  • Regulatory and Legal Framework: There may be regulatory and legal considerations surrounding the use of the metaverse in healthcare. Establishing licensing requirements for virtual healthcare providers and defining guidelines and standards for virtual care practices will be necessary.
  • Accessibility and Equity: Ensuring equal access and equitable distribution of metaverse-based healthcare services will be a challenge. Bridging the digital divide and providing access to underserved populations will be crucial for the widespread adoption of metaverse healthcare solutions.
  • User Acceptance and Adoption: Encouraging user acceptance and adoption of metaverse technologies in healthcare may require education and training for both healthcare professionals and patients. Overcoming resistance to change and building trust in virtual healthcare experiences will be important.
  • Technical Infrastructure and Connectivity: The successful implementation of metaverse technology in healthcare relies on robust technical infrastructure and reliable connectivity. Adequate network bandwidth, low latency, and seamless connectivity are crucial for real-time virtual healthcare interactions.
  • Cost and Sustainability: The cost implications of implementing and maintaining metaverse-based healthcare solutions may pose challenges. Assessing the cost-effectiveness and long-term sustainability of such technologies will be important considerations.
  • Quality Assurance and Standardization: Establishing quality assurance mechanisms and standardization protocols for metaverse-based healthcare services will be crucial. Ensuring consistent and high-quality care across different virtual platforms will be essential for patient safety and outcomes.
  • Cultural and Social Acceptance: The cultural and social acceptance of metaverse technologies in healthcare may vary across different regions and communities. Addressing cultural sensitivities and adapting virtual healthcare experiences to diverse populations will be important for successful adoption.

It is important to note that these challenges are hypothetical and may vary depending on the actual implementation and evolution of the metaverse in the healthcare industry.

Top 3 Use Cases of Metaverse in Healthcare Market:

  • Telemedicine and Virtual Consultations: The metaverse can facilitate virtual doctor-patient interactions and consultations, enabling healthcare professionals to provide remote care. Patients can access healthcare services from the comfort of their homes, reducing the need for physical visits and improving access to healthcare, especially for individuals in remote areas.
  • Medical Education and Training: The metaverse can enhance medical education and training by providing immersive and interactive learning experiences. Medical students and professionals can engage in virtual simulations, surgical training, and medical conferences, improving their knowledge and skills in a realistic virtual environment.
  • Rehabilitation and Therapy: The metaverse can be used for virtual rehabilitation and therapy programs. Patients recovering from injuries or undergoing rehabilitation can engage in immersive virtual environments that simulate real-world scenarios. Virtual reality-based therapy can also be used for pain management, phobia treatment, and mental health interventions.

These use cases demonstrate how the metaverse can revolutionize healthcare delivery, education, and rehabilitation, offering new opportunities for enhanced patient care, improved access to services, and innovative training methods for healthcare professionals.

Recent Developments:

  • In March 2023 NVIDIA Corporation (US) partnered with Microsoft (US) , This collaboration will help connect Microsoft 365 applications and NVIDIA Omniverse to digitalize their operations, engage in the industrial metaverse, and train advanced models for generative AI and other applications
  • In February 2023, Wipro (India) launched Decentralized Identity and Credential Exchange (DICE) ID, which enables the insurance and verification of tamper-proof, self-verifiable digital credentials for current or potential healthcare or financial service providers, as well as educational institutions.
  • In November 2022, GE Healthcare (US) collaborated with MediviewXR (US). This collaboration was aimed at developing the OmnifyXR medical imaging system.

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