The Latest Developments In The Metaverse In Healthcare Market
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 new report by MarketsandMarkets™. The increasing adoption of mixed reality for performing minimally invasive surgeries, growing focus on telemedicine, increasing use of digital twins, and the growing importance of blockchain technology in healthcare are the key factors driving the growth of this market. However, increasing concerns over data privacy and security and the high implementation cost of technologies are expected to restrain the growth of this market. Download an Illustrative overview:
Browse in-depth TOC on “Metaverse in Healthcare Market“ 121 – Tables 39 – Figures 237 – Pages The Software segment accounted for the largest share of the metaverse in the healthcare market, by component. The metaverse in the healthcare market, by component, is segmented into hardware, software, and services. The software segment includes platforms and applications that enable the creation, customization, and deployment of virtual experiences. The hardware segment includes devices such as head-mounted displays and haptic feedback gloves that enable users to interact with the virtual environment, while the services segment includes consulting, development, and support services that enable healthcare providers to integrate the metaverse into their workflows.
In 2022, the software segment accounted for the largest market share in the metaverse in the healthcare market. The large share of this segment is attributed to the increased adaptation of AR/VR software in the healthcare industry and the significant rise in investments made in software development. By Technology, the Augmented/Virtual reality segment registered the highest growth in the metaverse in the healthcare market during the forecast period Based on technology, the metaverse in the healthcare market is segmented into augmented and virtual reality, mixed reality, artificial intelligence, blockchain, digital twin, Internet of Things, and medical wearables.
The augmented and virtual reality segment accounted for the largest share of 28.2% of the metaverse in the healthcare market in 2022. The large share of the augmented and virtual reality segment can be attributed to the growing adoption of VR and AR in the healthcare industry, improved patient outcomes, and the growing focus on enhancing medical training, reducing costs, increasing accessibility, improving patient engagement, and driving innovation. By Application, the medical education and surgical training segment accounted for the largest share of the metaverse in the healthcare market.
In 2022, Based on application, the medical education and surgical training segment accounted for the largest share of 26.6% of the metaverse in the healthcare market. The large share of this segment can be attributed to factors such as the increasing budget of hospitals to improve the quality of care provided and reduce the cost of care. By End User, the healthcare providers segment accounted for the largest share of the metaverse in the healthcare market. In 2022, The healthcare providers segment accounted for the largest share 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 the rising adoption of metaverse technology in healthcare.
North America accounted for the largest share of the metaverse In the healthcare market during the forecast period. In 2022, North America accounted for the largest share of the market, followed by Europe, Asia Pacific, Middle East & Africa, and Latin America. The adoption of metaverse solutions for healthcare applications is expected to be the highest in North America (compared to other regions). North America is the leading market in terms of developing cutting-edge technologies used in display devices.
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Metaverse in Healthcare Market Dynamics:
- Increasing adoption of mixed reality for performing minimally invasive surgeries
- Applications of a metaverse in telemedicine
- Increasing use of digital twins
- Increasing importance of blockchain technology in healthcare
- Data privacy and security concerns
- High implementation cost
- Health and mental issues from excessive use
- Increasing use of metaverse in medical education and training
- Use of metaverse in surgical applications
- HIPAA regulations for healthcare metaverse
- Interoperability issues
- Local government restrictions coupled with environmental impact
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 to remain competitive and further increase their share in the market.
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- 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.
Metaverse In Healthcare Market Advantages:
- Enhanced Access to Healthcare Services: The metaverse allows for virtual consultations, enabling patients to access healthcare services remotely. This eliminates geographical barriers and increases accessibility, particularly for individuals in rural or underserved areas. Patients can receive timely medical advice, diagnoses, and treatment recommendations without the need for physical travel.
- Immersive Training and Education: Healthcare professionals can utilize the metaverse for immersive training experiences. Virtual reality simulations can replicate real-world medical scenarios, enabling practitioners to practice complex procedures, improve their skills, and enhance patient safety. Medical students can also benefit from interactive educational modules and virtual anatomy lessons, fostering a more engaging and effective learning experience.
- Collaborative Research and Data Sharing: The metaverse provides healthcare professionals and researchers a platform to collaborate and share data seamlessly. This facilitates the exchange of knowledge, promotes interdisciplinary collaboration, and accelerates the pace of medical research. Accessing and analyzing large datasets in a virtual environment can lead to new insights, discoveries, and advancements in healthcare.
- Improved Patient Engagement and Empowerment: The metaverse offers interactive tools and experiences that can enhance patient engagement and empowerment. Patients can actively participate in their healthcare by accessing personalized health information, tracking their health metrics, and engaging in virtual support communities. This increased involvement can lead to better health outcomes and patient satisfaction.
- Cost and Resource Efficiency: Virtual healthcare services provided through the metaverse can contribute to cost and resource efficiency in the healthcare industry. Remote consultations and monitoring can reduce the need for in-person visits, leading to cost savings for both patients and healthcare providers. Additionally, virtual training and educational programs can optimize resource allocation by minimizing the need for physical equipment and facilities.
- Expanded Reach and Global Collaboration: The metaverse transcends physical boundaries, allowing healthcare professionals and organizations worldwide to collaborate and share expertise. This global collaboration can lead to the exchange of best practices, cross-cultural insights, and innovative solutions, ultimately benefiting patients on a global scale.
- The integration of the metaverse in the healthcare market brings forth numerous advantages, including enhanced accessibility, immersive training experiences, collaborative research opportunities, improved patient engagement, cost efficiency, and expanded global reach. These advantages have the potential to transform healthcare delivery, education, and research, ultimately improving patient outcomes and the overall quality of care.
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The concept of the metaverse, a virtual reality space where users can interact with a computer-generated environment and other users, has the potential to revolutionize the healthcare industry in the near future. The metaverse can offer numerous applications in healthcare, enabling virtual consultations, remote monitoring, and immersive training experiences for healthcare professionals. Patients can access healthcare services from the comfort of their homes, eliminating geographical barriers and improving accessibility. Virtual reality simulations can be utilized for medical training, allowing healthcare practitioners to practice complex procedures in a realistic and safe environment. Additionally, the metaverse can facilitate collaborative research and data sharing among healthcare professionals and institutions, fostering innovation and accelerating the development of new treatments and therapies. While challenges such as data privacy and security need to be addressed, the integration of the metaverse in the healthcare industry holds tremendous potential for enhancing patient care, expanding access to healthcare services, and driving advancements in medical research and education.
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