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Metaverse in Healthcare Market: Prominent Growth Drivers | Future Directions
Published Date: 27 Apr 2023

Metaverse in healthcare is the implementation of high-end technologies like AR (Augmented Reality), VR (Virtual Reality), MR (Mixed Reality), etc., along with cloud, edge, quantum computing, & robotics, among others, in order to bring new directions and advanced developments in the healthcare sector. With aims to improve the delivery of treatment & patient outcomes and reduce costs, the use of metaverse technology in healthcare provides benefits like training in a virtual environment doctors, telemedicine, Blockchain for data storage, digital twins, and much more.

Metaverse is an excellent tool for the healthcare sector to educate, empower, & provider patients with happy experiences. In view of significant innovations in healthcare technology and the integration of metaverse technology like AR & VR in medical treatments, a recent research study has cited that the Global Metaverse in Healthcare Market is set to record around 32% CAGR during 2023-28.

Worldwide, more & more AR platforms are being utilized extensively to assist in performing complex surgical procedures with higher precision & flexibility. Many companies are collaborating and massively investing in the R&D of advanced tools & their applications in healthcare. Some recent developments in the industry include:

  • In February 2022, Apollo Hospitals collaborated with 8 Chili, Inc., a California-based software startup, to foray into the metaverse by enabling patient counseling in virtual reality and helping in improving patient outcomes.
  • In December 2021, 8 Chili, Inc. collaborated with Healthcare Academy (GA) and launch the HintVR metaverse platform for healthcare training & medical education.

With constant innovations like the incorporation of robotic surgical assistance & virtual reality technology, healthcare technology is transforming tremendously. Various benefits of technologies, like digital twins & Blockchain, coupled with the implementation of AR & VR in medical training & treatment to improve the doctor-patient relationship, are aiding in the market expansion.

The Greater Adoption of Virtual reality in Healthcare

Robotics, augmented reality, and artificial intelligence are being used increasingly in the healthcare industry to improve patient outcomes and increase the effectiveness of medical equipment. The metaverse can be used to treat a variety of mental health conditions, including PTSD, hallucinations, phobias, anxiety disorders, & delusions.

Thanks to technology that we may now ask co-workers, friends, family, or medical professionals for assistance while we're suffering a mental breakdown. As VR technology has the potential to enhance human welfare, several companies in the domain are creating mental health apps for the metaverse.

Among the two components of metaverse in healthcare, hardware is projected to acquire the dominant market share in the coming years, on account of the growing requirement for high-level hardware technology, advancements in technology & machinery, and consumers' prevalent adoption of AR & VR devices for more immersive experiences. Additionally, massive investments & rigorous research into the implementation & development of haptic devices are also stimulating the market growth of hardware component.

On the other hand, among different technologies, AR is likely to acquire the highest market share in the coming years, mainly due to its bolstering use in doctors’ surgical training & education. They use AR devices to monitor the patient’s vitals, especially during surgical procedures and purposes like vein imaging, surgical visualization, & education training.

Some technological breakthroughs have lowered the costs associated with AR, i.e., facilitating its adoption in healthcare. Moreover, with numerous benefits like superimposing images during the process, which requires accurate navigation to crucial organs, AR is transforming how data associated with computerized tomography MRI (Magnetic Resonance Imaging) can be viewed.

The Bright Future

Geographically, North America is the largest market for metaverse in healthcare, which owes to the increasing number of metaverse technology-focused companies and the growing presence of leading market participants across the region. Besides, the rising expansion of already advanced healthcare practices, coupled with the mounting integration of digital technologies into healthcare, are boding well for regional market growth.

Furthermore, the widespread popularity and development of AR & VR devices are further accelerating their integration into the healthcare industry. JVs (Joint Ventures) & collaborations between healthcare researchers and tech giants, coupled with heavy investments by industry leaders and quicker technological adoption across the region, would continue spurring growth in the metaverse in the healthcare market over the years to come.

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