The Global Metaverse in Healthcare Market is projected to grow at a CAGR of 32% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market is predominantly driven by the increasing use of metaverse technologies in healthcare, improving the patient experience while also assisting doctors tremendously. Besides, doctors getting trained with the help of augmented reality and virtual reality technology also adds to the market expansion.
Moreover, a rising number of companies collaborating and investing in the research and development of advanced tools and their applications in healthcare is further accelerating the market. Additionally, the scope for further development and improvement in metaverse technology, with dedicated research and development by metaverse-focused companies and favorable investment by market players, are expected to extend the market value, further states the research report, “Global Metaverse in Healthcare Market Analysis, 2023.”
The market is broadly fragmented on the basis of Component, Technology, Device, Application, and End User. On the basis of Components, the market is divided between Software and Hardware. Additionally, based on Technology, the market is segmented into Virtual Reality, Augmented Reality, Mixed Reality, and Artificial Intelligence. Likewise, based on Device, the market is bifurcated into VR Devices, AR Devices, and Mixed Reality Platforms.
Furthermore, based on Application, the market is distributed amongst Patient Engagement, Pre-Operation & Post-Operation Planning, Immersive 3D Training, 3D Lectures, VR Therapy, and Remote Monitoring. Finally, based on End User, the market is segmented into Hospitals, Pharmaceuticals, and Insurance Companies.
The Requirement for High-Level Devices Pushes Hardware to The Front
Based on Component, Hardware is expected to garner the highest market share aided by the heavy requirement of high-level hardware technology, advancements in technology and machinery, and consumers’ prevalent adoption of AR and VR devices for more immersive experiences. Besides, the high demand for chips to store the substantial technological storage required by metaverse adds to the segment's expansion. Moreover, investments in improving the implementation and development of haptic devices add to the market value.
Substantial Presence of Metaverse-Focused Companies Grants North America the Lion’s Share
Globally, North America is projected to dominate the industry in the forecasting period, attributed to the bolstering number of metaverse technology-focused companies and significant market participants residing in the area. Moreover, the surging expansion of the already advanced healthcare system coupled with the rising integration of digital technology will likely bode well for the market outlook. Furthermore, the quicker technological adoption of the region is likely to add to the region’s future market growth.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Brainlab, 8chilli, Inc., Novarad Corporation, ImmersiveTouch, Inc., Medical Realities Ltd., EON Reality Inc., Roblox Corporation, Microsoft Corporation, Nvidia Corporation, Siemens Healthineers, Zimmer Biomet, GE Healthcare, GameChangeVR, BioFlight VR, Veyond Metaverse, and Others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report