Global Metaverse in Healthcare Market Research Report: Forecast (2023-2028)

Market Definition

Metaverse is considered an open digital ecosystem that runs parallel to the physical world, equipped with high-end technologies like Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), etc., intending to fill the gaps between the physical and virtual worlds. Metaverse in healthcare is implementing the above technologies along with cloud, edge, quantum computing, robotics, and more to provide healthcare with a new direction and advanced development. Together, it aims to improve the delivery of treatment and patient outcomes while simultaneously decreasing costs. In addition, it provides advantages such as training in a virtual environment doctors, telemedicine, Blockchain for data storage, digital twins, and more.

Market Insights & Analysis: Global Metaverse in Healthcare Market (2023-28)

The Global Metaverse in Healthcare Market is projected to grow at a CAGR of around 32% during the forecast period, i.e., 2023-28. The market growth is attributed to innovations in healthcare technology and the integration of metaverse technology, such as AR and VR, in medical treatment. Besides, the increasing use of AR platforms to assist in performing complex surgical procedures with higher precision and flexibility is fueling industrial 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.

With constant medical innovation, healthcare technology is transforming by including robotic surgical assistance and virtual reality technology in the patient’s best interest. Along with this, numerous benefits of such technologies like digital twins and Blockchain add to the market’s acceleration and implementation of AR and VR in medical training and treatment, improving the doctor-patient relationship and adding to the market ascension.

Contrarily, data safety issues related to the massive amount of financially & medically sensitive data in healthcare & the increasing cost of hardware & metaverse integration into the healthcare system are likely to hinder the market. However, the scope for further development & improvement in the technology, with dedicated research & development and investments by market players, is expected to extend the market value, further enhancing the Global Metaverse in Healthcare Market size.

Market Dynamics

Key Driver: Proliferating Technologies Such as Digital Twin and Blockchain

Numerous technological advancements benefitting and upgrading the healthcare sector multi-dimensionally drive the market. The rising integration of artificial intelligence, AR, and VR to improve patient experience and facilitate faster communication between doctors and patients is extending the market growth. Likewise, the concept and technology behind digital twins are allowing the collection of vast amounts of patient data and turning it into one file to help suggest therapies and assist the doctor better.

Furthermore, through digital tracking and human body modeling, healthcare is upgrading its administration and treatments fueling the industrial ascension. Similarly, Blockchain is implemented in sensitive data protection and hospital ledger management, extending the industrial flow. Thus, Metaverse providing consistent accuracy and adding quality to healthcare and patient experience adds to the market value. 

Possible Restraint: Data Safety Risks & High Cost of Infrastructural and Hardware Installations

Hospitals generally collect a massive amount of data, including hospital and patient-related sensitive financial and medical information. The high accumulation of sensitive data stored online on interdependent systems and technology poses a risk against cybercrimes. These security issues could pose a threat to market progression.

Additionally, metaverse integration into the healthcare sector requires numerous infrastructural changes and expensive hardware, whose costs constantly rise with the high demand for electrical equipment and inflation. Moreover, the infrastructural changes also require high-speed, high-bandwidth internet, and complex and different hardware, which could hinder the expansion of the industry. 

Growth Opportunity: Scope for Further Development & Improvement in the Metaverse

The technology is still at its developmental stage, and there is scope for exponential improvement. However, with artificial intelligence, augmented reality, and robots steadily entering numerous fields, healthcare, consumers, and patients are getting used to technology. Therefore, Metaverse as a tool to improve patient-doctor relationships, assist in diagnosis, and much more, creates numerous lucrative opportunities for the growth of the market. Specifically, such technology can assist doctors and therapists in multiple ways to help patients with mental health illnesses.

• In February 2022, Alo Yoga and Roblox Corporation announced the opening of the virtual Alo Sanctuary, a holistic retreat for yoga and meditation, aiming to improve people’s fitness and health journey using VR-based activity.

 Thus, research and development towards technological improvement could bode well for the market's future. 

Key Trend: Growing Implementation of AI, AR, and VR in Healthcare

Successful implementation of numerous metaverse technology has been pushing the industry forward. For instance, the rising integration of artificial intelligence to review medical records, analyze test results, read population analytics, and health tracking in diagnosis and treatment plans is facilitating the integration of other technologies, which could improve healthcare for doctors and patients. In addition, advanced tools allow doctors to handle and treat a large number of patients by keeping intact and sharing all the needed data of every single patient at command. Similarly, Augmented Reality presenting new methods for medical instructions and virtual reality facilitating doctors and specialists to train other doctors is further accelerating the market. 

Market Segmentation

Based on Component,

• Software
• Hardware

Hardware is expected to acquire the dominant market share in the coming years. It is attributed to the requirement for high-level hardware technology, advancements in technology and machinery, and consumers' prevalent adoption of AR and VR devices for more immersive experiences. Additionally, investments and research into the implementation and development of haptic devices adds to the market value of hardware component.

Similarly, the high demand for chips to store the substantial technological storage required by metaverse adds to the segment's expansion. On the other hand, the need for improvement in patient data utilization, storage, and security is proliferating the advancement and development of software. Therefore, the growing implementation of the technology, promotion, and application in software promises further market acceleration.

Based on Technology,

• Virtual Reality
• Augmented Reality
• Mixed Reality
• Artificial Intelligence

Among all, Augmented Reality is anticipated to earn the highest share of the market in the forthcoming years. It is accredited to the bolstering use of Augmented reality among doctors’ surgical training and education. They use AR devices to monitor the patient’s vitals, especially during surgical procedures and other purposes such as vein imaging, surgical visualization, and education training, extending the market flow. Additionally, prevalent research and development to improve the integration of AR into healthcare are likely to bring more opportunities for the industry.

Moreover, some technological breakthroughs have already lowered the costs associated with AR, facilitating the adoption of AR in healthcare. Furthermore, numerous advantages of the implication of AR in healthcare, such as superimposing images during the process, which require accurate navigation to crucial organs, AR improving viewing of computerized tomography or magnetic resonance imaging (MRI) data, and other uses of AR, facilitating industrial expansion.

Regional Projection

Geographically, the Global Metaverse in Healthcare Market expands across:

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Globally, North America dominated the industry in the historical period and is projected to follow the same trend and secure the largest market share in the forecasting period. It is attributed to the bolstering number of metaverse technology focused companies and significant market participants residing in the area. Besides, the surging expansion of already advanced healthcare practices coupled with the rising integration of digital technology will likely bode well for the market outlook.

Furthermore, the spreading popularity and development of AR and VR devices are further extending their integration into healthcare and treatment. Moreover, joined ventures and collaboration between healthcare researchers and tech giants, with heavy investments by market players in combination with quicker technological adoption of the region, promise lucrative opportunities to the industry.

Recent Developments in the Global Metaverse in Healthcare Market

• In February 2022, Apollo Hospitals collaborated with 8 chilli, Inc. to foray into the metaverse by enabling patient counseling in virtual reality and helping increase patient outcomes.

Gain a Competitive Edge with Our Global Metaverse in Healthcare Market Report

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