Unlocking the Potential - Metaverse in Healthcare Market

Posted in Healthcare Services by Adolf on Jul 29,2023 492

Metaverse illustrates a profoundly interactive 3D virtual world. It is an aggregate virtual open space, made by the intermingling of practically improved physical and computerized reality. Practically, it is steady and gives an upgraded vivid experience. In Metaverse users can exchange land, virtual buildings, and other digital resources. Users can utilize their customized avatars, which can do everything a human can do in the genuine world.

Today, numerous individuals use cases and items, all making their adaptations of a Metaverse. It provides various promising opportunities across numerous industry verticals such as advanced education, clinical, defense and different sorts of exchanges. These industries are expected to create numerous lucrative growth opportunities during the forecast period. They don't have to make their foundation, as the Metaverse will give the system.

The growth of the global Metaverse market is revolving around advancements in augmented reality (AR), flexible work styles, head-mounted displays (HMDs), the revolution in an AR cloud, innovations on the Internet of Things (IoT), 5G, emerging artificial intelligence (AI) and spatial technologies in the virtual world. The growing craze of digital currency, Virtual social and entertainment events, and the emergence of Nonfungible Tokens (NFTs) will likely drive the future Metaverse market.

Metaverse is the best innovation in the augmented simulation world indeed, and it will change our view of the web and virtual entertainment connections. Organizations working in the customer support and experience sector leverage the metaverse to enhance the consumer experience by assisting the customers through digital twins of the customer service executives to assemble, repair, and exchange their products. Companies are planning to use metaverse technology for skill development. The development of virtual plants to give on-hand training to the employees for better understanding is expected to bolster the growth of the global metaverse market in the forecast period.

The global metaverse in healthcare market is projected to reach US$ 79.6 billion by 2028 from US$ 9.5 billion in 2023, at a CAGR of 52.9% during the forecast period. Increasing popularity of virtual and augmented reality (VR/AR) technologies, which have been used in various healthcare applications, including surgical training, pain management, and therapy is attributing to growth of the market in this region.

In addition, the COVID-19 pandemic has accelerated the adoption of telehealth services, which has created a need for more immersive and engaging virtual experiences for patients and healthcare providers. The metaverse can provide a virtual environment that simulates real-life interactions, allowing patients and healthcare professionals to communicate and collaborate in a more natural and intuitive way.

Based on the components, the software segment is projected to be the largest segment during the forecast period. Healthcare professionals and patients can use software to create and access virtual environments that are tailored to their specific needs, preferences, and medical conditions, increasing adaptation of AR platforms to perform complex surgical procedures for higher precision and flexibility and investments made in the software segment.

Healthcare provider is projected to grow at the highest growth rate in the metaverse in healthcare market in 2022. The high growth can be attributed to rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centres, growth in telehealth and rising adoption of metaverse technology in healthcare.

Further, the Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The market growth in the APAC region is mainly driven by factors owing to the growing medical tourism industry, increasing incidence of lifestyle and chronic disorders, and the rising adoption of metaverse technologies. Asia Pacific market offer lucrative growth opportunities for market players, mainly due to the growing government initiatives and the increasing incidence of lifestyle disorders. The growth in these markets will likely be centred in China, South Korea, and Japan. This is mainly due to the rising need for advanced healthcare technology to track and monitor the huge volume of patients, and the rising demand for quality healthcare at low costs are driving the growth of this market.

The key players operating in the metaverse in healthcare market include 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), Augmedics(US).

Comment / Reply From