Pune, Feb. 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Metaverse in Healthcare Market (Component (Software, Hardware), Technology (AR, VR, AI, MR), Device (VR Headsets, AR Devices, Mixed Reality Platforms), End-user (Medical Training & Education Modules, Diagnosis, Treatment, Designing ORs, Surgical Training, Remote Monitoring, and Others)) Trends, Industry Competition Analysis, Revenue and Forecast To 2030."
According to the latest research by InsightAce Analytic, the global metaverse in healthcare market is valued at US$ 6.57 Billion in 2022, and it is expected to reach US$ 71.66 Billion by 2030, with a CAGR of 35.4% during the forecast period of 2023-2030. By region, North America dominated the market with a significant share in 2022.
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The Metaverse is an emerging concept that will add many new dimensions as significant social players combine various aspects of virtual reality and immersive experiences. It will be a great tool in healthcare to learn, empower, and provide blissful experiences to patients and providers. The Metaverse's role in transforming healthcare cannot be overstated because it combines AI, Virtual Reality, Augmented Reality, the Internet of Medical Devices, Web 3.0, intelligent cloud, edge and quantum computing, and robotics. With its goofy-looking headgear and sci-fi detours, the world of augmented reality is ready to transform patient medical experiences. As surgical procedures have already used robotics, complex surgeries are now set to use augmented realities. Doctors and experts use virtual reality to train other doctors and medical personnel.
Increasing the use of AR platforms to perform complex surgical procedures with greater precision and flexibility will help the Metaverse grow in the healthcare market. Other critical factors expected to contribute to market revenue in the coming years include increased collaborations among major companies to develop AR and VR solutions to improve the overall surgical environment and rising investment to create metaverse platforms to transform the healthcare sector. Increasing number of companies are making investments heavily in digital healthcare platforms to improve telemedicine experiences, accelerate the transition to virtual reality, and enhance other medical services through augmented reality.
The privacy of patient data, the high cost of high-tech devices and hardware, and the rising costs of more advanced digital healthcare infrastructure are challenges for the Metaverse in the healthcare market.
North America is expected to lead the forecast period. It is owing to the region's strong presence of metaverse-focused companies, rapid advancements in healthcare infrastructure, integration of AR and VR devices and platforms in the healthcare sector, increased investment in AR products and applications, and upgrades in software and hardware.
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Key Developments in the market
- In Nov 2022, Meta Platforms, Inc. introduced its most recent virtual-reality headset. Meta's, Meta Quest Pro introduces a new way for people to work, create, and collaborate. The technology enables simulationists to employ the virtual world with groundbreaking high-resolution mixed reality while preserving their presence in the physical space in high-definition colour. Several healthcare simulation firms have declared that they will use Meta Quest Pro technology to enhance their own product experiences in response to its release
- In Oct 2022, Microsoft and Meta have partnered to bring Teams, Microsoft 365, and other applications to Meta Quest devices. Under a new cooperation unveiled at Meta Connect 2022, Microsoft is bringing some of its time-tested products to Meta's Oculus' Quest virtual-reality headsets.
- In Oct 2022, Microsoft and Meta have partnered to bring Teams, Microsoft 365, and other applications to Meta Quest devices. Under a new cooperation unveiled at Meta Connect 2022, Microsoft is bringing some of its time-tested products to Meta's Oculus' Quest virtual-reality headsets.
Prominent Market Players Covered in this Report are:
- Intuitive Surgical Inc.
- CableLabs
- Microsoft
- Google LLC
- Meta Platforms, Inc.
- 8chilli, Inc.
- Global Healthcare Academy
- 3D Systems Corp.
- AccuVein Inc.
- BioflightVR
- CAE Inc.
- Devden Creative Solutions Pvt. Ltd.
- Dhi Tattva Solutions Pvt. Ltd.
- Eon Reality Inc.
- ImmersiveTouch Inc.
- Intuitive Surgical Inc.
- Koninklijke Philips NV
- Medical Realities Ltd.
- MindMaze SA
- Oodles Technologies
- Siemens AG
- Sky gate
- UnitedHealth Group Inc.
- Wipro Ltd.
- WorldViz Inc.
Metaverse in Healthcare Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 6.57 Bn |
| Revenue forecast in 2030 | USD 71.65 Bn |
| Growth rate CAGR | CAGR of 35.4% from 2023 to 2030 |
| Quantitative units | Representation of revenue in US$ Million, and CAGR from 2023 to 2030 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2030 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments covered | Component, Technology, Devices and End-user |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Market Segments
Global Metaverse in Healthcare Market, by Technology, 2022-2030 (Value US$ Mn)
- AR
- VR
- AI
- MR
Global Metaverse in Healthcare Market by End-User, 2022-2030 (Value US$ Mn)
- Medical Training & Education Modules
- Diagnosis
- Treatment
- Designing ORs
- Surgical Training
- Remote Monitoring
- Others
Global Metaverse in Healthcare Market by Device, 2022-2030 (Value US$ Mn)
- VR Headsets
- AR Devices
- Mixed Reality Platforms
Global Metaverse in Healthcare Market, by Component, 2022-2030 (Value US$ Mn)
- Software
- Hardware
Global Metaverse in Healthcare Market by Region, 2022-2030 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Metaverse in Healthcare Market by Country, 2022-2030 (Value US$ Mn)
- U.S.
- Canada
Europe Metaverse in Healthcare Market by Country, 2022-2030 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Metaverse in Healthcare Market by Country, 2022-2030 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Metaverse in Healthcare Market by Country, 2022-2030 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa Metaverse in Healthcare Market by Country, 2022-2030 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of the Middle East & Africa
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