Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Metaverse in Healthcare Market by Component (Hardware, Services, Software), Technology (AR/VR, MR, AI, Blockchain, IoT), Application (Telehealth, Diagnostics, Medical Training & Education), End User (Provider, Patients, Payers, Pharma) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global metaverse in the healthcare market is projected to reach USD 79.6 billion by 2028 from USD 9.5 billion in 2023, at a CAGR of 52.9%
The metaverse represents the evolution of the internet, incorporating technologies such as artificial intelligence (AI), augmented reality (AR), virtual reality (VR), mixed reality (MR), and advanced connectivity like 5G networks to create immersive, interactive online environments.
This report serves as a valuable resource for established companies and newcomers, helping them gain insights into market dynamics. It provides revenue estimations for the overall market and its sub-segments, enabling stakeholders to assess the competitive landscape and refine their business strategies.
North America is witnessing a growing interest in metaverse technologies for healthcare applications. The region has seen a surge in the use of virtual and augmented reality (VR/AR) in healthcare, with applications ranging from surgical training to pain management and therapy. The COVID-19 pandemic further accelerated the adoption of telehealth services, driving demand for immersive virtual experiences that facilitate more natural and intuitive interactions between patients and healthcare providers.
The Asia Pacific (APAC) market is poised to experience the highest compound annual growth rate (CAGR) during the forecast period. Factors driving this growth include the burgeoning medical tourism industry, a rising prevalence of lifestyle and chronic diseases, and increased adoption of metaverse technologies in healthcare.
The APAC region offers substantial growth opportunities, particularly in countries like China, South Korea, and Japan. The need for advanced healthcare technology to manage a large patient population and the demand for high-quality healthcare at affordable costs are fueling market expansion.
In terms of components, the software segment is expected to be the largest during the forecast period. Customization and personalization capabilities make software crucial in creating and accessing virtual environments tailored to the specific needs and preferences of healthcare professionals and patients. It enables advanced applications like AR platforms for precise and flexible surgical procedures.
The healthcare provider segment is projected to witness the highest growth rate in the metaverse in healthcare market in 2022. This growth is driven by the need for an efficient healthcare system, rising patient volumes, the expansion of hospitals and ambulatory care centers, increased adoption of telehealth, and the integration of metaverse technology into healthcare practices.
Key players 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), and others.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 233 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $9.5 Billion |
| Forecasted Market Value (USD) by 2028 | $79.6 Billion |
| Compound Annual Growth Rate | 52.9% |
| Regions Covered | Global |
Premium Insights
- Increasing Adoption of Mixed Reality Solutions in Healthcare Applications to Drive Market Growth
- Software Segment to Command Largest Share of Asia-Pacific Market in 2023
- Market in China to Grow at Highest CAGR
- Asia-Pacific to Witness Highest Growth During Forecast Period
- Developing Markets to Register Higher Growth Rates
Case Study Analysis
- Case Study 1: Rigorous Training of Professional Athletes Without Physical Strain
- Case Study 2: Augmented Reality for Surgery
- Case Study 3: Virtual Hospitals and Clinics
- Case Study 4: Entering Drug Discovery and Research
- Case Study 5: Entering Medical Training and Education
Market Dynamics
Drivers
- Increasing Adoption of Mixed Reality for Performing Minimally Invasive Surgeries
- Applications of Metaverse in Telemedicine
- Increasing Use of Digital Twins
- Increasing Importance of Blockchain Technology in Healthcare
Restraints
- Data Privacy and Security Concerns
- High Implementation Cost
- Health and Mental Issues from Excessive Use
Opportunities
- Increasing Use of Metaverse in Medical Education and Training
- Use of Metaverse in Surgical Applications
Challenges
- Hipaa Regulations for Healthcare Metaverse
- Interoperability Issues
- Local Government Restrictions Coupled with Environmental Impact
Industry Insights
Industry Trends
- Transformation in Clinical Trials
- Emergence of Immersive Therapeutics
- Future Trends in Metaverse in Healthcare
- Rise in Healthcare Metaverse Investments
Technology Analysis
- Technology Stack
- Infrastructure Level
- 5G Network
- Internet of Things
- Cloud and Edge Computing
- Design and Development Level
- Blockchain
- 3D Modeling and Real-Time Rendering
- Artificial Intelligence, Natural Language Processing, and Computer Vision
- Human Interaction Level
- Virtual Reality
- Augmented Reality
- Monitor-Based Ar Technology
- Near-Eye-Based Ar Technology
- Web Ar
- Mixed Reality
Company Profiles
Key Players
- Microsoft
- Nvidia Corporation
- Koninklijke Philips N.V.
- Cae Inc.
- Xrhealth
- Immersivetouch, Inc.
- Wipro
- Siemens Healthineers Ag
- Medtronic plc
- GE Healthcare
- Intuitive Surgical, Inc.
- Brainlab Ag
- Novarad Corporation
- Oodles Technologies
- Cmr Surgical
- Merative
- Worldviz, Inc.
- Oculus (Meta Platforms)
- Mindmaze
Other Players
- Augmedics
- Accuvein, Inc.
- Eon Reality
- Bioflightvr
- 8Chili, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/h9yjw8
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