Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global metaverse in healthcare market is expected to grow from USD 3.14 billion in 2021 to USD 48.67 billion by 2030, at a CAGR of 35.60% during the forecast period 2022-2030.
The urgent need to improve medical training for better surgical outcomes has arisen due to the poor status of healthcare facilities in many countries. The metaverse in healthcare industry will be driven by augmented reality and virtual reality to teach medical students, interns, and residents complex surgical procedures with precision for better patient outcomes. Medical personnel can use Metaverse technology to accurately diagnose patients and build the best therapy and long-term patient care plan. The previously mentioned benefits will drive the worldwide metaverse in healthcare market. The growing demand for metaverse in healthcare has induced prominent firms to increase their spending on research and development. Increased competition in the metaverse business will facilitate the creation of improved products, technologies, and devices as market competitors grow. The competitive environment will also lower retail costs, allowing the metaverse market to expand in developing countries. The expensive nature of the metaverse in healthcare technologies will restrict the market's growth. The increasing data privacy and security concerns will also challenge the market's growth. Technological advancements and stringent data security and privacy laws can overcome the challenges of the market.
Get more insights from the 230-page market research report @ https://www.thebrainyinsights.com/enquiry/sample-request/13776
Competitive Strategy
To enhance their market position in the global metaverse in healthcare market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Apollo Hospitals and 8chili Inc entered the Metaverse in February 2022. The effort will enable virtual reality patient counseling and aid in improving patient outcomes. Users will be occupied in virtual reality-mediated activities to help them regulate their emotions, according to the press release provided by the market players. Patient satisfaction will improve due to this individualized approach for each patient.
Market Growth & Trends
The pandemic-induced social distancing norms opened up vast opportunities for telemedicine platforms. Telemedicine allows physicians to consult their patients in a 3D virtual reality room. It removes the barrier of having in-person meetings. It enables the patients to meet their doctors at their convenience from the comfort of home, reducing the risk of hospital infections that may present themselves when visiting in-person meetings. Similarly, blockchain could enable stringent data privacy and security laws, allowing healthcare institutions to store patient data with authentication, reducing its misuse. Metaverse will facilitate collaborations among healthcare professionals and institutions, contributing to better medical technologies, devices, instruments, procedures, and drugs at a faster pace. The seamless collaborations between healthcare professionals will enable them to curate optimum patient care and treatment plans, eventually benefitting the consumer.
Custom Requirements can be requested for this report @ https://www.thebrainyinsights.com/enquiry/request-customization/13776
Key Findings
• In 2021, the augmented reality segment dominated the market with the largest market share of 37% and market revenue of 1.16 billion.
The technology segment is divided into augmented reality, robotics, virtual reality, artificial intelligence, mixed reality & others. In 2021, the augmented reality segment dominated the market with the largest market share of 37% and market revenue of 1.16 billion.
• The hardware segment is expected to grow at the fastest CAGR of 38.50% over the forecast period.
The component segment is divided into hardware and software. Over the forecast period, the hardware segment is expected to grow at the fastest CAGR of 38.50%.
• In 2021, the AR devices segment accounted for the largest share of the market, with 42% and a market revenue of 1.31 billion.
The device type segment is divided into AR devices, VR headsets, and mixed reality platforms. In 2021, the AR devices segment accounted for the largest share of the market, with 42% and a market revenue of 1.31 billion.
• In 2021, the medical training & education modules segment accounted for the largest share of the market, with 38% and a market revenue of 1.19 billion.
The end-use segment is divided into diagnosis, treatment, surgical training, remote monitoring, medical training & education modules, designing ORs, & others. In 2021, the medical training & education modules segment accounted for the largest share of the market, with 38% and a market revenue of 1.19 billion.
Regional Segment Analysis of the Metaverse in Healthcare Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global metaverse in healthcare, with a market share of around 38% and 1.19 billion of market revenue in 2021. Due to the substantial presence of significant market companies, North America now dominates the metaverse in healthcare industry. The region's expansion in the metaverse industry will be aided by rising healthcare expenditures aimed at improving medical facilities. The growing use of augmented reality, virtual reality, and artificial intelligence in the healthcare industry to improve patient experience and medical teaching would further aid the market's growth over the forecast period. The increase in collaborative efforts between private market players and government authorities to develop better healthcare technologies will also facilitate the growth of the global metaverse in healthcare market.
Have a question? Speak to Research Analyst @ https://www.thebrainyinsights.com/enquiry/speak-to-analyst/13776
Key players operating in the global metaverse in healthcare market are:
• Meta Platforms Inc.
• Google LLC
• Microsoft
• CableLabs
• Global Healthcare Academy
• ImmersiveTouch Inc.
• Surgical Inc.
• 3D Systems Corporation
• 8chili Inc.
• AccuVein
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global metaverse in healthcare market based on the below-mentioned segments:
Global Metaverse in Healthcare Market by Technology:
• Augmented Reality
• Robotics
• Virtual Reality
• Artificial Intelligence
• Mixed Reality
• Others
Global Metaverse in Healthcare Market by Component:
• Hardware
• Software
Global Metaverse in Healthcare Market by Device Type:
• AR Devices
• VR Headsets
• Mixed Reality Platforms
Global Metaverse in Healthcare Market by End-Use:
• Diagnosis
• Treatment
• Surgical Training
• Remote Monitoring
• Medical Training & Education Modules
• Designing ORs
• Others
About the report:
The global metaverse in healthcare market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
Contact Us
Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: sales@thebrainyinsights.com
Web: www.thebrainyinsights.com
