New York, United States , Feb. 23, 2024 (GLOBE NEWSWIRE) -- The Global Metaverse in Healthcare Market Size is to Grow from USD 8.97 Billion in 2023 to USD 496.26 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 49.3% during the projected period.
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A shared virtual world that combines aspects of the internet, virtual reality, and augmented reality is referred to as the "metaverse". Through this virtual environment, people can communicate in real time with other users as well as computer-generated environments. The integration of the metaverse into the healthcare industry has the potential to totally revolutionize several aspects of patient involvement, training, and healthcare delivery. Furthermore, robotics—also known as robot-assisted operations—was used to perform intricate surgeries with accuracy and flexibility. In the metaverse, telemedicine and remote consultation are improved and play vital roles in giving patients and healthcare professionals more engaging and cooperative experiences. More lifelike virtual consultations, exams, and appointments made possible by virtual reality (VR) and augmented reality (AR) technology will accelerate the spread of the metaverse in the healthcare industry. The use of telemedicine for remote consultations with patients and monitoring of patients for at-home care recipients has increased since the pandemic induced social distancing norms. Healthcare technologies have expanded into the metaverse to provide easy access and efficient healthcare delivery; yet, the severe security risks associated with this enlarged metaverse hinder the growth of the industry. Hackers frequently target the healthcare sector in an effort to interfere with data and earn profit off of it. Furthermore, as the number of patients increases, so does the volume of patient data. Research and development in the healthcare industry requires additional funding, and the use of next-generation technologies in the metaverse can improve its application.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Metaverse in Healthcare Market Size, Share, and COVID-19 Impact Analysis, By Device (VR Headsets, AR Devices, Mixed-reality Platforms), By Component (Software, Hardware), By End-user (Medical Training & Education Modules, Surgical Training, Diagnosis, Treatment, Designing ORs, Remote Monitoring, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The AR devices segment is anticipated to hold the greatest share of the global metaverse in healthcare market during the projected timeframe.
Based on the devices, the global metaverse in healthcare market is divided into VR headsets, AR devices, and mixed-reality platforms. Among these, the AR devices segment is anticipated to hold the greatest share of the global metaverse in healthcare market during the projected timeframe. AR devices offer a thrilling and fascinating experience in healthcare and educational courses. Augmented reality (AR) devices facilitate the visualization of complex anatomical characteristics, method practice, and skill development in virtual settings for medical professionals and students. AR devices can be used by surgeons to plan, navigate, and receive real-time information during surgical procedures. Surgeons can enhance patient outcomes and reduce errors through using this technology.
The hardware segment is anticipated to grow at fastest pace in the global metaverse in healthcare market during the projected timeframe.
Based on the component, the global metaverse in healthcare market is divided into software and hardware. Among these, the hardware segment is anticipated to grow at the fastest pace in the global metaverse in healthcare market during the projected timeframe.During the anticipated period, the sector's growth is expected to be propelled by the increasing focus on research and development within the medical Internet of Things domain. Instances of hardware-based medical Internet of Things encompass connected contact lenses, hearing aids, linked inhalers, remote patient monitoring systems, and patient vital sign monitors.
The medical training & education modules segment is predicted to grow at highest pace in the metaverse in healthcare market during the estimated period.
Based on the distribution channel, the global metaverse in healthcare market is divided into medical training & education modules, surgical training, diagnosis, treatment, designing ORs, remote monitoring, and others. Among these, the medical training & education modules segment is predicted to grow at the highest pace in the metaverse in healthcare market during the estimated period. The segment focused on medical training and educational modules is anticipated to experience the most significant growth within the healthcare metaverse market throughout the projected period. Augmented reality's integration into medical education has introduced an innovative method for enhancing the surgical and diagnostic proficiency of healthcare practitioners.
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North America is expected to hold the largest share of the global metaverse in healthcare market over the forecast period.
North America is expected to hold the largest share of the global metaverse in healthcare market over the forecast period. The North American metaverse sector's growth is expected to receive a significant boost from increased healthcare expenditure aimed at enhancing medical infrastructure. Moreover, factors such as the escalating incidence of chronic ailments across the region, extensive adoption of AR and VR technologies in medical settings for surgical interventions, robust concentration of metaverse-focused enterprises, increased investment in pioneering AR solutions, and continuous advancements in software and hardware are poised to drive market revenue in the forecast period.
Asia Pacific is predicted to grow at the fastest pace in the global metaverse in healthcare market during the projected timeframe. The expansion in this geographical area is fueled by advancements in technology within the healthcare sector. The surge is propelled by collaborative endeavors between healthcare entities and metaverse technology firms, alongside substantial investments directed towards integrating this technology into medical apparatus. Authorities in the Asia-Pacific region are closely monitoring the impact of the metaverse on healthcare, and are formulating regulations and protocols to safeguard patient confidentiality, uphold medical ethics, and ensure the integrity of online healthcare services.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global metaverse in healthcare market include Intuitive Surgical Inc., 3D Systems Corp., Meta Platforms, Inc., Microsoft, Google LLC, 8chilli, Inc., AccuVein, Surgical Inc., Immersive Touch Inc., Brainlab, Intuitive Surgical Inc, GE Healthcare, and others.
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Recent Developments
- In March 2023, the collaboration between NVIDIA Corporation, headquartered in the United States, and Microsoft, also based in the US, facilitates the digitalization of business operations, connectivity to the industrial metaverse, and the creation of cutting-edge tools for generative AI and various other applications within Microsoft 365 and NVIDIA Omniverse ecosystems.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Metaverse in Healthcare Market based on the below-mentioned segments:
Global Metaverse in Healthcare Market, By Device
- VR Headsets
- AR Devices
- Mixed-reality Platforms
Global Metaverse in Healthcare Market, By Component
- Software
- Hardware
Global Metaverse in Healthcare Market, By End user
- Medical Training & Education Modules
- Surgical Training
- Diagnosis
- Treatment
- Designing ORs
- Remote Monitoring
- Others
Global Metaverse in Healthcare Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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