The Global Metaverse in Healthcare Market is valued at USD 5056.4 Million in 2021 and is expected to reach USD 7453.6 Million by 2028 with a CAGR of 33.7% over the forecast period.
Global Metaverse in Healthcare Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2021-2028- Innovations in AR and VR technologies and huge investments in artificial intelligence are some of the major factors driving the growth of the Global Metaverse in Healthcare Market.
Metaverse is expected to supplement telemedicine visits with a virtual office, where patients and physicians can meet in a 3D clinic or any other location. Metaverse includes the merging of the three most important technological trends named artificial intelligence (AI), augmented reality (AR), and virtual reality (VR). Together, they can open up absolutely new channels for providing treatment, reducing costs, and drastically enhancing patient outcomes in healthcare. Telemedicine, blockchain, digital twinning, and many other channels are gaining a lot of traction which will keep the metaverse next frontier for healthcare 4.0.
Covid-19 has already augmented the demand of the market by conditioning the healthcare consumers with new habits like online delivery of medicines and online consultation. Moreover, the Covid-19 pandemic has highlighted the necessity for the provision of healthcare services to patients at home, which is also believed as one of the goals of e-health, particularly of the medical IoT. During the pandemic, the use of telemedicine has achieved huge momentum. As a result, the healthcare industry heightened its focus on integrating and investing in new technologies.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 5056.4 Million|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||USD 7453.6 Million|
|Tables, Charts & Figures:||175|
|Artificial Tendons And Ligaments Companies||Intutive Surgical Inc., CableLabs, AccuVein, Microsoft, Immersive Touch Inc., Koninklijke Philips NV, Google LLC, Medical Realities Ltd., Meta Platforms Inc., MindMaze SA, Chill Inc., Aimedis B.V. & Aimedis Information Technology LLC, Global Healthcare Academy, and others.|
|Segments Covered||By Devices, By Component, By Technology, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
Some of the key players for global Metaverse in Healthcare are
The global metaverse in the healthcare market is segmented based on devices, components, technologies, end-use, and geography. Based on devices, the global metaverse in the healthcare market is segmented into VR headsets, AR devices, and mixed reality. Based on components, the global market is segmented into hardware and software. On basis of technologies, the global metaverse in the healthcare market is segmented as artificial intelligence, virtual reality, augmented reality, and mixed reality. On the basis of end-user, the global market is segmented into medical training & education modules, diagnosis, treatment, designing ORs, surgical training, remote monitoring, and others.
On March 29th, 2022- GOQii Inc., fitness technology startup company has raised US$ 10 Mn in an extended Series C equity round from Animoca Brands to introduce its health metaverse. The company also planned to expand numerous offerings that leverage blockchain tokens and gamification in protective healthcare, in partnership with Animoca Brands and its ecosystem companies and projects.
On January 26th, 2022; DUBAI, Emirates Health Services (EHS) has unveiled the world’s first Healthcare Metaverse platform, MetaHealth. The platform permits users to move into the virtual world using only their smart devices.
On December 23rd, 2021; DeHealth, a British non-profit organization revolutionized the healthcare industry. The company started the creation of a Decentralized Metaverse, which will take millions of doctors and patients to a new world where they can work, cooperate with each other in complete 3D format and receive virtual assets by offering their anonymized medical data.
Innovations in virtual reality (VR) technologies is entirely modernizing the healthcare sector in recent years. The healthcare sector is experiencing an immense digital revolution, from MRI scans and X-rays to robotic surgeries and virtual reality. VR solutions permit healthcare professionals to engage patients with tailored, virtual environments to offer medical education (such as practicing virtual surgery), pain management, or rehabilitation. Many healthcare institutions are already using this technology. For instance; more than 240 hospitals in the United States are using VR to support several health-related techniques and assist patients to visualize their treatment plans. Apart from this, Latus Health, the UK-based digital occupational health provider is developing a virtual clinic for the metaverse planning to serve over one million patients a day. In addition to this, in March 2022, MyndVR and HTC VIVE partnered with each other to bring new innovations into the growing VR healthcare. VR technology is empowering the healthcare industry with the latest techniques & advancements as it improves patient outcomes and makes the caregiver experience less stressful for healthcare practitioners. These are the factors making the metaverse crucial in the healthcare sector and it will achieve a remarkable role in the future.
The potential for both AI and robotics is significantly vast in healthcare. With numerous developments in recent years, AI has become the ultimate part of the healthcare ecosystem. This is one of the leading factors influencing the metaverse in healthcare market expansion. For example; in November 2020, Google launched new artificial intelligence tools for healthcare users aimed to combat challenges with healthcare data and unstructured digital text throughout the Covid-19 pandemic. On May 4th, 2022; Germany and India, all through Indo-German Science and Technology Centre (IGSTC), are all set to plan and unveil a joint “Artificial Intelligence” (‘AI’) initiative on healthcare and sustainability. A number of companies are increasingly contributing to the development of artificial intelligence in the healthcare industry as it holds “enormous potential” for developing the health of millions across the world. Therefore, the latest improvements in artificial intelligence in the healthcare sector are drastically flourishing the growth of the market globally.
Despite the ongoing advancements mentioned above, low awareness of the metaverse in healthcare in emerging countries may hamper the market growth. In spite of that, the soaring adoption of immersive technologies and increasing number of collaborations between metaverse technology companies are fruitfully generating a plethora of opportunities for the further growth of the market.
North America is expected to dominate the global metaverse in the healthcare market due to the presence of leading metaverse gaming companies like Google LLC., GOQii, Meta Platforms, Inc., and many more in this region. It is poised to maintain its dominance throughout the assessment period owing to increasing investments by leading healthcare brands. For example; in March 2022, GOQii Inc., a fitness technology startup company raised US$ 10 Mn in an extended Series C equity round from Animoca Brands to introduce its health metaverse. In addition to this, in January 2022, Microsoft redefined healthcare education with mixed reality. The presence of major firms in the region is a vital factor augmenting the growth of metaverse in the healthcare market.
Asia Pacific is the fastest-growing region in the global metaverse in the healthcare market owing to recent technological advancements in this region. In Southeast Asia, the manufacturing industry has previously been exposed to augmented reality all through smart goggles. In February 2022, Apollo Hospitals Group announced a distinctive collaboration with 8chili Inc to facilitate engagement in the metaverse, in a first-of-its-kind initiative. Apart from this, Indonesia's Siloam International Hospitals and Malaysia-based IHH Healthcare both saw huge opportunities in using virtual and augmented reality to improve their telemedicine services, with patients one day theoretically turning to the metaverse to help them recover.
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