The global metaverse in healthcare market size was estimated at USD 7.5 billion in 2022 and is expected to hit around USD 98.34 billion by 2032 and is poised to grow at a compound annual growth rate (CAGR) of 29.4% from 2023 to 2032.
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The metaverse is a vast digital universe that exists side by side with our real world. The metaverse is simply a collection of virtual worlds where people may interact, socialize, play games, and shop. Three significant technological patterns intelligence (AI), augmented reality (AR), and virtual reality (VR) converge in the metaverse (VR). Together, they can create entirely new avenues for treating patients, bringing down costs, and vastly enhancing patient outcomes. As key social players integrate various facets of virtual reality and immersive experiences, this developing notion will add many new dimensions. It will be a fantastic tool in the healthcare industry for teaching, empowering, and giving patients and providers joyful experiences.
The realm of augmented reality, with its ludicrous headgear and sci-fi digressions, is prepared to revolutionize patient care experiences. Complex surgeries are now expected to incorporate augmented realities, much as surgical procedures have already done so with robotics. Virtual reality is used by doctors and experts to instruct other medical professionals.
Artificial intelligence, augmented reality, and robots are being used more frequently in the healthcare sector to enhance patient outcomes, boost the efficiency of medical equipment, and foster improved patient-provider communication. The market's growth is mostly being driven by this. It is an excellent tool in the healthcare industry for teaching, empowering, and giving patients and providers happy experiences. A range of mental health illnesses, such as PTSD, hallucinations, phobias, anxiety disorders, and delusions, can be treated using the metaverse. When we are having a mental breakdown, we may now request help from coworkers, friends, family, or medical professionals thanks to technology. Businesses in the sector are developing mental health apps for the metaverse because virtual reality technology has the potential to improve human welfare.
People's interest in online healthcare delivery has grown as a result of the COVID-19 pandemic as the sickness has reduced social and business interactions worldwide. As a result, major players and the healthcare industry are increasingly adopting cutting-edge technologies.
Report Scope of the Metaverse in Healthcare Market
|Market Size in 2023||
USD 9.67 Billion
|Market Size by 2032||
USD 98.34 Billion
|Growth Rate from 2023 to 2032||CAGR of 29.4%|
|Forecast Period||2023 to 2032|
|Segments Covered||Component, Technology, Devices, End User and Geography|
Brainlab AG (Germany), PlushCare (US), Intuitive Surgical Inc. (US), BioFlight VR (US), Siemens Healthineers (Germany), Meta Platforms Inc. (US), Novarad Corporation (US), Nvidia Corporation (US), Microsoft Corporation (US), Roblox Corporation (US), GE Healthcare (US), Veyond Metaverse (US), gameChange VR (UK), Sesame Care (US), Aimedis B.V., Belgium), ARBREA LABS (Switzerland), Medtronic PLC (Ireland), Medical Realities Ltd. (UK), Augmedics (US)
Key Market Trends
What are the drivers in the healthcare metaverse market?
What are the challenges in the healthcare metaverse market?
According to component type, the hardware market is now in the lead and is anticipated to contribute most to the metaverse in healthcare sector. Hardware is anticipated to rule the market as augmented and virtual reality headsets are developed for better outcomes and ease. The business's efforts to develop cutting-edge haptic metaverse gadgets are also assisting in the segment's expansion. Chips can support the massive computer power needed for the metaverse's creation. The development of chips, the most essential component, will be fueled by the rise of VR/AR goods.
The metaverse health applications are being upgraded for better utilization, storage, and patient security, which is causing the software segment to expand quickly. The benefits and reliability offered by metaverse in healthcare industry is booming the metaverse market hence, the software segment will grow significantly in future.
During the projected period, the category for augmented reality devices is anticipated to grow at the highest CAGR. This market segment is anticipated to rule since augmented reality devices are widely employed in the medical sector and patients require continual monitoring. These devices provide an interactive virtual user interface that provides innovative ways to improve the caliber of healthcare and medical services.
Virtual reality can be used to simulate real-world medical procedures or to place a student inside a patient's body and give them a 3600 view of their sickness. It is being used by doctors and specialists to train other doctors and members of the medical team.
End User Insights
In the metaverse in healthcare market, the medical training and education module segment is expected to grow at the highest rate. The medical training and education modules segment dominates the market as a result of the extensive usage of metaverse extensions in medical and surgical training for a three-dimensional learning experience. These instruments aid in improving patient comprehension of surgical procedures, which enhances medical treatments.
North America has kept the top spot and is anticipated to do so during the projected period due to the rapid expansion of the healthcare infrastructure and the use of digital technology. It is because of the region's dense concentration of companies with a metaverse-focused business model, the rapid infrastructure development of the healthcare sector, the integration of AR and VR platforms, the growth of investments in AR goods and services, and advancements in hardware and software. The metaverse can be used to treat a variety of mental health conditions, including phobias, anxiety disorders, hallucinations, and delusions. Thanks to technology, we may now ask for assistance from coworkers, friends, family, or medical professionals when we are experiencing a mental breakdown. Consequently, this area is anticipated to grow in the future.
Asia-Pacific is considered to grow fastest in the metaverse in healthcare market during the forecast period. This region includes China, Japan, India, and more. This region is expanding as a result of the nation's technological breakthroughs in the healthcare industry. In addition to substantial investment in integrating this technology with medical equipment, collaborations between metaverse technology businesses and the healthcare industry are fueling growth.
Key Market Developments
Key Market Players
Segments covered in the report
By End User
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