Metaverse In Healthcare Market

According to Stratistics MRC, the Global Metaverse in Healthcare Market is accounted for $7.3 billion in 2022 and is expected to reach $35.2 billion by 2028 growing at a CAGR of 30.0% during the forecast period. The metaverse is a large digital cosmos that coexists with our physical reality. The metaverse is nothing more than a collection of virtual environments in which individuals may communicate, socialise, play games, and shop. In the metaverse (VR), three important technology trends converge intelligence (AI), augmented reality (AR), and virtual reality (VR), the increasing integration of artificial intelligence, augmented reality, and robots in the healthcare business, Better patient outcomes, improved medical equipment performance, and improved communication between patients and healthcare professionals are all driving market expansion.

According to a report published by QSS Technosoft (US), the cost of building a metaverse in 2023 might range between USD 25,000 to USD 1 million. For healthcare, the cost of developing metaverse software is projected to be between USD 80,000 and USD 1 million.



Market Dynamics:

Driver:

Mixed reality is becoming more popular for performing less invasive procedures

In the healthcare business, mixed reality (MR) is being utilised to communicate critical information to operating surgeons via a hands-free interface. MR assists healthcare practitioners in simplifying medical procedures while also keeping patients safe. Healthcare is a major industry for the introduction of MR, which comprises, among other things, surgical simulation, phobia therapy, robot training, and expert training. Robot-assisted minimally invasive surgeries can help surgeons conduct difficult treatments with better precision and flexibility. During medical treatments, surgeons must be highly precise, attentive, and analytical.

Restraint:

Concerns about data privacy and security

The growing usage of automated healthcare technology expands the accessibility and efficiency of healthcare delivery while posing substantial security threats due to the larger access provided. Cybercriminals routinely target the healthcare business with hacks in order to exploit and alter data. In addition, as the number of patients grows, so does the volume of patient data. Despite optimistic first discoveries of metaverse applications, metaverse technologies have yet to have a substantial influence. The increased public awareness of data privacy problems has put governments under pressure to pass stronger privacy regulations. However, emerging technologies such as the metaverse, virtual reality, and augmented reality will make it increasingly difficult to enforce data privacy regulations in the future which hinder the growth of the market.

Opportunity:

The usage of the metaverse in medical education and training is becoming more common

The market for metaverse in education is predicted to expand rapidly in the future years. The use of XR in education has a bright future, and EdTech firms have a great potential to thrive in the metaverse. Leading market participants are entering the ecosystem and adopting digital transformation, driving market development. Their primary benefits include ease of use and convenience, as well as the ability to boost the efficacy of on-the-job and on-campus training by simulating real-life events, allowing students to learn more quickly and confidently. It also provides feedback and analyses skill improvement, as well as insights regarding a patient's response to medicines, surgical outcomes, Potential issues with medicinal items, among other things. XR allows medical students to practise substantial surgical instruction in a virtual environment at a fraction of the expense of operating on cadavers. XR changes invasive operations by allowing clinicians to record themselves doing medical procedures hence all the above factors drive the growth of the market.

Threat:

High implementation cost

To successfully and effectively incorporate the metaverse into its procedures, the healthcare business must invest considerably. To realise the benefits of the metaverse, technical infrastructure, particularly in developing nations, must be updated. This would demand a significant investment in infrastructure. Everything from a continuous high-speed (5G) internet connection to innovative technologies like wearables necessitates a significant expenditure. The metaverse includes technologies such as AR, VR, AI, HMDs, blockchain, IoT, and others to improve the user experience. As a result, the metaverse's development costs are guaranteed to be expensive. The cost of building a metaverse varies based on the features requested, the technological stack required, and the team size and expertise.

Covid-19 Impact

As the disease-driven world reduces social business encounters, the COVID-19 pandemic has raised people's interest in online healthcare delivery. As a result, important players and healthcare sectors are increasingly adopting innovative technologies such as metaverse. According to a research published in The National Library of Medicine in August 2020, the usage of the HoloLens2 MR device resulted in a 51.5% decrease in time spent by personnel caring for COVID-19 patients and an 83.1% decrease in the quantity of PPE required each day. This MR technology has the potential to transform healthcare both during and after the COVID-19 epidemic.

The hardware segment is expected to be the largest during the forecast period

The hardware segment is estimated to have a lucrative growth, due to the greatest contribution to the metaverse in the healthcare sector. Hardware is expected to dominate the market as augmented and virtual reality headsets are developed for improved results and simplicity of use. The company's attempts to create cutting-edge haptic metaverse devices are also contributing in the segment's growth. Chips can sustain the tremendous computing power required to create the metaverse. The emergence of VR/AR goods will accelerate the development of processors, the most important component.

The medical education & surgery training segment is expected to have the highest CAGR during the forecast period

The medical education & surgery training segment is anticipated to witness the highest CAGR growth during the forecast period, due to the widespread use of metaverse extensions in medical and surgical training for a three-dimensional learning experience, the medical training and education modules sector dominates the market. These tools help patients understand surgical operations, which improves medical treatments.

Region with highest share:

North America is projected to hold the highest market share during the forecast period owing rapid growth of healthcare infrastructure and the utilisation of digital technologies. It is due to the region's dense concentration of companies with a metaverse-focused business model, the healthcare sector's rapid infrastructure development, the integration of AR and VR platforms, the increase in investments in AR goods and services, and advancements in hardware and software. A multitude of mental health illnesses, including phobias, anxiety disorders, hallucinations, and delusions, can be treated using the metaverse. When we are having a mental breakdown, we may now seek help from coworkers, friends, family, or medical experts, thanks to advances in technology. As a result, this sector is expected to grow in this region.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to China, Japan, India, and other countries are included in this area. This region is growing as a result of the country's technical advances in the healthcare business. Collaborations between metaverse technology companies and the healthcare industry are propelling growth, in addition to significant investment in integrating this technology with medical equipment.



Key players in the market

Some of the key players profiled in the Metaverse in Healthcare Market include Microsoft, NVIDIA Corporation, Wipro, Siemens Healthineers AG, Brainlab AG, AccuVein, Inc, Medtronic plc, ImmersiveTouch, Inc., XRHealth, Koninklijke Philips N.V., Oodles Technologies, EON Reality, CMR Surgical, Merative, WorldViz, Inc, Google, CAE Inc. and MindMaze

Key Developments:

In March 2023, NVIDIA Corporation (US) partnered with Microsoft (US) , This collaboration will help connect Microsoft 365 applications and NVIDIA Omniverse to digitalize their operations, engage in the industrial metaverse, and train advanced models for generative AI and other applications.

In February 2023, Wipro (India) launched Decentralized Identity and Credential Exchange (DICE) ID, which enables the insurance and verification of tamper-proof, self-verifiable digital credentials for current or potential healthcare or financial service providers, as well as educational institutions.

In November 2022, GE Healthcare (US) collaborated with MediviewXR(US) . This collaboration was aimed at developing the OmnifyXR medical imaging system.

Components Covered:
• Hardware
• Software
• Services

Technologies Covered:
• Artificial Intelligence
• Blockchain
• IoT
• Digital Twin

Applications Covered:
• Medical Diagnostics
• Digital Therapeutics
• Telehealth & Telemedicine
• Drug Discovery & Personalised Medicine
• Medical Education & Surgery Training
• Other Applications

End Users Covered:
• Payers
• Patients
• Healthcare Providers
• Pharma & Biopharma Medtech Companies
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances