New York – Recently Published Report on “Metaverse in Healthcare Market (By Component: Software, Hardware; By Technology: AR, VR, AI, MR; By Devices: VR Headsets, AR Devices, Mixed Reality Platforms; By End User: Medical Training & Education Modules, Diagnosis, Treatment, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

The metaverse is a vast digital universe that exists in parallel to our physical reality. In essence, the metaverse is a collection of virtual worlds where people may interact, play games, communicate, and shop.

As important social players integrate different facets of virtual reality and immersive experiences, the concept of the metaverse is still in its infancy but will soon add many additional dimensions. It will be a fantastic tool in the healthcare industry for teaching, empowering, and giving patients and providers joyful experiences. Because it incorporates AI, VR, AR, the Internet of Medical Devices, Web 3.0, intelligent cloud, edge and quantum computing, and robots, the Metaverse’s contribution to the transformation of healthcare cannot be emphasized. The realm of augmented reality, with its silly 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.

What is the regional scope in the metaverse in healthcare market?

  • Due to the rapid expansion of the healthcare infrastructure and the use of digital technology, North America has held the leading position and is expected to continue to do so during the projection period. It is due to the region’s significant concentration of metaverse-focused businesses, the quick development of healthcare infrastructure, the incorporation of AR and VR platforms in the healthcare industry, the growth of investments in AR goods and services, and improvements in software and hardware.
  • A range of mental health illnesses, such as phobias, anxiety disorders, PTSD, hallucinations, 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 owning to technology. Hence, this region is expected to witness a strong growth in the future.

Report Highlights

  • On the basis of component, the hardware segment is the leading segment and is expected to make the largest contribution to the metaverse in healthcare market. The development of augmented/virtual reality headsets for improved results and convenience is expected to cause the hardware sector to dominate the market. Additionally, the company’s attempts to create cutting-edge haptic metaverse devices are contributing to the segment’s growth.
  • On the basis of devices, the highest CAGR is projected for the augmented reality devices segment during the forecasted period. Since augmented reality products are frequently used in the medical industry and patients need ongoing monitoring, this market segment is expected to dominate. These gadgets give a virtual interface that is interactive and offers creative solutions to raise the standard of healthcare and medical services.
  • On the basis of end user, the highest CAGR is projected for medical training and education module segment in the metaverse in healthcare market. Due to the extensive use of metaverse extensions in medical and surgical training for a three-dimensional learning experience, the medical training and education modules category is the market leader. These tools help patients understand surgical operations better, which benefits medical treatments.

Market Dynamics

What are the drivers of metaverse in healthcare market?

There are many benefits associated with the metaverse in healthcare market. The healthcare industry is increasingly integrating artificial intelligence, augmented reality, and robotics to improve patient outcomes, increase the effectiveness of medical equipment, and promote better communication between patients and healthcare providers. This is largely driving the market’s growth.

Digital twins are being used more frequently in healthcare, which will accelerate market expansion during the forecast period. Digital twins in the realm of medical can collect massive volumes of patient scan data over time (such as MRI, CT, and ultrasound scans) & integrate it to one perspective to plan therapies and track the development of diseases and their therapy. Human body replicas, healthcare systems, or even entire hospitals have already been used in a number of situations. For instance, researchers at EMPA are employing hundreds of avatars of real patients with chronic pain to predict and enhance the effects of medications. The use of digital twins in healthcare is transforming clinical operations and hospital administration through digital tracking and human body modelling.

Moreover, blockchain is a crucial component of the metaverse in the field of healthcare since it enables decentralized communities managed democratically through smart contracts and a record of digital ownership of surroundings or even things in the virtual world. The most well-known application of blockchain in healthcare is the administration and protection of our extremely precious health data. There are many benefits associated with the metaverse which is expected to fuel the growth of the market and the advancement in technology is driving the demand for metaverse in healthcare market.

Moreover, virtual office where patients and doctors can consult in a 3D clinic, or any other venue will be added to telemedicine sessions with the aid of Metaverse. As a result, it is projected that the user experience for teleconsultation services will significantly improve. Patients in outlying locations who would otherwise need to travel a great distance will particularly benefit from it. Therapy is another area of healthcare where the metaverse can be very helpful. Patients can interact with uncomfortable situations in secure environments where every part of the contact can be carefully monitored and supervised. These factors are driving the metaverse market.

Market Restraints

Over the projection period, market limitations could come from patient data privacy concerns. There is an existential threat to connected gadgets and the related interdependent systems. The same is true for medical gadgets. Due to the extensive data sets that healthcare organizations store, which contain sensitive financial and medical information, the healthcare business has been a target for cybercriminals; these dangers will also exist in the metaverse.

Market Opportunities

Applications of the metaverse in the healthcare industry that are widely used to explain insurance policies, provide virtual patient care, conduct fitness instruction and physical treatment, and provide remote supervision and educational training are all creating profitable market expansion potential. Rise in adoption of technology in healthcare market would fuel the opportunities in the future. Metaverse has ongoing many applications that are influencing the healthcare sector.

Market Challenges

High cost of hardware and high-tech devices may act as a challenge for metaverse in healthcare market during the forecast period. Shortage of electronic components and rising inflation is driving the cost of hardware devices which would affect the cost of these devices that may hamper the growth of the market.

Recent Developments

  • Apollo Hospitals and 8chili Inc. team up to enter the Metaverse in February 2022. The program will make virtual reality patient counseling possible and improve patient outcomes. Additionally, the sector will engage users in virtual reality-based activities to support their capacity for emotion regulation. Patient satisfaction will rise as a result of this individualized treatment of each patient.

Source: Precedence Research