The Global Metaverse in Healthcare Market Size is valued a 6.57 billion in 2022 and is predicted to reach 71.6 billion by the year 2030 at an 35.4% CAGR during the forecast period for 2023-2030.
Key Industry Insights & Findings from the Report:
- Increasing adoption and awareness of mixed reality for performing minimally invasive surgeries is driving metaverse in the healthcare market.
- The use of metaverse in medical training is growing, which is driving the metaverse in the healthcare market.
- North America dominated the market and accounted for a global revenue share in 2023.
- The key challenges for the metaverse in the Healthcare Market are data privacy and security concerns.
While the Metaverse evolves, it holds new potential in healthcare by combining technologies such as Artificial Intelligence(AI), Virtual Reality(VR), Augmented Reality(AR), the Internet of Medical Devices, Web 3.0, intelligent cloud, edge, and quantum computing, and robotics, to provide new directions to healthcare. Together, they can open entirely new channels for delivering treatment, lowering costs, and significantly improving patient outcomes in healthcare. Metaverse also represents blockchain technology, which has the potential to address healthcare issues such as data security and health record management. It will also perform an essential role in ensuring data privacy in this industry. Usage of robotics or what is also known as robot-assisted surgeries were already in use to perform complicated procedures with precision and flexibility.
Increasing the use of AR platforms to perform complex surgical procedures with higher precision and flexibility will boost the Global Metaverse in Healthcare Market growth. Other critical factors expected to contribute to market revenue in the coming years include increased collaborations among foremost companies to develop AR and VR solutions to improve the overall surgical environment and expanding investment to create metaverse platforms to transform the healthcare sector. An increasing number of companies are investing substantially in digital healthcare platforms to improve telemedicine experience, accelerate the transition to virtual reality, and enhance other medical services through augmented reality.
The challenges associated with patient data privacy, the high cost of high-tech devices and hardware, and the rising costs of more advanced digital healthcare infrastructure may limit market growth to some extent over the forecast period.
According to regional analysis, North America is expected to account for the largest revenue share during the forecast period. Due to the region's strong presence of metaverse-focused companies, rapid advancements in healthcare infrastructure, integration of AR and VR devices and platforms in the healthcare sector, increased investment to develop new and more innovative Augmented Reality products and applications, and advancements in software and hardware.
Prominent market players Covered in this Report are:
- Intuitive Surgical Inc.
- CableLabs
- Microsoft
- Google LLC
- Meta Platforms, Inc.
- 8chilli, Inc.
- Global Healthcare Academy
- 3D Systems Corp.
- AccuVein Inc.
- BioflightVR
- CAE Inc.
- Devden Creative Solutions Pvt. Ltd.
- Dhi Tattva Solutions Pvt. Ltd.
- Eon Reality Inc.
- ImmersiveTouch Inc.
- Intuitive Surgical Inc.
- Koninklijke Philips NV
- Medical Realities Ltd.
- MindMaze SA
- Oodles Technologies
- Siemens AG
- Sky gate
- UnitedHealth Group Inc.
- Wipro Ltd.
- WorldViz Inc.
- Nvidia Corporation
- Novarad Corporation
- Xrhealth
- Augmedics
- Medtronic Plc
- Brainlab Ag
- Merative
- Ge Healthcare
- Surgical Theater
- Osso VR
- Medical Realities
- Firsthand Technology
- Vuzix
- Magic Leap
- zSpace Inc
- VirtaMed
- Virtually Better
- EchoPixel Inc
- InfiVR
- Other Prominant Players
Market Segmentation
Global Metaverse in Healthcare Market is segmented By Component which comprises Software, Hardware, and Services. The Hardware consists of Augmented Reality (AR) Devices, Virtual Reality (VR) Devices, Artificial Intelligence (AI) Devices, Mixed Reality (MR) Devices. Among All the components, software division will contribute more market revenue than the hardware in the forecasting period. Secondly, the Technology segment is divided into Augmented/ Virtual reality, Mixed Reality, Artificial Intelligence, Blockchain, Digital Twin, IoT, Medical Wearables, which are futuristic technologies human beings use for ease of lifestyle. The third segment is Application having Digital therapeutics, Medical diagnostics, Telehealth And Telemedicine, Medical Education and Surgery Training, Drug Discovery and Personalized Medicine, Other Applications as the subsegments. At last, the market is segmented By End-User, which has Medical Training & Education Modules, Diagnosis, Designing ORs, Treatment, Surgical Training, Remote Monitoring, and Others as the important subsegments to contribute in the market.
Recent Developments
- In July 2023, Philips and CoxHealth collaborated on a virtual care solution. With the intention of improving clinical care, the solution led to enhanced patient outcomes and increased staff satisfaction. The press release noted that Philips Capsule Surveillance software and Philips eCareManager telehealth software were integrated into the solution. By utilizing artificial intelligence and clinical algorithms, the system synthesized patient data and generated valuable insights to identify patients who were at risk.
- In Nov 2022, CAE, a preeminent authority in simulation-based education, and HealthStream, Inc. formed a new strategic alliance. hStream-Certified CAE Healthcare manikins are now available for healthcare organizations that previously utilized the American Red Cross Resuscitation Suite™ curriculum via HealthStream to finish their resuscitation certification.
Metaverse in Healthcare Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 6.57 Bn |
|
Revenue forecast in 2030 |
USD 71.65 Bn |
|
Growth rate CAGR |
CAGR of 35.4% from 2023 to 2030 |
|
Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2023 to 2030 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2030 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments covered |
Component, Technology, Devices and End-user |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Intuitive Surgical Inc., CableLabs, Microsoft, Google LLC, Meta Platforms, Inc., 8chilli, Inc., Global Healthcare Academy, 3D Systems Corp., AccuVein Inc., BioflightVR, CAE Inc., Devden Creative Solutions Pvt. Ltd., Dhi Tattva Solutions Pvt. Ltd., Eon Reality Inc., ImmersiveTouch Inc., Intuitive Surgical Inc., Koninklijke Philips NV, Medical Realities Ltd., MindMaze SA, Oodles Technologies, Siemens AG, Sky gate, UnitedHealth Group Inc., Wipro Ltd., WorldViz Inc., Nvidia Corporation, Novarad Corporation, Xrhealth, Augmedics, Medtronic Plc, Brainlab Ag, Merative, Ge Healthcare, Surgical Theater, Osso VR, Medical Realities, Firsthand Technology, Vuzix, Magic Leap, zSpace Inc, VirtaMed, Virtually Better, EchoPixel Inc, InfiVR, Other Prominant Players |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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