Metaverse in Healthcare Market Report 2023: Increasing Adoption of Mixed Reality for Performing Minimally Invasive Surgeries Bolsters Growth

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May 22, 2023, 18:45 ET

DUBLIN, May 22, 2023 /PRNewswire/ -- The "Metaverse in Healthcare Market by Component (Hardware, Services, Software), Technology (AR/VR, MR, AI, Blockchain, IoT), Application (Telehealth, Diagnostics, Medical Training & Education), End User (Provider, Patients, Payers, Pharma) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The global metaverse in the healthcare market is projected to reach USD 79.6 billion by 2028 from USD 9.5 billion in 2023, at a CAGR of 52.9% during the forecast period. There is a growing inclination for metaverse technologies for healthcare in North America. The increasing popularity of virtual and augmented reality (VR/AR) technologies, which have been used in various healthcare applications, including surgical training, pain management, and therapy is attributing to the growth of the market in this region.

In addition, the COVID-19 pandemic has accelerated the adoption of telehealth services, which has created a need for more immersive and engaging virtual experiences for patients and healthcare providers. The metaverse can provide a virtual environment that simulates real-life interactions, allowing patients and healthcare professionals to communicate and collaborate more naturally and intuitively.

The software segment is projected to be the largest segment in the metaverse in the healthcare market.

Based on the components, the software segment is projected to be the largest segment during the forecast period. This share can be attributed to factors such as the potential for customization and personalization. Healthcare professionals and patients can use software to create and access virtual environments that are tailored to their specific needs, preferences, and medical conditions, increasing adaptation of AR platforms to perform complex surgical procedures for higher precision and flexibility and investments made in the software segment.

Healthcare Provider was the largest segment by the end user of the metaverse in the healthcare market in 2022.

The healthcare provider segment is projected to grow at the highest growth rate in the metaverse in the healthcare market in 2022. The high growth can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth, and rising adoption of metaverse technology in healthcare.

APAC is to witness the highest growth rate during the forecast period.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors owing to the growing medical tourism industry, increasing incidence of lifestyle and chronic disorders, and the rising adoption of metaverse technologies. Asia Pacific market offers lucrative growth opportunities for market players, mainly due to the growing government initiatives and the increasing incidence of lifestyle disorders. The growth in these markets will likely be centered in China, South Korea, and Japan. This is mainly due to the rising need for advanced healthcare technology to track and monitor the huge volume of patients, and the rising demand for quality healthcare at low costs is driving the growth of this market.

Market Dynamics

Drivers

Increasing Adoption of Mixed Reality for Performing Minimally Invasive Surgeries
Applications of Metaverse in Telemedicine
Increasing Use of Digital Twins
Increasing Importance of Blockchain Technology in Healthcare

Restraints

Data Privacy and Security Concerns
High Implementation Cost
Health and Mental Issues from Excessive Use

Opportunities

Increasing Use of Metaverse in Medical Education and Training
Use of Metaverse in Surgical Applications

Challenges

Hipaa Regulations for Healthcare Metaverse
Interoperability Issues
Local Government Restrictions Coupled with Environmental Impact

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Industry Insights

7 Metaverse in Healthcare Market, by Component
7.1 Introduction
7.2 Software
7.2.1 Increasing Investments in Ar/Vr Technology in Healthcare to Drive Growth
7.3 Hardware
7.3.1 AR Devices
7.3.2 VR Devices
7.3.3 MR Devices
7.3.4 Displays
7.4 Services
7.4.1 Services Help Improve Patient Care, Enhance Medical Training and Education, and Enable Remote Healthcare

8 Metaverse in Healthcare Market, by Technology
8.1 Introduction
8.2 Augmented and Virtual Reality
8.2.1 Increasing Demand for Ar/Vr Applications in Healthcare to Drive Growth
8.3 Mixed Reality
8.3.1 Increasing Awareness of Digital/Virtual Medicine to Drive Growth
8.4 Artificial Intelligence
8.4.1 Wide Availability of Complex Datasets to Drive Growth
8.5 Blockchain
8.5.1 Increasing Need to Reduce Cost of Secure Data Exchange to Drive Growth
8.6 Digital Twin
8.6.1 Increasing Adoption of Digitalization in Healthcare to Propel Market Growth
8.7 Internet of Things
8.7.1 Advancements in Healthcare and Wide Acceptance of Remote Care to Drive Growth
8.8 Medical Wearables
8.8.1 Increasing Focus on Fitness and Health to Support Growth

9 Metaverse in Healthcare Market, by Application
9.1 Introduction
9.2 Digital Therapeutics
9.2.1 Rising Incidence of Preventable Chronic Diseases to Drive Growth
9.3 Medical Diagnostics
9.3.1 Metaverse Environment Can Offer Enhanced Medical Diagnostics
9.4 Medical Education and Surgical Training
9.4.1 Metaverse Adding New Dimensions to Medical Education and Surgical Training
9.5 Telehealth and Telemedicine
9.5.1 Growing Geriatric Population to Drive Market Growth
9.6 Drug Discovery and Personalized Medicine
9.6.1 Metaverse to Help Reduce Time and Cost Involved in Drug Discovery
9.7 Other Applications

10 Metaverse in Healthcare Market, by End-user
10.1 Introduction
10.2 Healthcare Providers
10.2.1 Increasing Need to Improve Profitability of Healthcare Operations to Boost Growth
10.3 Healthcare Payers
10.3.1 Increasing Focus on Outcome-Based Payment Models to Drive Demand
10.4 Pharmaceutical, Biopharmaceutical, and Medtech Companies
10.4.1 Enhanced Clinical Trials and Better Collaboration and Communication to Drive Growth
10.5 Patients
10.5.1 Increased Access to Care and Improved Patient Outcomes to Support Market Growth
10.6 Other End-users

11 Metaverse in Healthcare Market, by Region

12 Competitive Landscape

13 Company Profiles

14 Appendix

Companies Mentioned

8Chili, Inc.
Accuvein, Inc.
Augmedics
Bioflightvr
Brainlab Ag
CAE Inc.
CMR Surgical
Eon Reality
GE Healthcare
Google
Immersivetouch, Inc.
Intuitive Surgical, Inc.
Koninklijke Philips N.V.
Medtronic plc
Merative
Microsoft
Mindmaze
Novarad Corporation
Nvidia Corporation
Oculus (Meta Platforms)
Oodles Technologies
Siemens Healthineers Ag
Wipro
Worldviz, Inc.
Xrhealth

For more information about this report visit https://www.researchandmarkets.com/r/pcrdu4

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