Metaverse in Healthcare Market: High Investments and Technological Advancements to drive global market growth

Metaverse in Healthcare Market size was valued at USD 4.92 Billion in 2022 and is expected to grow at a CAGR of 47.8 percent from 2023 to 2029 to reach USD 75.8 Billion

Metaverse in Healthcare Market Overview 

Metaverse is a digital universe where users can live and interact with each other. Metaverse has various elements that include blockchain, technology, augmented reality, virtual reality and game theory. It aims to simplify complex diagnoses and treatments by combining augmented reality (AR), virtual reality (VR) and artificial intelligence (AI) technologies. As per the study, many healthcare organizations across the world are using metaverse technology in some capacity. As the use of metaverse is increasing and new ones are emerging in the market, healthcare is expected to remain one of the five most active metaverse sectors, representing 10 percent to 15 percent of the total metaverse market. The factors that are expected to drive the global Metaverse in Healthcare Market growth are increasing demand for personalized and convenient workout experiences, the growing popularity of virtual worlds and metaverse platforms, the rising interest in gamification and interactive experiences, the advancement of tracking devices, sensors, cameras, and virtual reality equipment and the growing interest in decentralized solutions for personal data management.To know about the Research Methodology :- Request Free Sample Report
Metaverse in Healthcare Market Dynamics
Before Covid began, ever since the beginning of medical science, healthcare meant physical interaction between patients and doctors. This changed slightly post Covid. More people chose tele consultations and home-based healthcare over potentially contracting Covid at dedicated health institutions. Metaverse seeks to revolutionize this forever.

Investments in the Metaverse in Healthcare Industry

As per the study, Metaverse healthcare startups have received USD 2.3 billion in funding since 2017, which has tripled since 2020 and investment is growing at an annual rate of 30 percent. Many of the healthcare players expect their metaverse involvement to increase and believe the time to invest is now or soon.

As per the research, the health leaders are majorly focusing their investments first on data generating, analyzing and supporting their technology, the tools and platforms that help document and transmit patient data, enable patient navigation and support clinical decision-making. The world’s largest technological firms have shifted their focus to invest in Web 3.0, the principles and technologies that are expected to revolutionize healthcare. A key part of this new internet is expected to be the metaverse.

Microsoft, a mega-company is actively investing in the expansion of metaverse healthcare. They introduced MESH, which is an online platform. It allows people in different physical locations to join the digital metaverse. This is via its ability to integrate 3D experiences on various devices.Impact of Metaverse on the Healthcare Sector

The healthcare industry has been gaining momentum by using metaverse technology. The metaverse is majorly benefitting patients and providers by increasing access, delivering better outcomes and reducing costs. Patient benefits include more affordable care options, better care quality, better access and improved convenience. Benefits for companies are also seen across the sector as startups are bringing new offerings to the market and many of the key players are investing in R&D. The metaverse has enabled more timely intervention and improved engagement with patients and health plan members. Strategical engagement with the metaverse has enabled companies to move up the technology knowledge curve, form new technology partnerships, embed the value of innovation in their culture and demonstrate their own ability to deliver better products and services through innovation.

Challenges of the Metaverse Adoption in the Healthcare Industry

The metaverse demands expensive hardware as well as strong tech infrastructure that provides sufficient bandwidth and connection speed. The majority of institutions are not able to afford such substantial investments at once which is slowing down the pace of metaverse adoption in healthcare. The metaverse is still lacking interoperability standards with a thought-through strategy regarding data protection and privacy. For now, these struggles are creating additional risks and reducing the potential efficiency of healthcare in the metaverse.

Future of Metaverse in Healthcare Market

How the data is stored, owned and used is expected to shift from government organizations to individuals, giving them greater agency over the data. The individuals will be able to store their health data from multiple sources in personal online data stores (PODS), which is expected to offer greater levels of security, privacy and control for individuals. Telepresence is expected to empower patients to seek out clinicians without regard to their physical location. The traditional barriers to virtual consultations requiring physical contact have the potential to be disrupted by accelerating the adoption of haptic and mixed-reality technologies. The virtual nature of the metaverse environment has the potential to confer the benefits associated with the de-stigmatization of health conditions, especially in sexual health and mental health. The future of healthcare is around the concept of a “virtual hospital”. It comprises a virtual reality hospital environment, accessed through a headset, where treatments are expected to be focused on counseling and physiotherapy services.

The global metaverse in healthcare market is only expected to expand and develop during the forecast period. However, to flourish into its original concept, the metaverse industry needs to overcome its major challenges such as convincing medical institutions to invest in metaverse adoption and implementation of necessary mechanisms for data protection.
Metaverse in Healthcare Market Regional Insights
In 2022, the Metaverse in Healthcare Market in North America dominated the global market. This is attributed to the strong presence of key players and technological advancements in the region. In the US, in April 2020, over 40 percent of medicare, primary care visits were conducted via telemedicine methods compared to 0.2 percent just two months before. In the last two years, the number of facilities in the country providing care by telepresence has more than doubled from 42 percent to 93 percent. The US healthcare is estimated to spend USD 8.3 trillion by 2040 in new and emerging healthcare technologies.

The Metaverse in Healthcare Market in Europe also held the major share of the global market and is expected to grow at a high rate during the forecast period. In July 2023, the European Investment Bank (EIB), signed a USD 55.63 million loan to co-finance the research and development programme of Germany-based Brainlab AG for two years. The UK-government-run National Health Service (NHS) has recently committed to increasing virtual ward capacity by 40 to 50 virtual beds per 1,00,000 people by December 2023, which is expected to allow more than 17 percent of total admissions to be treated in virtual hospitals.
Objectives of Different Metaverse Projects




Project
Country
Focus Area


Medical Education Training
Mental Health
Physical Health
Surgeries
Others


Healthify
India

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Bump Galaxy
Netherlands

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AccuVein
USA



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HintVR
USA
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HealthBlocks
Netherlands

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HoloLens
USA
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IRIS
USA
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GHA Projects
USA+India
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Metaverse in Healthcare Market Segment Analysis
Based on technology: The market is divided into Virtual Reality, Augmented Reality, Mixed Reality, Artificial Intelligence, Blockchain and IoT. The Blockchain segment is expected to grow at a high rate during the forecast period. This is attributed to the solutions it offers such as decentralization, enhanced security, transparency, and traceability to data exchange due to which its implementation for healthcare has already started.

Based on Device: The market is divided into Virtual Reality Headsets, Augmented Reality Devices and Mixed Reality Platforms. The Virtual Reality Headsets segment is expected to grow at a high rate during the forecast period. This is attributed to the benefits associated with it such as patients can have private consultations with experts and specialists who are physically miles away. The Augmented Reality Devices segment is also expected to grow at a high rate in the future. The continuous advancements in AR technology such as the development of lightweight, wearable AR devices increasing the demand for it in the healthcare sector.

Based on End-Users: The market is divided into MedTech, Providers, Biopharma and Payers. During the forecast period, the Payers segment is expected to dominate with the largest Metaverse in Healthcare Market share. The healthcare payers such as insurance companies and government healthcare programs are exploring innovative technologies to enhance their services and improve user experiences. The Biopharma segment is expected to grow rapidly during the forecast period. This is because the biopharma industry is increasingly exploring the use of virtual reality (VR) and augmented reality (AR) technologies for various purposes such as medical training, drug discovery, patient education and clinical trials.
Metaverse in Healthcare Market Competitive Landscape
This section of the report provides detailed knowledge of the Metaverse in Healthcare key competitors with revenue, strategies, mergers, acquisitions, joint ventures, latest advancements, investments and product portfolio. As per research, the Metaverse in Healthcare Market is majorly growing due to the increasing number of new entrants and partnerships.

On June 2023, Brainlab expanded its collaboration with AO Foundation to deliver extended reality technology for best practices in education and training. The incorporation of Brainlab technology into AO courses is expected to increase knowledge acquisition, enhance decision making and improve the coordination of skills, all within a safe and engaging setting. The AO will leverage brain technology, including Mixed Reality Viewer for craniomaxillofacial (CMF), trauma and spine education. Using video game technology, the AO, Brainlab and its subsidiary Level Ex are working to accelerate the adoption of new skills and techniques. They will also collaborate on a new spine surgery video game soon. This focus will be on instilling the expert skills needed for successful spine procedures using the neuroscience of play.

Intuitive Surgical Inc has developed an array of innovations in recent years such as the da Vinci SimNow simulator that provides a virtual platform, which helps surgeons train and improve with virtual-reality simulations and other training exercises.
Global Metaverse in Healthcare Market Scope: Inquire before buying



Global Metaverse in Healthcare Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4.92 Bn.


Forecast Period 2023 to 2029 CAGR:
47.8%
Market Size in 2029:
US $ 75.8 Bn.


 Segments Covered:
by Component
Hardware
Software


by Technology
Virtual Reality
Augmented Reality
Mixed Reality
Artificial Intelligence
Blockchain
IoT


by Device
Virtual Reality Headsets
Augmented Reality Devices
Mixed Reality Platforms


by Appliation
Medical Training and Educational Modules
Diagnosis
Treatment
Designing ORs
Surgical Training
Remote Monitoring
Others


by End-User
Medtech
Providers
Biopharma
Payers



Metaverse in Healthcare Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Metaverse in Healthcare Key Players
1. Brainlab (Germany)
2. Intuitive Surgical Inc (US)
3. Veyond Metaverse (US)
4. GE Healthcare (US)
5. Medtronic PLC (Ireland)
6. BioFlight VR (US)
7. Siemens Healthineers (Germany)
8. Novarad Corporation (US)
9. Nvidia Corporation (US)
10. gameChange VR (UK)
11. Aimedis B.V. (Belgium)
12. ARBREA LABS (Switzerland)
13. Medical Realities Ltd. (UK)
14. Augmedics (US)
15. Microsoft Corporation (US)
16. Cedars-Sinai Medical Center (US)

Frequently Asked Questions

1] What is the expected CAGR of the Global Metaverse in the Healthcare Market during the forecast period?
Ans. During the forecast period, the Global Metaverse in Healthcare Market is expected to grow at a CAGR of 47.8 percent.

2] What was the Metaverse in Healthcare Market size in 2022?
Ans. USD 4.92 Bn was the Metaverse in Healthcare Market size in 2022.

3] What is the expected Metaverse in Healthcare Market size by 2029?
Ans. USD 75.8 Bn is the expected Metaverse in Healthcare Market size by 2029.

4] What are the major Metaverse in Healthcare Market segments?
Ans. The market is divided by Component, Technology, Device, Application and End-User.

5] Which regional Metaverse in Healthcare Market is expected to grow high rate during the forecast period?
Ans. Asia Pacific Metaverse in Healthcare Market share is expected to grow at a high rate during the forecast period.