Global Metaverse in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers, Pharma and Biopharma Companies, Medical Device Companies, Research Organizations and Academic Institutions

Global Metaverse in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers, Pharma and Biopharma Companies, Medical Device Companies, Research Organizations and Academic Institutions, Patients, and Payers), By Application (Medical Training and Education, Diagnosis and Treatment, Remote Monitoring, Therapy, Fitness and Wellness, Surgical Operations, Medical Device Manufacturing, and Clinical Trials), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 – 2030

Global Metaverse in Healthcare Market Size, Share & Trends Analysis Report, By Component (Hardware and Services), By End-user (Healthcare Providers, Pharma and Biopharma Companies, Medical Device Companies, Research Organizations and Academic Institutions, Patients, and Payers), By Application (Medical Training and Education, Diagnosis and Treatment, Remote Monitoring, Therapy, Fitness and Wellness, Surgical Operations, Medical Device Manufacturing, and Clinical Trials), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 - 2030

Global Metaverse in Healthcare Market was values US $8,231.22 Million in 2022 and is expected to reach US $73,570.90 Million by 2030, growing at a CAGR of 31.49% during the forecast period 2023 – 2030.

A metaverse is a virtual environment that runs on the internet as its backbone. Users can interact with one other using computer-generated objects and avatars in this shared online 3D environment. The Metaverse's application cases are growing every day. Among the most widely used Metaverse applications nowadays are online gaming, social networking, training, and education. Although metaverse is not a new concept in healthcare, its revolutionary potential and potential advantages make it a highly discussed topic. In order to create immersive digital environments where patients, medical students, and medical personnel can interact with medical data and with one other in creative ways for enhanced healthcare outcomes and satisfaction, augmented reality (AR) and virtual reality (VR) technologies are used.

Metaverse technologies have the potential to generate value in various ways, including but not limited to:

Improving surgical quality and diagnostic precision by employing cutting-edge technologies

Lowering the cost of medical education, healthcare delivery, and data management

Offering new avenues for the storage, exchange, and retrieval of data (including patient records, insurance policy information, and provider details)

Improving customer satisfaction and patient and insurance plan experiences, as well as expanding revenue streams by launching innovative services

Facilitating remote patient and provider connections to enhance healthcare accessibility

Minimising overhead expenditures and income via streamlining processes including hiring, training, and payment

By providing more promising solutions for pain management, fitness, health education, and preventive healthcare, along with a significant role in training and education, AR and VR are revolutionising the healthcare industry.

For example, AR aids physicians in precisely identifying symptoms. AR-enabled apps, like EyeDecide, mimic a patient's eye structure, diseases, and treatment using a camera display. The software offers a description of every ailment, notes any symptoms and results next to each picture of a patient, and makes therapy recommendations based on industry best practices. This enables the physician to carefully assess the symptoms. Additionally, the patient is spared from any communication difficulties. Patients can also take an active role in their own care by using AR-enabled healthcare software solutions. One of the apps for patient self-care that makes use of augmented reality is Know My Heart. It makes it feasible for a single patient to self-monitor their pulse and identify potential Atrial Fibrillation. This increases the patient's awareness of their health status and helps them to take their medicine as directed and seek prompt medical attention when necessary.

Applications of VR in healthcare are expanding, much like AR. The inside of the human body, which is otherwise unreachable, may now be seen thanks to virtual reality. Dissecting cadavers has long been the standard practice for all incoming medical students in terms of education and training. It is currently being superseded by virtual reality (VR) technology, which allows students to participate in lifelike VR experiences that mimic biological processes and structures. Computer images enable in-depth representation of any bodily area, providing students with a realistic, secure, and repeatable learning environment. Furthermore, several scenarios that are closely related to typical real-life surgical circumstances can be used to impart instruction. Anatomical representations of the particular body part undergoing the surgery can be merged with real surgical procedures that are filmed from many perspectives with remarkable quality. This basically lets students practise surgery by enabling them to virtually participate in surgical simulations within a virtual reality setting.

“Hardware segment, by component, to be largest market from 2023 to 2030.”

By components, the Global Metaverse in Healthcare Market is divided into hardware and software. With a market share of 54.67% in the healthcare industry in 2022, the hardware category dominated Metaverse thanks to the growing popularity of AR gadgets and VR headsets for immersive experiences. Revenue from the market is also anticipated to increase because to the increased demand for haptic feedback devices, such as gloves that let users experience feelings in virtual surroundings. These gadgets might be used in medical education, enabling users to virtually perform surgeries and other medical duties.

The fastest-growing segment is software, which is expected to grow at a CAGR of 32.65% over the projection period. The market for software will grow in the upcoming years due to the ongoing requirement for real-time data updates and transfer with high speed and low latency connections, edge computing, and IoT integration.

“Healthcare Providers segment, by end-user, to be largest market from 2023 to 2030.”

By end-users, the Global Metaverse in Healthcare Market is divided into Healthcare Providers, Pharma and Biopharma Companies, Medical Device Companies, Research Organizations and Academic Institutions, Patients, and Payers. Due to ongoing efforts to enhance patient outcomes and integrate metaverse for the development of novel therapies, real-time data analytics, global outreach and access, better surgical planning and visualisation, and enhanced medical training and education, healthcare providers accounted for the largest end-users of metaverse applications in 2022.

The fastest-growing segment is research organisations and academic institutions, which is expected to increase at a compound annual growth rate (CAGR) of 32.42% throughout the projection period. This is so that scientists may perform experiments, simulations, and data analysis in immersive and interactive settings. Research organisations can utilise the Metaverse to develop virtual laboratories and simulations.

“Medical Training and Education segment, by application, to be largest market from 2023 to 2030.”

By application, the Global Metaverse in Healthcare Market is divided into Medical Training and Education, Diagnosis and Treatment, Remote Monitoring, Therapy, Fitness and Wellness, Surgical Operations, Medical Device Manufacturing, and Clinical Trials. With a market share of 22.87% in 2022, the medical training and education sector led the Metaverse in the healthcare industry. The fact that the Metaverse gives medical professionals, students, and trainees the chance to practise operations, medical procedures, and other crucial skills in immersive virtual environments is one of the reasons for its high share. This can be especially helpful for rehearsing intricate procedures and improving surgical techniques without the risk of using actual patients.

“North America to be largest region in Metaverse in Healthcare Market.”

In 2022, the healthcare industry in the Metaverse was dominated by North America. The reason for this is that, as the centre of technical innovation, the US and Canada have seen a number of IT businesses investigate Metaverse-related ideas. With a projected compound annual growth rate (CAGR) of 33.13%, the APAC region is the fastest-growing market. A growing number of APAC nations, including China, South Korea, Japan, and Singapore, are concentrating on enhancing their entire healthcare system. Because these nations have been at the forefront of experimenting with AR and VR technologies—which are essential to the Metaverse concept—the use of Metaverse in healthcare is expected to increase in the coming years.

Metaverse in Healthcare Competitive Landscape

The competitive landscape of the Metaverse in Healthcare Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Metaverse in Healthcare technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Metaverse in Healthcare Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Metaverse in Healthcare Market include:

Major Players:

Microsoft Corporation (US)

Roblox Corporation (US)

Nvidia Corporation (US)

GE Healthcare (US)

Brainlab AG (Germany)

Apple Inc. (US)

Siemens Healthineers (Germany)

Meta Platforms Inc. (US)

PlushCare (US)

Intuitive Surgical Inc. (US)

BioFlight VR (US)

Novarad Corporation (US)

Veyond Metaverse (US)

gameChange VR (UK)

Sesame Care (US)

Aimedis B.V., (Belgium)

Recent Developments:

In June 2023, Apple introduced Apple Vision Pro, a ground-breaking spatial computer that enables users to remain in the moment and socially engaged while fusing digital and real-world content. With Vision Pro, apps can operate on an unlimited canvas that extends beyond the confines of a conventional display. It also offers a completely three-dimensional user interface that can be operated by the most instinctive and natural input methods imaginable: the user's hands, eyes, and voice.

June 2023: A mental health hub will be launched for the first time in the Metaverse by Emplomind, a company that offers easily accessible on-demand tutoring. The company plans to develop digital domains and metaverse solutions that will enable users to establish safe virtual communities by utilising its team of experts and technological know-how. Additionally, the company has a strategy for rolling out its core services and features for one-on-one On-Demand support.

March 2023: NVIDIA and Medtronic work together to develop an artificial intelligence platform for medical devices. The businesses will incorporate NVIDIA healthcare and edge AI technology into the Cosmo Pharmaceuticals-developed and -manufactured Medtronic GI GeniusTM intelligent endoscopy module. The first AI-assisted colonoscopy tool approved by the FDA, GI Genius, enables doctors to find polyps that may eventually develop into colorectal cancer.