Metaverse in Healthcare Market

Market Synopsis:

The global Metaverse in Healthcare market valued at USD 1,274.1 Million in 2021 and is projected to reach a value of USD 1,0849.1 Million by 2028 at a CAGR of 42.90% over the forecast period.

Due to new medical innovations, the healthcare technology industry is constantly evolving. The healthcare industry is undergoing massive digital transformation, from MRI scans and X-rays to robotic surgeries and virtual reality. The Metaverse is quickly gaining traction in the healthcare industry. Artificial intelligence, augmented reality, the internet of medical devices, virtual reality, quantum computing, and robotics are all expected to change the face of healthcare and improve patient outcomes. In recent years, augmented reality and virtual reality technology have advanced dramatically and are now widely used in medical training, education modules, and surgical procedures to perform complex surgeries with extreme precision. These components are also used in software and hardware to improve the performance of medical devices and equipment.

Factors such as an expanding patient pool around the world, an increased need for better patient outcomes, and technological advancements in the healthcare sector are expected to drive market growth during the forecast period. Furthermore, the emergence of metaverse-focused companies around the world, increased collaborations to develop advanced AR and VR solutions for improving patient output and the overall surgical environment, and rising investments in research and development are expected to fuel market growth in the coming years. However, rising concerns about patient data privacy, a lack of awareness about the metaverse, and the high cost of advanced technology are expected to limit global market growth over the forecast period.

Market Segmentation:

The Metaverse in Healthcare market is segmented on the basis of Component, Technology, Device and End use. On the basis of Component, the market is segmented into Hardware and Software. On the basis of Technology, the market is segmented into Virtual Reality, Augmented Reality, Mixed Reality and Artificial Intelligence. On the basis of Device, the market is segmented into VR Headsets, AR Devices and Mixed Reality Platforms. On the basis of End Use, the market is segmented into Medical Training & Education Modules, Diagnosis, Treatment, Designing Ors, Surgical Traning, Remote Monitoring and Others.

Based on Component

The hardware segment is expected to grow at a significantly faster rate than the overall market during the forecast period, owing to advancements in hardware technology, the rapid adoption of AR devices and VR headsets for more immersive experiences, and technological advancements in sensing displays and optics technologies. Furthermore, advancements in haptic devices to ensure more enhanced metaverse-focused sensory experiences are delivered, as well as increased investment and efforts by companies to develop advanced haptic devices, are some other key factors expected to contribute to the segment's revenue growth in the future.

Based on Technology

The use of AR platforms in the healthcare sector for surgical training and education, the use of AR devices to monitor patients' vital signs during surgical procedures, and the increasing use of VR and AR-based apps for self-guided treatments are all expected to drive revenue growth in the augmented reality segment over the forecast period. In the healthcare industry, augmented reality is commonly used for applications such as vein imaging, surgical visualization, and educational training. Furthermore, recent technology breakthroughs in hardware and software have lowered the costs associated with augmented reality while greatly improving the experience of patients and healthcare professionals. By superimposing images during procedures that need accurate navigation to crucial organs, augmented reality can improve viewing of Computerized Tomography (CT) or Magnetic Resonance Imaging (MRI) data, which is promoting AR device use in healthcare.

North America Held the Largest Market Share in the Global Metaverse in Healthcare Market

North America acquired the largest market share during the year 2021 with a share of 43.10%. Due to the presence of well-developed healthcare infrastructure, metaverse-focused enterprises in the United States and Canada, and quick technology breakthroughs, North America is likely to account for the biggest revenue share. Other factors such as rising prevalence of various chronic diseases across the region, high use of AR and VR in hospitals and clinics for surgeries, attributable to a strong presence of metaverse-focused companies in the region and increasing investment to develop new and more innovative AR products and applications, and advancements in software and hardware are expected to boost North America market revenue growth over the forecast period.