Global Metaverse in Healthcare Market Size, Share, and COVID-19 Impact Analysis, By Device (VR Headsets, AR Devices, Mixed-reality Platforms), By Component (Software, Hardware), By End-user (Medical Training & Education Modules, Surgical Training, Diagnosis, Treatment, Designing ORs, Remote Monitoring, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Industry: Healthcare

RELEASE DATE Jan 2024
REPORT ID SI3597
PAGES 200
REPORT FORMAT PathSoft

Global Metaverse in Healthcare Market Insights Forecasts to 2033

  • The Global Metaverse in Healthcare Market Size was Valued at USD 8.97 Billion in 2023.
  • The Market Size is Growing at a CAGR of 49.3% from 2023 to 2033
  • The Worldwide Metaverse in Healthcare Market Size is Expected to Reach USD 496.26 Billion by 2033
  • Asia Pacific Market expected to grow the fastest during the forecast period.

Global Metaverse in Healthcare Market

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The Global Metaverse in Healthcare Market Size is Anticipated to Exceed USD 496.26 Billion by 2033, Growing at a CAGR of 49.3% from 2023 to 2033.

 

Market Overview

The term "metaverse" describes a shared virtual environment that integrates elements of the internet, virtual reality, and augmented reality. Individuals have the capability to engage in real-time communication with both fellow users and computer-generated environments within this virtual realm. A number of components of patient involvement, training, and healthcare delivery could be completely transformed by the incorporation of the metaverse into the healthcare sector. This covers immersive patient education, training simulations for medical workers, and virtual medical consultations. The metaverse has the ability to address healthcare issues like data security and data management where it represents the blockchain technology. Moreover, the robotics also referred as robot-assisted operations, was utilized to execute complex surgeries with precision and adaptability. The main use of the metaverse is for remote patient monitoring, which enables the doctor to confer with the patient via their digital twins in the clinic's virtual environment. In controlled environments, medical professionals and students can enhance their skills during practical sessions with the use of augmented reality or virtual reality. Furthermore, metaverse technology can be used to replicate medical procedures, methods, and complex medical concepts. The industry is expanding as a result of rising internet and virtual reality platform usage as well as the acceptance of blockchain technology.

 

Report Coverage

This research report categorizes the market for the global metaverse in healthcare market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global metaverse in healthcare market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global metaverse in healthcare market.

 

Global Metaverse in Healthcare Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 8.97 Billion
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:49.3%
2033 Value Projection:USD 496.26 Billion
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Device, By Component, By End-user, By Region
Companies Covered: Intuitive Surgical Inc., 3D Systems Corp., Meta Platforms, Inc., Microsoft, Google LLC, 8chilli, Inc., AccuVein, Surgical Inc., ImmersiveTouch Inc., Brainlab, Intuitive Surgical Inc, GE Healthcare, NVIDIA Corporation, and Others Key Vendors.
Pitfalls & Challenges:COVID-19 Empact,Challenges, Future, Growth, & Analysis

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Driving Factors

Remote consultation and telemedicine in the metaverse are enhanced and play crucial roles in providing more collaborative and interesting experiences for patients and healthcare providers. Virtual reality (VR) and augmented reality (AR) technologies can enable more realistic virtual appointments, consultations, and examinations will boost the metaverse in healthcare market growth. Following the pandemic's induction of social distancing norms, there has been an increase in the usage of telemedicine for remote patient consultation and patient monitoring for at-home care recipients. There is a growing need for metaverse in healthcare solutions for efficient patient service administration because of the rising focus on patient-centricity and the significance of the patient experience in the healthcare sector. As a result, throughout the projected time frame, the role of metaverse in healthcare has grown dramatically due to its advantages.

 

Restraining Factors

The metaverse is expanded in healthcare technologies for easy reach and efficiency in healthcare delivery, but it has high-security risks, which limit the growth of the market due to broader access. The healthcare industry is a common target for hackers looking to corrupt data and profit from it. Moreover, the volume of patient data grows along with the number of patients. In healthcare research and development need more capital while metaverse in healthcare poses next-generation technology to better its application. However, this type of technology is expensive which made metaverse in healthcare a costly option. The costly development of metaverse for healthcare applications would hamper the market's growth.

 

Market Segmentation

The Global Metaverse in Healthcare Market share is classified into device, component, and end use.

  • The AR devices segment is expected to hold the largest share of the global metaverse in healthcare market during the forecast period.

Based on devices, the global metaverse in the healthcare market is divided into VR headsets, AR devices, and mixed-reality platforms. Among these, the AR devices segment is expected to hold the largest share of the metaverse in healthcare market during the forecast period. For educational and medical training purposes, AR devices provide an immersive and engaging experience. AR devices help medical professionals and students see intricate anatomical features, rehearse techniques, and improve skills in virtual environments. Surgeons can use AR devices to plan and navigate surgical procedures and receive real-time information during operations. By using this technology, surgeons can increase accuracy, decrease mistakes, and improve patient outcomes.

 

  • The hardware segment is expected to grow at fastest pace in the global metaverse in healthcare market during the forecast period.    

Based on the component, the global metaverse in healthcare market is divided into software and hardware. The hardware segment is expected to grow at fastest pace in the metaverse in healthcare market during the forecast period. Throughout the projected time frame, the segment's expansion will be aided by the growing research and development of the medical Internet of things. Examples of the medical internet of things in hardware form include connected contact lenses, hearing aids, connected inhalers, remote patient monitoring, and patient vital monitors. The development and application of haptic devices also need research and investment, which raises the hardware component's market growth.

 

  • The medical training & education modules segment is expected to grow at greatest pace in the global metaverse in healthcare market during the forecast period.

Based on the end user, the global metaverse in healthcare market is divided into medical training & education modules, surgical training, diagnosis, treatment, designing ORs, remote monitoring, and others. The medical training & education modules segment is expected to grow at greatest pace in the metaverse in healthcare market during the forecast period. A novel approach to improving medical professionals' surgical and diagnostic skills has been made possible by the use of augmented reality in medical education. The medical training and education modules industry is dominated by the widespread usage of metaverse extensions for a three-dimensional learning experience in surgical and medical training.

 

Regional Segment Analysis of the Global Metaverse in Healthcare Market

  • North America (U.S., Canada, Mexico) 
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Rest of APAC)
  • South America (Brazil and the Rest of South America) 
  • The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global metaverse in healthcare market over the predicted timeframe.

North America

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North America is anticipated to hold the largest share of the global metaverse in healthcare market over the predicted timeframe. The region's expansion in the metaverse industry will be aided by the rising healthcare spending that is going into improving the medical facilities. Other factors that are anticipated to contribute to the growth of the North America market revenue over the forecast period include the rising prevalence of various chronic diseases throughout the region, the high use of AR and VR in hospitals and clinics for surgical procedures, the strong presence of companies focused on the metaverse in the region, the rising investment in the development of new and more innovative AR products and applications, and advancements in software and hardware.

 

Asia Pacific is expected to grow at the fastest pace in the global metaverse in healthcare market during the forecast period. Growth in this region is being driven by technological improvements in the healthcare industry. Growth is being promoted by partnerships between healthcare organizations and metaverse technology businesses, as well as by large investments in the incorporation of this technology into medical equipment. Asia-Pacific governments are keeping a careful eye on how the metaverse is affecting healthcare. Policies and procedures are being created to protect patient privacy, respect medical ethics, and guarantee the security of online health services.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global metaverse in healthcare along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Intuitive Surgical Inc.
  • 3D Systems Corp.
  • Meta Platforms, Inc.
  • Microsoft
  • Google LLC
  • 8chilli, Inc.
  • AccuVein
  • Surgical Inc.
  • ImmersiveTouch Inc.
  • Brainlab
  • Intuitive Surgical Inc
  • GE Healthcare
  • NVIDIA Corporation
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting And Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Developments

  • In March 2023, The US-based NVIDIA Corporation and the US-based Microsoft work together to allow users of Microsoft 365 programs and NVIDIA Omniverse to digitalize their business processes, communicate with the industrial metaverse, and develop innovative tools for generative AI and other uses.

 

  • In June 2022, the digital medical technology startup Brainlab has extended its association with the AO Foundation and released a list of initiatives. The partnership, which was signed during the annual AO Trustees Meeting, which was hosted in Sydney, Australia this year, illustrates the determination of both sides to improve medical education and carries out their shared conviction that immersive learning is the driving force behind improved patient outcomes and changes in surgical practice.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global metaverse in healthcare market based on the below-mentioned segments:

 

Global Metaverse in Healthcare Market, By Device

  • VR Headsets
  • AR Devices
  • Mixed-reality  Platforms

 

Global Metaverse in Healthcare Market, By Component

  • Software
  • Hardware

 

Global Metaverse in Healthcare Market, By End user

  • Medical Training & Education Modules
  • Surgical Training
  • Diagnosis
  • Treatment
  • Designing ORs
  • Remote Monitoring
  • Others

 

Global Metaverse in Healthcare Market, By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. Which region holds the largest share of the global metaverse in healthcare market?
    North America is anticipated to hold the largest share of the global metaverse in healthcare market over the predicted timeframe.
  • 2. What is the market growth rate of the global metaverse in healthcare market?
    The Market Size is Growing at a CAGR of 49.3% from 2023 to 2033.
  • 3. What is the market size of the global metaverse in healthcare market?
    The Global Metaverse in Healthcare Market Size is expected to grow from USD 8.97 Billion in 2023 to USD 496.26 Billion by 2033, during the forecast period 2023-2033.
  • 4. Which are the key companies that are currently operating within global metaverse in healthcare market?
    Intuitive Surgical Inc., 3D Systems Corp., Meta Platforms, Inc., Microsoft, Google LLC, 8chilli, Inc., AccuVein, Surgical Inc., ImmersiveTouch Inc., Brainlab, Intuitive Surgical Inc, GE Healthcare, and others.

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