Yahoo Finance Healthcare in Metaverse Market Projected to be Worth USD 5,373 Million by 2030 at a 48.3% CAGR - Report by Market Research Future (MRFR)
Increasing Usage of Digital Twins in Healthcare to Boost Healthcare in Metaverse Market Growth
New York, US, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Healthcare in Metaverse Market Analysis by Component, By Technology, By End-User (Hospitals, Pharmaceutical, Insurance Companies, Others) - Forecast 2030” valuation is poised to reach USD 5373 Million by 2030, registering an 48.3% CAGR throughout the forecast period (2020–2030).
Healthcare in Metaverse Market Overview
Metaverse in mental health can be used to treat a variety of conditions, including phobias, anxiety disorders, PTSD, hallucinations, & delusions. Technology has transformed how we ask for assistance from coworkers, friends, family, or medical professionals when we are experiencing a mental breakdown. Since virtual reality technology possesses the potential to enhance human wellbeing, businesses in the industry are creating mental health apps for the metaverse.
Healthcare in Metaverse Market Report Scope:
Report Metric | Details |
Market Size in 2020 | USD 504.8 Million |
Market Size By 2030 | USD 5373 Million |
Growth Rate | 48.3% CAGR From 2024 to 2030 |
Forecast Period | 2020 to 2030 |
Key Vendors | Brainlab AG, Novarad, GE Healthcare, Siemens Healthineers, Meta Platforms Inc., Nvidia, Microsoft, Roblox, Medtronic, Zimmer Biomet, Veyond Metaverse, gameChange VR, Sesame Care, PlushCare, Intuitive Surgical, BioFlight VR, CAE Inc., EON Reality Inc., ImmersiveTouch Inc., Medical Realities, Augmedics, Aimedis B.V., ARBREA LABS, and Wellx.ai |
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Drivers
Increasing Usage of Digital Twins in Healthcare to Boost Market Growth
The increasing usage of digital twins in healthcare will boost market growth over the forecast period. In the field of medicine, digital twins can gather enormous amounts of patient scan data (such as MRI, CT, and ultrasound scans) over the time & combine it to one perspective to plan treatments and monitor the progression of diseases and their treatment. There are already several instances where human body prototypes, healthcare systems, or entire hospitals are in use. For instance, researchers at EMPA have already built several hundred avatars of real patients with chronic pain and are using them to foresee and optimize the effects of drugs. Through digital tracking and human body modeling, the use of digital twins in healthcare is revolutionizing clinical operations & hospital administration.
Privacy of Patient Data to act as Market Restraint
The privacy of patient data and the soaring cost of hardware and high-tech devices may act as market restraints over the forecast period.
Increasing Cost of Higher Advanced Digital Healthcare Infrastructure to act as Market Challenge
The increasing cost of higher advanced digital healthcare infrastructure may act as a market challenge over the forecast period.
Healthcare in Metaverse Market Segments
The global healthcare in metaverse market is bifurcated based on end user, application, technology, and component.
By component, hardware will lead the market over the forecast period.
By technology, augmented reality will dominate the market over the forecast period.
By application, the healthcare in metaverse market is segmented into Patient Engagement, Pre-Operation & Post-Operation Planning, Immersive 3D Training, 3D Lectures, VR Therapy, Remote Monitoring, and Others.
By end user, the healthcare in metaverse market is segmented into Hospitals, Pharmaceutical, Insurance Companies, and Others.
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Healthcare in Metaverse Market Regional Analysis
North America to Lead Healthcare in Metaverse Market
The metaverse industry is expected to benefit most from North America. The US, Canada, & Mexico make up this region. The primary factors fueling market growth are the growing importance of fusing the online and offline worlds, as well as the growing acceptance of mixed reality. In order to enhance their business processes, several companies in the region are heavily using sophisticated virtual reality, augmented reality technologies, and 3D simulation. From a corporate intelligence perspective, technologies like Extended Reality, 5G, & AI might make metaverse futuristic. The projection period is expected to be led by North America.
It is due to the region's significant concentration of metaverse-focused businesses, the quick development of healthcare infrastructure, the incorporation of AR and VR platforms in healthcare industry, the growth of investments in AR goods and services, and improvements in software and hardware. Due to the rapid expansion of the healthcare infrastructure and the use of digital technology, North America currently controls the metaverse in healthcare sector. The market is also expanding on account of the considerable number of metaverse technology-focused businesses in the area.
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APAC to Have Admirable Growth in Healthcare in Metaverse Market
Due to the rising use of the internet & other technologies to merge the digital and physical worlds, the Asia-Pacific metaverse market is anticipated to expand at the quickest rate. For the purpose of enhancing the application of talents growing different trends across several organizations in China, Japan, & India, mixed reality is gaining momentum and attractiveness. The use of metaverse solutions in the region has grown as a result of regional firms' increasing need to compete with the western counterparts. As a result of its developments in healthcare technology, Asia Pacific is expected to grow at the quickest rate during the projection period. Along with significant investment in integrating this technology with the medical equipment, collaborations between metaverse technology businesses and the healthcare sector are further accelerating expansion.
COVID-19 Analysis
Almost every business on earth has been impacted by the COVID-19 pandemic. As a result, the effect on the healthcare industry is substantial. With the Covid-19 outbreak, telemedicine, or the provision of medication as in the like of a remote service, has gained popularity in the healthcare industry. Only 43 percent of healthcare facilities were able to provide patients remote therapy prior to 2020. Today, the proportion is 95%. Physicians and nurses have found that they can diagnose many of the minor disorders that make up maximum caseload via video call or phone more quickly and efficiently. These routine consultations do not require a physical examination (or can be completed visually). There is little doubt that this will continue in metaverse.
Virtual reality, a key technology that enables the next-level immersion which designates a platform or application as a member of the metaverse, however, presents a completely new range of opportunities. Anyone who has used it understands that virtual reality headset experiences offer a much greater sense of "being there" over other virtual environments like websites, messaging services, or social media.
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Healthcare in Metaverse Market Competitive Analysis
Dominant Key Players on Healthcare in Metaverse Market Covered are:
Brainlab AG (Germany)
Novarad Corporation (US)
GE Healthcare (US)
Siemens Healthineers (Germany)
Meta Platforms Inc. (US)
Nvidia Corporation (US)
Microsoft Corporation (US)
Roblox Corporation (US)
Medtronic PLC (Ireland)
Zimmer Biomet (US)
Veyond Metaverse (US)
gameChange VR (UK)
Sesame Care (US)
PlushCare (US)
Intuitive Surgical Inc. (US)
BioFlight VR (US)
CAE Inc. (Canada)
EON Reality Inc. (US)
ImmersiveTouch Inc. (US)
Medical Realities Ltd. (UK)
Augmedics (US)
Aimedis B.V. (Belgium)
ARBREA LABS (Switzerland)
Wellx.ai (Dubai)
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