Overview and Scope
The metaverse in the healthcare market refers to the use of emerging technologies such as virtual and augmented reality to facilitate research and development capabilities pertaining to drug manufacturing processes, bring about technology improvements in the realm of mental health, and assist healthcare facilities in overcoming geographical limits. They can also promote scans and tests that can be performed in a facility local to the patient, with the data being sent to a specialist anywhere in the world.
Sizing and Forecast
The metaverse in healthcare market size has grown exponentially in recent years. It will grow from $10.28 billion in 2023 to $13.79 billion in 2024 at a compound annual growth rate (CAGR) of 34.1%. The growth in the historic period can be attributed to increased emphasis on medical training and simulation, rise in telemedicine and virtual consultations, enhanced patient engagement and education, incorporation of gamification in healthcare, global health crisis response..
The metaverse in healthcare market size is expected to see exponential growth in the next few years. It will grow to $44.44 billion in 2028 at a compound annual growth rate (CAGR) of 34.0%. The growth in the forecast period can be attributed to expansion of virtual clinical trials, development of virtual therapeutics, focus on accessibility and inclusivity, personalized healthcare experiences, market penetration in developing regions.. Major trends in the forecast period include digital twin technology in healthcare, integration with wearable devices, integration of virtual reality (vr) technology, incorporation of blockchain for data security, collaborations between tech and healthcare industries..
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Segmentation & Regional Insights
The metaverse in healthcare market covered in this report is segmented –
1) By Component: Software, Hardware
2) By Technology: Augmented Reality(AR), Virtual Reality(VR), Artificial Intelligence(AI), Mixed Reality(MR)
3) By Device: VR Headsets, AR Devices, Mixed Reality Platforms
4) By End-User: Medical Training And Education Modules, Diagnosis, Treatment, Designing ORs, Surgical Training, Remote Monitoring, Others
North America was the largest region in the metaverse in healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the metaverse in healthcare market during the forecast period. The regions covered in the metaverse in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The expanding popularity of telemedicine is expected to propel the growth of global healthcare in the metaverse market going forward. Telemedicine can deliver precise and prompt healthcare suggestions that were previously sought by a doctor. In order to stop infections from spreading in waiting rooms during pandemics, telemedicine can be of crucial relevance, as a result, there is an increasing demand for metaverse technologies in telemedicine. For instance, in July 2021, according to the Health Management Organization, a UK-based journal website, only 11% of Americans used telemedicine before the development of COVID, but today, about 76% of them prefer it. This is a result of increased public awareness of the speedy spread of illnesses. The use of telehealth has surged by over 6,000% in the last year. The market for telehealth services is anticipated to expand by another 28% by 2026. Therefore, an increase in the popularity of telemedicine across the globe is driving the metaverse in the healthcare market.
Key Industry Players
Major companies operating in the metaverse in healthcare market are increasing their focus on introducing personalized virtual features to gain a competitive edge in the market. Personalized virtual features refer to customized and individualized elements within a virtual environment or digital platform. For instance, in February 2023, Indegene, an India-based life sciences commercialization company, launched Metaverse capabilities aimed at helping life sciences companies create immersive healthcare experiences using metaverse technology. These capabilities are designed to offer personalized, scalable, and omnichannel experiences for patients and physicians, allowing them to interact with healthcare professionals (HCPs) in virtual medical congresses, attend virtual educational lectures, and connect with others in virtual patient hubs.
The metaverse in healthcare market report table of contents includes:
1. Executive Summary
2. Metaverse In Healthcare Market Characteristics
3. Metaverse In Healthcare Market Trends And Strategies
4. Metaverse In Healthcare Market – Macro Economic Scenario
5. Global Metaverse In Healthcare Market Size and Growth
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31. Global Metaverse In Healthcare Market Competitive Benchmarking
32. Global Metaverse In Healthcare Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Metaverse In Healthcare Market
34. Metaverse In Healthcare Market Future Outlook and Potential Analysis
35. Appendix
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