USD 9.2 billion
Metaverse in Healthcare Market Size, Share, Growth Analysis, By Component (Software, Hardware), By Technology (Augmented and Virtual Reality, Mixed Reality), By Application, By End User, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2297 |
Region:
Global |
Published Date: November, 2024
Pages:
163
|Tables:
131
|Figures:
70
Metaverse in Healthcare Market Insights
Global Metaverse in Healthcare Market size was valued at USD 9.2 billion in 2022 and is poised to grow from USD 14.06 billion in 2023 to USD 417.73 billion by 2031, growing at a CAGR of 52.80% during the forecast period (2024-2031).
Rapid advances in augmented reality (AR), virtual truth (VR), and synthetic intelligence (AI) have dramatically modified the healthcare enterprise. This generation has enabled immersive and actual healthcare studies, thereby revolutionizing affected person care, medical training and research. Medical simulation in digital environment enables healthcare specialists and refine their talents, in the long run enhancing the convenience and accessibility of care throughout a pandemic offer healthcare, ensuring patient access to safe treatment.
Metaverse technology is critical in expanding access to health care, especially in rural or the urban areas. Patients are empowered to access the healthcare services remotely, eliminating the need to be physically present. This technology allows individuals to access counseling, diagnosis exploiting the geographic differences and ensuring that health care is more accessible to those who might otherwise face barriers to care. This improved access has the potential to improve overall health outcomes and address health disparities in the urban areas. For example, InTouch Health is a US-based company of telehealth that uses virtual presence and communication technologies to connect patients and healthcare professionals.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Healthcare Providers
Fastest Growth
Software
Growth Rate
52.80%
Global Metaverse in Healthcare Market ($ Bn)
Country Share for North America Region (%)
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Metaverse in Healthcare Market Segmental Analysis
Global Metaverse in Healthcare Market is segmented by Component, Technology, Application, End User, and region. Based on Component, the market is segmented into Software, Hardware, and Services. Based on Technology, the market is segmented into Augmented And Virtual Reality, Mixed Reality, Artificial Intelligence, Blockchain, Digital Twin, Internet of Things, and Medical Wearables. Based on Application, the market is segmented into Digital Therapeutics, Medical Diagnostics, Medical Education and Surgical Training, Telehealth And Telemedicine, Drug Discovery and Personalized Medicine, and Other Applications. Based on End User, the market is segmented into Healthcare Providers, Healthcare Payers, Pharmaceutical, Biopharmaceutical, And Medtech Companies, Patients, and Other End Users. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Component
The software segment dominated the market with a revenue share of over 45.2% in 2022. The software segment dominates the market because it forms the basis for virtual healthcare applications that are versatile and interactive for real-time communication, data management and AI integration, providing essential tools for accurate diagnosis, personalized care, and cost-effective healthcare solutions. Software inherent flexibility and simplicity of customization for healthcare experts can optimize virtual healthcare studies, ultimately leading to marketplace dominance. The enterprise segment is witnessing tremendous increase because of its essential role in ensuring the better adoption of metaverse technology in healthcare companies. Professionals will provide critical flexibility and usability services by customizing virtual healthcare applications to meet the unique needs of providers and patients. They provide the necessary training and education for healthcare professionals, ensuring the proper use of this technology. In addition, service providers provide technical support, data management, and security services to ensure business integrity and compliance in virtual healthcare environments. They assist with commercial enterprise communications, strategic recommendation, and health of regulatory compliance, and helps the combination of metaverse technology into healthcare structures.
Analysis by Technology
The AR and VR segment dominating the market with a revenue percentage of 38.1% in 2022. The AR (augmented reality) and VR (virtual reality) segment witnessed growth in the market due to the variable impact of medical training, for patient care and diagnosis. They are instrumental in ache control, rehabilitation, and physical therapy, and encourage sufferers to stick to their treatment plans. This technology provides the immersive training experiences, empowering the healthcare professionals to enhance the patient outcomes. In telemedicine, AR and VR growing a sense of presence and engagement. The transformational potential of the artificial intelligence (AI) segment is predicted to drive significant market growth in the coming years. The data-driven insights provided by using those technologies are essential to improving healthcare through analyzing more patient facts, leading to accurate prognosis, personalised remedy planning and quicker prognosis. The key is the continuing improvement of AI to make sure that healthcare remains at the forefront of metaverse packages, handing over smarter, more efficient, affected person-targeted solutions and contributing to compliance and the future of personalised remedy.
Global Metaverse in Healthcare Market By Component (%)
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Metaverse in Healthcare Market Regional Insights
North America dominated the market with over 37.0% revenue share in 2022. Regional leadership in technology and innovation ensures a continuous growth of the advanced healthcare metaverse solutions. Besides enhancing and integrating Metaverse applications, a major investment is money at the inclusion with the global influence of the North American companies accelerates the adoption of the Healthcare Metaverse solution. North America is leading the way in the development and adoption of Metaverse in healthcare, driven by its advanced technology infrastructure and strong investment in R&D and supporting the integration of Metaverse technologies for market growth.
Asia-Pacific is poised to grow at the fastest CAGR of 44.4% by 2030. The market is witnessing rising population, advanced technology and strong growth of healthcare base. Such a dynamic environment coupled with investments in R&D embedded in Metaverse application validation and manufacturing on a provincial level. Asia Pacific as a promising region for healthcare innovation driven by Metaverse, promises to improve healthcare access and outcomes. Asia-Pacific is emerging as an important player in comprehensive healthcare, with rapid technological advancements and an increasing focus on digital health solutions. Countries such as China, Japan and South Korea are investing heavily in VR, AR and MR technologies to advance healthcare and medical education. The region’s heterogeneous demographics, growing healthcare needs and technology adoption, offer ample opportunities for metaverse in healthcare market. Asia Pacific region supporting government and expanded healthcare infrastructure further contributing to its growing role in the global metaverse in healthcare market.
Global Metaverse in Healthcare Market By Geography
- Largest
- Fastest
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Metaverse in Healthcare Market Dynamics
Drivers
Increased Patient Engagement and Personalized Care
- The integration of the metaverse into healthcare transforms patient engagement and personalized care. Virtual reality (VR) and augmented reality (AR) technologies in Metaverse enable interactive medical management, personalized treatment planning, and interactive patient education. These tools help patients better understand conditions and treatment options, increase engagement and adherence to health care programs and support better health outcomes.
Advances in Telehealth Management and Telemedicine
- Metaverse plays a key role in advancing telehealth and telemedicine by providing a virtual environment that allows health professionals to discuss, diagnose and collaborate on treatments. Through VR and AR platforms, clinicians can perform remote surgeries, provide virtual consultations, and participate in real-time collaborative surgery by removing geographical barriers and improving health care. This trend is driven by the increasing demand for remote health solutions, especially in rural areas.
Restraints
Increased Implementation Costs
- Application of Metaverse technologies in healthcare is hampered by high implementation costs. Along with the necessary infrastructure and training, developing and implementing VR and AR systems requires significant investments. These costs can be a barrier for smaller healthcare providers and organizations, limiting their ability to adopt and deploy metaverse solutions. High initial technical costs and the ongoing maintenance can be prohibitive, especially in areas with limited budgets.
Data Privacy and Security Issues
- Data privacy and security are high priorities for metaverse in healthcare. The use of virtual environments for seeking the medical advice and managing patient data raises questions about the protection of sensitive health information. Ensure compliance with data protection laws such as HIPAA in the US. or GDPR over Europe is necessary to protect patient privacy. The risk of cyberattacks and the data breaches also poses risks, potentially undermining trust in virtual healthcare solutions. Strong cybersecurity policies and compliance are needed to address these concerns.
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Metaverse in Healthcare Market Competitive Landscape
The metaverse in healthcare market is growing rapidly, with technological advancements in virtual reality (VR), augmented reality (AR), blockchain, and artificial intelligence (AI) creating a competitive landscape of technology giants and the healthcare providers. Strategic partnership between sectors, healthcare organizations and educational institutions is shaping the competitive landscape. For example, Accenture partnered with Epic Games to develop immersive healthcare experiences such as VR training for doctors. In the metaverse, this partnership is crucial for healthcare education and patient care quality of experience is effective.
Top Player’s Company Profiles
- Microsoft (US)
- Nvidia Corporation (US)
- Koninklijke Philips N.V. (Netherlands)
- CAE Inc. (Canada)
- Xrhealth (US)
- Immersivetouch, Inc. (US)
- Wipro (India)
- Siemens Healthineers AG (Germany)
- Medtronic PLC (Ireland)
- GE Healthcare (US)
- Intuitive Surgical, Inc. (US)
- Brainlab AG (Germany)
- Novarad Corporation (US)
- Oodles Technologies (India)
- CMR Surgical (UK)
- Merative (US)
- Worldviz, Inc. (US)
- Google (US)
- Oculus (Meta Platforms) (US)
- Mindmaze (Switzerland)
- Augmedics (Israel)
- Accuvein, Inc. (US)
- Eon Reality (US)
- Bioflightvr (US)
- 8chili, Inc. (US)
Recent Developments
- In July 2023, health care providers in the U.S. CoxHealth partnered with healthcare technology company Philips to implement a virtual care solution across its hospital network using Philips.' eCareManager and Capsule Surveillance software to maximize patient care, outcomes and staff experience traditional eICU systems.
- In November 2022, the U.S. healthcare professional solution provider HealthStream and medical simulation solution provider CAE Healthcare merged. This partnership enables healthcare organizations using HealthStream’s American Red Cross Resuscitation Suite to complete certification with hStream-certified CAE Healthcare manikins. Using the hStream platform, this collaboration enables the selection of mankind for survival training, introducing an approach that previously did not exist.
- In December 2021, Global Healthcare Academy (India), India's leading healthcare edtech academy and a pioneer in value-added healthcare coaching solutions, partnered with 8Chile (USA) to bring healthcare coaching and medical education to the metaverse.
Metaverse in Healthcare Key Market Trends
- Development Of Virtual Health Communities: The emergence of Metaverse-style health units is a notable feature. These communities allow the patients, caregivers, and healthcare professionals to communicate, share experiences, and provide support in a virtual environment. Virtual health communities facilitate the peer support, educational forums, collaborative problem solving, and foster patient engagement. This trend suggests a growing importance that they have access to social support and increasing shared knowledge in health literacy.
- Integrating AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning (ML) in the metaverse is transforming healthcare. They use AI and ML algorithms to analyze patient data, design automated health care interventions, and optimize treatment plans. AI in the metaverse can enhance virtual consultation by providing real-time diagnostics and decision support, while ML can improve the accuracy of simulations and training programs. This trend highlights the role of AI and ML and increasing emphasis on improving the potential of virtual healthcare.
Metaverse in Healthcare Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the metaverse in healthcare is an emerging market with considerable increase ability, pushed by means of the increasing demand for virtual healthcare solutions and advancements in immersive technology. While high implementation expenses and records privacy worries pose challenges, the marketplace is increasing due to the increase of digital fitness groups and the integration of AI. The metaverse gives revolutionary possibilities for improving patient care and health management through interactive and immersive virtual environments.
| Report Metric | Details |
|---|---|
| Market size value in Healthcare | USD 9.2 billion |
| Market size value in 2031 | USD 417.73 billion |
| Growth Rate | 52.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metaverse in Healthcare Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metaverse in Healthcare Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metaverse in Healthcare Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metaverse in Healthcare Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metaverse in Healthcare Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metaverse in Healthcare Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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