NEWARK, Oct. 23, 2023 (GLOBE NEWSWIRE) — The global metaverse in healthcare market will grow from USD 3.14 billion in 2021 to USD 48.6 billion by 2030, according to a report published by The Brainy Insights. 70 million USD, at a CAGR of 35.60% during the forecast period 2022-2030.
The poor condition of medical facilities in many countries creates an urgent need to improve medical training for better surgical outcomes. The healthcare industry metaverse is powered by augmented and virtual reality to teach medical students, interns, and residents precision in complex surgical procedures and improve patient outcomes. Healthcare professionals can use Metaverse technology to accurately diagnose patients and develop optimal treatments and long-term patient care plans. The aforementioned benefits will drive a global metaverse in the healthcare market. The growing demand for the metaverse in the medical field has led prominent companies to increase their spending on research and development. Increasing competition in the Metaverse business drives the development of improved products, technologies, and devices as market competitors grow. The competitive environment will also lower retail costs, allowing the Metaverse market to expand in developing countries. The expensive nature of Metaverse in healthcare technology will limit the market growth. Rising concerns over data privacy and security will also challenge the market growth. Advances in technology and strict data security and privacy laws can help overcome market challenges.
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competitive strategy
In order to strengthen their market positions in the global metaverse of the healthcare market, key players are currently focusing on adopting strategies such as product innovation, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Masu.
• Apollo Hospitals and 8chili Inc entered the Metaverse in February 2022. This initiative enables patient counseling through virtual reality and helps improve patient outcomes. According to a press release provided by market sources, users will be immersed in activities via virtual reality to control their emotions. Individualized treatment tailored to each patient also improves patient satisfaction.
Market growth and trends
The social distancing norms caused by the pandemic have opened up huge opportunities for telemedicine platforms. Telemedicine allows a doctor to examine patients in her 3D virtual reality room. Remove barriers to in-person meetings. This allows patients to meet with their doctor at their convenience from the comfort of their home, reducing the risk of nosocomial infections that can occur during in-person appointments. Similarly, blockchain enables strict data privacy and security laws, allowing healthcare organizations to store patient data with authentication, potentially reducing abuse. Metaverse fosters collaboration among medical professionals and institutions, contributing to the faster development of better medical technologies, devices, equipment, procedures, and medicines. Seamless collaboration between healthcare professionals allows for optimal patient care and treatment planning, ultimately benefiting consumers.
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Main findings
• In 2021, augmented reality segment dominated the market with the largest market share of 37% and market revenue of 1.16 billion.
The technology segment is divided into augmented reality, robotics, virtual reality, artificial intelligence, mixed reality, etc. In 2021, the augmented reality segment dominated the market with the largest market share of 37% and market revenue of 1.16 billion.
• The hardware segment is expected to grow at the fastest CAGR of 38.50% during the forecast period.
The component segment is divided into hardware and software. During the forecast period, the hardware sector is expected to grow at the fastest CAGR of 38.50%.
• In 2021, the AR devices segment accounted for the largest share in the market with 42% and market revenue of 1.31 billion.
The device type segment is divided into AR devices, VR headsets, and mixed reality platforms. In 2021, the AR devices sector accounted for the largest share in the market, at 42%, with market revenue of 1.31 billion.
• In 2021, the medical training and education modules segment accounted for the largest share of the market at 38% with market revenue of 1.19 billion.
The end-use segment is divided into diagnostics, therapeutics, surgical training, remote monitoring, medical training and education modules, operating room design, etc. In 2021, the medical training and education modules segment accounted for the largest share of the market at 38%, with market revenue of $1.19 billion.
Regional Segment Analysis of Metaverse in Healthcare Market
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and other South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
Among all regions, the North America region emerged as the largest market for the global Metaverse in Healthcare, capturing approximately 38% market share and market revenue of 1.19 billion in 2021. With the substantial presence of key market players, North America currently dominates the healthcare industry metaverse. The expansion of the region’s Metaverse industry will be driven by increased healthcare spending aimed at improving healthcare facilities. Growing use of augmented reality, virtual reality, and artificial intelligence in the healthcare industry to improve patient experience and medical education is expected to further drive market growth during the forecast period. Increased collaborative efforts between private market players and government authorities to develop better healthcare technologies will also foster the growth of the global metaverse in the healthcare market.
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The major companies operating in the global metaverse of the healthcare market are:
・Meta Platforms Co., Ltd.
• Google LLC
• Microsoft
• Cable Lab
• Global Healthcare Academy
• Immersive Touch Co., Ltd.
・Surgical Co., Ltd.
・3D Systems Co., Ltd.
・8chili Co., Ltd.
• Accuvein
This study forecasts global, regional, and country revenues from 2019 to 2030. Brainy Insights has segmented the global metaverse of the Healthcare market based on the following segments:
Global Metaverse by Technology in Healthcare Market:
• Augmented reality
• Robotics
• virtual reality
• artificial intelligence
• Mixed reality
• others
Global Metaverse in Healthcare Market by Component:
• hardware
• Software
Global Metaverse in Healthcare Market by Device Type:
• AR device
• VR headset
• Mixed reality platform
Global Metaverse by End Use in Healthcare Market:
• diagnosis
• process
• Surgical training
• Remote monitoring
• Medical training and education modules
• OR design
• others
About the report:
To analyze the global metaverse of Healthcare market based on value (USD Billion). All segments are analyzed on global, regional and country basis. The study includes analysis of more than 30 countries in each part. The report offers an in-depth analysis of drivers, opportunities, restraints, and challenges to gain key market insights. This research includes Porter’s Five Forces Model, attractiveness analysis, raw materials analysis, supply, demand analysis, competitor location grid analysis, distribution, and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that aims to provide actionable insights to improve business acumen for companies through data analysis. We have robust predictive and estimation models to achieve our clients’ goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Our customized solutions are tailored to meet our clients’ requirements, whether they are looking to expand in global markets or planning to launch a new product.
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