Metaverse in Healthcare Market is Expected to Reach $79.6

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    CHICAGO, May 19, 2023 (Globe Newswire) — The concept of the Metaverse, a virtual reality space where individuals can interact with each other and use digital content, will be a major advancement in the healthcare industry in the near future. I am trying to achieve The Metaverse has the potential to revolutionize healthcare delivery by providing immersive and personalized experiences for patients, providers and researchers. The Metaverse allows medical professionals to conduct virtual consultations, perform medical procedures in a simulated environment, and collaborate with colleagues around the world. Patients can access virtual healthcare services, receive education and support, and even participate in virtual clinical trials. Additionally, the Metaverse facilitates medical training and education, allowing students and professionals to participate in realistic simulations and experiential learning. By integrating advanced technologies such as artificial intelligence and virtual reality, the Metaverse has the ability to enhance diagnosis, treatment planning and patient outcomes. While there are still challenges to be addressed, such as ensuring privacy and security of patient data, the potential benefits of the metaverse in the healthcare industry are enormous, leading to personalized care, improved accessibility, and innovation in medical research and practice. provide new opportunities for

    The metaverse in the healthcare market Revenue is estimated to be worth $9.5 billion in 2023 and is expected to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028, according to the latest report published by MarketsandMarkets™ . Factors driving the market growth include increasing demand for telemedicine services and the shift towards patient-centric healthcare delivery. However, lack of data security, concerns about data theft and medical fraud, trust and reliability issues pose challenges to the market growth during the forecast period.

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    Metaverse in medicine market range:

    Report coverage detail
    Market Revenue in 2023 $9.5 billion
    Estimates by 2028 $79.6 billion
    growth rate Expected to grow at a CAGR of 52.9%
    Available market size 2021–2028
    Forecast period 2023-2028
    Forecast unit Value (USD Billion)
    Report coverage Earnings forecast, competitive landscape, growth factors, trends
    Target segment Components, Technologies, Applications, End Users and Regions
    Target area North America, Europe, Asia Pacific, Latin America, Middle East and Africa
    Report highlights Updated player financial information/product portfolio
    Key market opportunity Increasing use of the metaverse in medical education and training
    Key market drivers Increased Adoption of Mixed Reality to Perform Minimally Invasive Surgery

    Based on products and services, the software sector accounted for the largest share of the healthcare market metaverse with 70.9%. Factors such as increased adaptation of AR platforms to perform complex surgical procedures for greater precision and flexibility, as well as investments in the software space, have increased the adoption of Metaverse technology.

    Based on technology, the augmented/virtual reality segment accounted for the largest share of the healthcare market metaverse with 28.2%. The large share of the augmented/virtual reality segment can be attributed to increasing technological developments, rising medical costs, and increasing demand for robotic surgery.

    Based on application, the medical education and surgical training sector accounted for the largest share of the healthcare market metaverse with 26.6%. Metaverse technology is widely accepted in the medical industry. Reductions in costs associated with conventional therapies, improved patient outcomes through increased involvement of healthcare professionals, and improved collaboration between various stakeholders within the healthcare system are driving the growth of this sector.

    Based on end-users, the healthcare provider segment accounted for the largest share of the healthcare market metaverse with 57.5%. A large share of this segment can be attributed to the growing need for efficient healthcare systems, rising patient populations, increasing number of hospitals and ambulatory care centers, growth in telemedicine, and increasing adoption of Metaverse technology in healthcare. increase.

    North America is projected to hold the highest regional share in the healthcare market metaverse. Adoption of Metaverse solutions in the healthcare market is expected to be highest in North America compared to other regions. Technologically advanced and developed, North America is a major market for the development of cutting-edge technologies used in display devices. In addition, increasing spending by businesses and individuals on digital solutions and advanced technologies will also drive the market growth.

    Key Market Players:

    Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE Inc. (Canada), Koninklijke Philips NV (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc (Ireland), GE HealthCare (US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc. (US), EON Reality (US), Brainlab AG (Germany) , Novarad Corporation (USA), Oodles Technologies (India), CMR Surgical (UK), Merative (USA), BioflightVR (USA), WorldViz, Inc. (USA), Google (USA), Oculus (Meta Platforms, Inc.) (US) and Augmedics (US) are the major players in this market. These companies mainly focus on strategies such as acquisitions, product launches, agreements, collaborations, partnerships and expansions to remain competitive and further increase their market share.

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    Hypothetical challenges of the metaverse in the healthcare market of the near future:

    • Privacy and Security: Ensuring the privacy and security of patient data within the Metaverse ecosystem will be a major challenge. Strong measures must be taken to protect sensitive medical information from unauthorized access or compromise.
    • Ethical Considerations: The use of metaverse technology in the medical field raises ethical concerns. Issues such as informed consent, data ownership, and potential bias in virtual healthcare experiences must be addressed to ensure ethical and equitable healthcare delivery.
    • Integration and interoperability: Integrating the Metaverse platform with existing healthcare systems and infrastructure can pose challenges. Seamless connectivity between the metaverse and electronic medical records, medical devices, and other medical technologies is essential for effective healthcare delivery.
    • Regulatory and Legal Framework: There may be regulatory and legal considerations regarding the use of the Metaverse in medicine. It will be necessary to establish licensing requirements for virtual care providers and define guidelines and standards for virtual care practice.
    • Accessibility and Equity: Ensuring equal access and equitable delivery of metaverse-based healthcare services is a challenge. Bridging the digital divide and providing access to the underserved is critical to the adoption of Metaverse healthcare solutions.
    • User Acceptance and Adoption: Accelerating user acceptance and adoption of Metaverse technologies in healthcare may require education and training of both medical professionals and patients. Overcoming resistance to change and building trust in the virtual healthcare experience will be critical.
    • Technical Infrastructure and Connectivity: Successful deployment of Metaverse technology in healthcare requires a robust technical infrastructure and reliable connectivity. Adequate network bandwidth, low latency, and seamless connectivity are essential for real-time virtual healthcare interactions.
    • Cost and Sustainability: The cost implications of implementing and maintaining a metaverse-based healthcare solution can pose challenges. Evaluating the cost-effectiveness and long-term sustainability of such technologies will be important considerations.
    • Quality assurance and standardization: It is important to establish quality assurance mechanisms and standardization protocols for metaverse-based medical services. Ensuring consistent, high-quality care across various virtual platforms is critical to patient safety and outcomes.
    • Cultural and Social Acceptance: Cultural and social acceptance of metaverse technologies in healthcare can vary by region and community. Addressing cultural sensitivities and adapting the virtual healthcare experience to a diverse population is critical to a successful implementation.

    It is important to note that these challenges are hypothetical and may differ depending on the actual implementation and evolution of the metaverse in the healthcare industry.

    Top 3 Metaverse Use Cases in the Healthcare Market:

    • Telemedicine and Virtual Consultations: The Metaverse facilitates virtual doctor-patient interactions and consultations, enabling medical professionals to provide telemedicine. Patients can access medical services from the comfort of their homes, reducing the need for physical visits and improving access to healthcare, especially for individuals living in remote areas.
    • Medical Education and Training: The Metaverse can enhance medical education and training by providing immersive and interactive learning experiences. Medical students and professionals can participate in virtual simulations, surgical training, and medical conferences to improve their knowledge and skills in a realistic virtual environment.
    • Rehabilitation and Treatment: The Metaverse can be used for virtual rehabilitation and treatment programs. Patients recovering from injuries or undergoing rehabilitation can participate in immersive virtual environments that simulate real-world scenarios. Virtual reality-based therapy can also be used for pain management, phobia treatment, and mental health interventions.

    These use cases demonstrate how the Metaverse will revolutionize healthcare delivery, education and rehabilitation, opening up new opportunities for enhanced patient care, improved access to services, and innovative training methods for healthcare workers. Shows what you can offer.

    Recent developments:

    • In March 2023, NVIDIA Corporation (US) partnered with Microsoft (US). The partnership connects Microsoft 365 applications with his NVIDIA Omniverse to help digitize operations, tackle the industrial metaverse, and train advanced models for generative AI and other applications.
    • In February 2023, Wipro (India) launched Decentralized Identity and Credential Exchange (DICE) Identity. It enables tamper-proof, self-verifiable digital credential insurance and verification for current or potential healthcare and financial service providers and educational institutions. .
    • In November 2022, GE Healthcare (US) partnered with MediviewXR (US). This collaboration was aimed at developing the OmniifyXR medical imaging system.

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