InsightAce Analytic Pvt.Global Metaverse in Healthcare Market (components (software, hardware), technologies (AR, VR, AI, MR), devices (VR headsets, AR devices, mixed reality platforms), end users (medical training and education modules, diagnosis, treatment, operating room Design, Surgical) Training, Remote Monitoring, Other)) Trends, Industry Competitive Analysis, Revenue and Forecast to 2031.”

According to the latest research by InsightAce Analytic, the value of the global metaverse in the healthcare market is equivalent to US dollars. 6.57 Expected to reach $1 billion by 2022 71.6 $1 billion by 2031, CAGR is 35.4 % during the forecast period 2023-2031. By region, North America will dominate the market in 2021 with a large share.

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The Metaverse is an emerging concept that adds many new dimensions as key social players combine different aspects of virtual reality and immersive experiences. This will be a great tool for learning, empowering and delivering blissful experiences to patients and providers in healthcare. The role of the Metaverse in transforming healthcare cannot be overstated, as it combines AI, virtual and augmented reality, the Internet of Medical Devices, Web 3.0, intelligent cloud, edge and quantum computing, and robotics. With goofy-looking headgear and his sci-fi detours, the world of augmented reality is poised to transform the patient’s medical experience. Surgical procedures already use robotics, so augmented reality is now being used for complex surgeries. Doctors and professionals use virtual reality to train other doctors and medical personnel.

Increasing the use of AR platforms to perform complex surgical procedures with greater precision and flexibility will help the Metaverse grow in the healthcare market. Other key factors expected to contribute to market revenue in the next few years include increased collaboration among leading companies in developing AR and VR solutions to improve the overall surgical environment, increased investment to build the Metaverse platform. More and more companies are investing heavily in digital healthcare platforms to improve the telemedicine experience, accelerate the transition to virtual reality, and enhance other healthcare services through augmented reality.

Patient data privacy, the high cost of high-tech equipment and hardware, and the rising cost of more advanced digital healthcare infrastructure are challenges for the Metaverse in the healthcare market.

North America is expected to lead the forecast period. This is due to the strong presence of metaverse-focused companies in the region, rapid advances in healthcare infrastructure, integration of AR and VR devices and platforms in the healthcare sector, increasing investment in AR products and applications, and growth in software and hardware. ​​This is due to a hardware upgrade.

Prominent market participants are: Intuitive Surgical Inc., CableLabs, Microsoft, Google LLC, Meta Platforms, Inc., 8chilli, Inc., Global Healthcare Academy, 3D Systems Corp., AccuVein Inc., BioflightVR, CAE Inc., Devden Creative Solutions Pvt. Dhi Tattva Solutions Pvt. Ltd., Eon Reality Inc., ImmersiveTouch Inc., Intuitive Surgical Inc., Koninklijke Philips NV, Medical Realities Ltd., MindMaze SA, Oodles Technologies, Siemens AG, Sky Gate, UnitedHealth Group Inc., Wipro Ltd. , WorldViz Inc.

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Major developments in the market

• , Meta Platforms is spending $10 billion to build Metaverse 2021, building the world’s fastest supercomputer to accelerate Metaverse-related workloads, which is expected to be completed by the end of the year. Meta Platforms appears to have taken an important step towards monetizing the Metaverse with its Horizon Worlds virtual reality social platform. The company announced that it is currently testing ways for creators and developers to sell virtual items and experiences within the 3D world of the Metaverse.
• , ventyn enters the medical metaverse with 8chili HintVR virtual reality platform for care coordination innovation.Combining artificial intelligence virtual reality platform with 3D content and digital medical application capabilities to enable virtual training, patient engagement, education and health coaching
• , Apollo Hospital in partnership with 8chili Inc to expand into the Metaverse. This effort will enable patient counseling in virtual reality, helping improve patient outcomes. The industry will also engage users in activities via virtual reality to encourage their ability to control their emotions. This individualized approach to each patient contributes to increased patient satisfaction.
• , a new feature was introduced by Microsoft. This feature combines the mixed reality capabilities of Microsoft Mesh. This feature enables people in different physical locations to participate in collaboratively shared holographic experiences using Microsoft Teams productivity tools. It allows people to join virtual meetings, send chats, and collaborate on shared documents.

Market segment

Global Metaverse in Healthcare Markets, Author component2023-2031 (value USD million)