Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The time and expense required to conduct tests and make diagnosis of various ailments and diseases can be reduced with the efficient application of these metaverse technologies. A larger and faster throughput for a variety of tasks, including diagnostics, can be achieved because to the simple and instantaneous access of data in metaverse devices. Therefore, by utilising metaverse tools, healthcare professionals can manage a greater volume of patients, which has enhanced the healthcare in metaverse market CAGR across the globe in the recent years..
Healthcare in Metaverse Market Segment Insights
Healthcare in Metaverse Component Insights
The healthcare in metaverse market segmentation, based on component, includes software and hardware [VR headsets, AR devices, others]. The hardware sector to dominate the market due to the development of augmented/virtual reality headsets for improved results and convenience is expected to cause. Additionally, the company's attempts to create cutting-edge haptic metaverse devices are contributing to the segment's growth.
Figure 3: Healthcare in Metaverse Market, by Component, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The second fastest growing segment in the healthcare in metaverse industry is the software sector. The metaverse health applications are being upgraded for better utilisation, storage, and patient security, which is causing the software segment to expand quickly.
Healthcare in Metaverse Technology Insights
The healthcare in metaverse market segmentation, based on technology, includes telemedicine, augmented reality/ virtual reality/ mixed reality, artificial intelligence, digital twins, blockchain, and others. In 2021, the telemedicine sector dominated the market. The main drivers of the growth of the telemedicine are the rise in demand for radiological services brought on by the increased prevalence of chronic conditions including congestive heart failure, orthopaedic injuries, and others.
May 2021: MediTelecare, the market leader in behavioural telehealth and technology services for residents of skilled nursing and long-term care facilities, today announced the launch of MediTelyTM, a direct-to-consumer offering that extends world-class mobile telehealth technology to the older population living outside long-term care facilities. This launch has further broadened the growth opportunity for the healthcare in metaverse industry.
Additionally, in 2021, augmented reality witnessed the fastest growth rate. The healthcare in metaverse industry's growing use of AR platforms for surgical training and education, the use of AR devices to monitor patients' vital signs during surgical procedures, and the growing use of VR and AR-based apps for self-guided treatments are all contributing to the segment's expected strong revenue CAGR. Hence, rising applications of augmented reality for healthcare in metaverse positively impacts the market growth.
Healthcare in Metaverse Application Insights
The healthcare in metaverse market data has been bifurcated by application into patient engagement, pre-operation & post-operation planning, immersive 3D training, 3D lectures, VR therapy, remote monitoring, and others. The remote monitoring segment dominated the market in 2021. The growing elderly population and rising disposable income are driving the growth of the remote patient monitoring market share. Because of the rapidly rising population and the rise in the prevalence of chronic diseases, there has been an increase in demand to improve healthcare infrastructure, a surge in the cost benefits of telehealth, and an increase in remote patient monitoring technology in recent years. However, in 2021, the VR therapy sector also showed promising growth. Virtual reality is beneficial not just to doctors but also to patients. Patients can have a comprehensive understanding of the surgical procedure. As a result, it improves understanding of the surgical procedure. It mentally prepares the patient. This is a significant market driver.
Healthcare in Metaverse End User Insights
Based on End Users, the healthcare in metaverse industry has been segmented into hospitals, pharmaceutical, insurance companies, and others. The medical training and education modules segment dominates the market because of the widespread use of healthcare in metaverse extensions in medical and surgical training for a three-dimensional learning experience. These tools help patients understand surgical operations, which improves medical treatments. Hospitals also witnessed a considerable growth in 2021. Hospitals serve a huge number of both outpatients and inpatients. They provide a wide range of diagnostic tests and have a greater technical staff to meet the needs of their patients. A big patient pool and an increasing number of tests done are critical growth drivers for the market.
Healthcare in Metaverse Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Healthcare in Metaverse market accounted for USD 0.10 billion in 2021 and is expected to exhibit a significant CAGR of 42.9 percent growth during the study period. Due to the rapid expansion of the healthcare infrastructure and the use of digital technology, North America currently controls the healthcare in metaverse sector. The market is also expanding as a result of the considerable number of metaverse technology-focused businesses in the area. In the United States, 400 million monthly active users of Metaverse will be reached in 2022, an all-time high.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 4: HEALTHCARE IN METAVERSE MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe healthcare in metaverse market accounts for the second-largest market share. It is also projected that rising government measures to encourage digital health solutions and the expanding use of cutting-edge technology for remote health management will speed up market expansion in Europe. For instance, the WHO created the "United Action for Better Health" European Programme of Work (EPW) in 2020, which establishes goals for the future of healthcare and supports digital healthcare technology across Europe to enhance the interface between service providers and consumers. Further, the Germany healthcare in metaverse market held the largest market share, and the UK healthcare in metaverse market was the fastest growing market in the European region.
The Asia-Pacific Healthcare in Metaverse Market is expected to grow at the fastest CAGR from 2022 to 2030. As a result of its developments in healthcare technology, Asia Pacific is expected to grow at the quickest rate during the projection period. The MIIT and five other regulators jointly published a four-year action plan on November 1, 2022, to combine virtual reality technology with industrial applications. This action plan is recognised as the nation's first national-level policy supporting the growth of the metaverse in China. In addition to substantial investment in integrating this technology with medical equipment, collaborations between metaverse technology businesses and the healthcare industry are fueling growth. Moreover, China healthcare in metaverse market held the largest market share, and the India healthcare in metaverse market was the fastest growing market in the Asia-Pacific region.
Healthcare in Metaverse Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the healthcare in metaverse market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the healthcare in metaverse industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the healthcare in metaverse industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, healthcare in metaverse industry has provided medicine with some of the most significant benefits. The healthcare in metaverse market major player such Medical Realities Ltd (UK), PlushCare (US), Roblox Corporation (US), and Medtronic PLC (Ireland)., and others are working to expand the market demand by investing in research and development activities.
Alo is a premium lifestyle brand headquartered in Los Angeles with a purpose to introduce yoga to the globe, spread mindful movement, inspire wellbeing, and foster community. Alo Yoga was founded by co-CEOs Harris and Marco DeGeorge and is still completely owned by the two executives, who have been friends since childhood. It presently has six physical stores and expects to expand up to seven in Southern California and four or five in New York by the end of 2020. In February 2022, Alo Yoga and Roblox announced the opening of the virtual "Alo Sanctuary," a holistic retreat for yoga and meditation. As awareness and spending power develop, more people are expected to improve their fitness and health journeys using VR-based activity.
Also, 8chilli is an augmented reality (AR)-based solution for telesurgery and telesurgical training. Healthcare personnel can use the remote collaboration platform for training, collaboration, engagement, and planning. It comes with a lightweight headband for 3D capture, as well as hand tracking, eye tracking, and a slew of interactive options. Also includes 5G and edge networking, allowing users to bring HD holograms to life in real time. In December 2021, 8chilli, a renowned California-based software startup, collaborated with Healthcare Academy (GHA) to launch its HintVR metaverse platform for healthcare training and medical education. This solution includes over 200 hours of virtual reality content. The organisation has also highlighted the possibility of training more than 20,000 healthcare professionals worldwide.
Key Companies in the healthcare in metaverse market include
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8chili Inc (US)
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Brainlab AG (Germany)
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GE Healthcare (US)
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Novarad Corporation (US)
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Siemens Healthineers (Germany)
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Meta Platforms Inc (US)
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Nvidia Corporation (US)
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Microsoft Corporation (US)
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Roblox Corporation (US)
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Medtronic PLC (Ireland)
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Zimmer Biomet (US)
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Veyond Metaverse (US)
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gameChange VR (UK)
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Sesame Care (US)
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PlushCare (US)
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Intuitive Surgical Inc (US)
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BioFlight VR (US)
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CAE Inc (Canada)
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EON Reality Inc (US)
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ImmersiveTouch Inc (US)
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Medical Realities Ltd (UK)
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Augmedics (US)
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Aimedis BV (Belgium)
Healthcare in Metaverse Industry Developments
CoxHealth, a US-based healthcare provider in July 2023, engaged with Philips, a health technology company, to roll out virtual care solutions across its hospital network. The aim of this initiative is to go beyond the traditional eICU programs in enhancing patient care, outcomes, and staff experience by utilizing Philips’ eCareManager and Capsule Surveillance software.
8chili`s HintVR Virtual Reality platform for innovations in care coordination entails Ventyn entering the health metaverse. March 2022 made Virtual training, patient engagement, education, and health coaching possible through virtual reality platforms when combined with the power of 3D content and digital health apps.
NVIDIA Corporation, based in the U.S., together with Microsoft headquartered there, work together to facilitate the digitization of their business processes for users of Microsoft 365 Programs and NVIDA Omniverse as well as for using generative A.I. in other industries also agreed during March 2023.
The A.O. Foundation has extended its partnership with Brainlab, a digital medical technology startup that has released an agenda list for June 2022. Sydney, Australia, was home to this year’s annual A.O. trustees meeting, where the partnership was signed. This showed the determination of both parties to improve medical education because they believe that immersive learning is what will lead to better patient outcomes and changes in surgical practice.
During March 2023, an alliance between NVIDIA Corporation from the United States and also U.S Microsoft led to the easy transformation of business operations towards industrial metaverse connection or creating advanced tools involved in generative A.I. plus other applications that run within Microsoft 365 as well as NVIDIA Omniverse ecosystems.
Philips partnered with CoxHealth to develop a virtual care solution aimed at improving clinical care in July 2023. This resulted in improved progress among patients and greater job satisfaction among workers. They mentioned how Philips’ Capsule Surveillance Software was integrated with its telehealth software called Philips eCareManager so that by utilizing artificial intelligence (A.I.) algorithms based on evidence-based guidelines, the system was able to synthesize patient data and create actionable insights whilst also identifying at-risk patients.
Healthcare in Metaverse Market Segmentation
Healthcare in Metaverse Component Outlook
Healthcare in Metaverse Technology Outlook
Healthcare in Metaverse Application Outlook
Healthcare in Metaverse End User Outlook
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Hospitals
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Pharmaceutical
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Insurance Companies
Healthcare in Metaverse Regional Outlook
