These components are also used in the software and hardware for enhancing proficiency of medical devices and equipment.
Emergen Research has published its latest report titled “Metaverse in Healthcare Market By Component (Software, Hardware), By Technology (Virtual Reality, Augmented Reality, Mixed Reality, Artificial Intelligence), By Device (VR Headsets, AR Devices, Mixed Reality Platforms), By End Use (Medical Training & Education Modules, Diagnosis, Treatment, Designing ORs, Surgical Training, Remote Monitoring, Others), By Region Forecast to 2028”
Market Dynamics:
Metaverse is rapidly gaining traction in the healthcare sector. Advanced technologies such as artificial intelligence, augmented reality, internet of medical devices, virtual reality, quantum computing, and robotics are seen to provide new directions to healthcare and improve patient outcomes. Augmented reality and virtual reality technology have made immense progress in recent years and are now widely used in medical training, education modules, and in surgical procedures for performing complicated surgeries with utmost precision. These components are also used in the software and hardware for enhancing proficiency of medical devices and equipment.
Factors such as increasing patient pool across the globe, increasing need for improving patient outcomes, and technological innovations in the healthcare sector are expected to fuel market growth during the forecast period. In addition, emergence of metaverse-focused companies worldwide, increasing collaborations to develop advanced AR and VR solutions for enhancing patient output and overall surgical environment and rising investments in research and development activities are other factors expected to fuel market growth going ahead. However, factors such as rising concerns regarding patient data privacy, lack of awareness about metaverse, and high cost of advanced technology are expected to hamper global market growth to a certain limit over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Augmented Reality Segment to Register Steady Revenue Growth:
The augmented reality segment is expected to register a steady revenue growth over the forecast period owing to high adoption of AR solutions in surgeries, increasing usage of AR platforms in medical imaging surgical training and education, and availability of AR-based learning modules for anatomical visualization and simulation.
Medical Training and Education Modules Segment to Account for Largest Revenue Share:
The medical training and education modules segment is expected to lead in terms of revenue share during the forecast period. Increasing adoption of advanced technologies such as virtual reality, augmented reality, mixed reality, and artificial intelligence to explain surgical processes, and train doctors and medical staff, high usage of these technologies to improve surgical accuracy is expected to drive revenue growth of the segment going ahead. Augmented reality and virtual reality also help to offer better understanding of the surgical processes and mode of action of medicines.
North America to Lead in Terms of Revenue:
North America is expected to account for largest revenue share in the global market over the forecast period owing to presence of well-developed healthcare infrastructure, presence of metaverse focused companies in United States and Canada, and rapid technological advancements. Other factors such as increasing prevalence of various chronic diseases across the region, high usage of AR and VR in hospitals and clinics in surgeries, and increasing investments in research and development activities are expected to boost North America market revenue growth during the forecast period.
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Major Companies in the Market Include:
- Intuitive Surgical Inc.
- CableLabs
- AccuVein, Inc.
- Microsoft
- Google LLC
- Meta Platforms, Inc.
- 8chili, Inc.
- Global Healthcare Academy
For the purpose of this report, Emergen Research has segmented the metaverse in healthcare market on the basis of component, technology, device, end use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
- Software
- Hardware
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Virtual Reality
- Augmented Reality
- Mixed Reality
- Artificial Intelligence
Device Outlook (Revenue, USD Billion; 2018–2028)
- VR Headsets
- AR Devices
- Mixed Reality Platforms
End Use Outlook (Revenue, USD Billion; 2018–2028)
- Medical Training & Education Modules
- Diagnosis
- Treatment
- Designing ORs
- Surgical Training
- Remote Monitoring
- Others
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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