Metaverse In Healthcare Market 2022 Industry Growth, Top Key Players, Segmentation and Forecast till 2030

The global Metaverse in Healthcare market size was estimated at USD 6.85 billion in 2021 and is expected to surpass around USD 72.10 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 29.89% during the forecast period 2022 to 2030.

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Metaverse in the healthcare marketis witnessing rapid growth during the forecast period. Certain key factors like the rising integration of artificial intelligence, augmented reality, and robotics in the healthcare industry, for better patient outcomes, improve the efficacy of medical equipment, and to facilitate better communication between patients and healthcare providers are widely driving the market growth. The increasing use of augmented reality platforms for complex surgeries enhances better precision and outcome. In addition, rising investment by market players to innovate metaverse surgical platforms is contributing to the growth of the market.

Over the last two decades, the usage of digital solutions and extensions of artificial intelligence, and augmented and virtual realities in healthcare have seen incredible growth. The growing adoptions of extended AR, and VR techniques in medical surgeries, and rising product approvals are key factors driving the market. For example, in December 2019, Augmedics- an AR surgical navigation pioneer, received FDA approval for its Xvision Spine- an AR navigation system to aid spine surgeries. This solution allows surgeons to view 3D spinal anatomy during the procedure. The robust applications of metaverse in healthcare such as explaining insurance plans, virtual customer healthcare, remote guidance & educational training, and conducting fitness instructions and physical therapy are contributing to lucrative opportunities for market growth.

The COVID-19 pandemic has increased people’s interest over online healthcare delivery as the disease led world reduce social business interactions. Due to which, the adoption of advanced technologies such as metaverse is increasing among key players and healthcare sectors. According to the study published in The National Library of Medicine in August 2020, deployment of HoloLens2 MR device led to a 51.5% reduction in time exposed by the staff looking after COVID-19 patients and a 83.1% reduction in the amount of PPE used per day. This mixed reality (MR) technology has the potential to revolutionize healthcare both during and after the COVID-19 pandemic.

Report Scope of the Metaverse in Healthcare Market

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Healthcare in Metaverse Market Dynamics

The expanding popularity of telemedicine, the usage of AR/VR/AI for performing minimal-invasive procedures, and the growing use of digital twins in healthcare are just a few of the factors driving the growing interest in the healthcare in metaverse market. Furthermore, the capacity to assist mental health within the metaverse, as well as transform medical education and training with immersive 3D applications, and the emergence of metaverse in surgical sectors, emphasise the expanding benefits of healthcare in metaverse market. Whereas growing concerns about privacy and security, as well as the exorbitant cost of implementing new technology, are hindering industry growth. Furthermore, adjusting business models to new HIPAA requirements for the healthcare metaverse, as well as user uptake of healthcare in metaverse market, provide industry obstacles.

Healthcare in Metaverse Market Driver

• Growing Use of Digital Twins in Healthcare

In medical, digital twins may collect vast volumes of patient scan data (MRI, CT, ultrasound scans) over time and combine it into a single perspective to plan procedures and track disease development and therapy. Prototypes and reproductions of the human body, hospital systems, or complete hospitals are already in operation in many circumstances. EMPA (Swiss Federal Laboratories for Materials Science and Technology) researchers, for example, have already constructed several hundred avatars of actual patients suffering from chronic pain and are using them to optimize and forecast the impact of pharmaceuticals. The use of digital twins in healthcare is transforming clinical operations and hospital administration by improving medical treatment through digital tracking and human body modelling. Individual patients, for example, might benefit from "digital twins" of organs such as the heart or even single cells. Then, simulations may be run to see how different people react to different treatments. However, digital twin technology may also be used to represent an individual's genes, physiological traits, and lifestyle in order to fully tailor therapy. A digital twin of a human body can help physicians detect disease before symptoms appear, experiment with therapies, and better prepare for surgery.

Healthcare in Metaverse Market Opportunity

• Metaverse to Support Patients Mental Health

The metaverse poses intriguing mental health problems, such as addiction to virtual worlds, harming persons suffering from mental diseases such as psychosis, schizophrenia, sadness, or anxiety, and revolutionizing mental health therapy entirely. Metaverse in mental health can be used to treat phobias, PTSD, anxiety disorders, hallucinations, and delusions, among other things. During a mental breakdown, technology has revolutionised the way we seek help from friends, family, coworkers, or healthcare experts. Companies in the virtual reality field are developing mental health applications for the metaverse since this technology has the potential to improve human well-being. For example, in February 2022, Dr Lisa Cortez, nicknamed The Anxiety Dr, announced the debut of the Moody Minks, an NFT line aimed at bringing mental wellness to the metaverse. Moody Mink Society will house the first META-tation centre, and NFT holders will have access to The Anxiety Dr.'s programmes. Visitors to the metaverse can engage with one another via playing games, attending virtual events, and visiting galleries.

RESTRAINT

• Privacy and Security Concerns in Metaverse

In the Metaverse, patients' personal information is also an issue. When merging the Metaverse into healthcare, additional challenges must be addressed. Due to the fact that hackers usually target high-value and vulnerable targets. Furthermore, as the volume of patient data increases, so does the necessity to secure the privacy of that data. It's too soon to say whether patients feel comfortable speaking and interacting with the Metaverse on a big scale, but first findings are promising.

The Metaverse is emerging as an interactive virtual technology with the potential to improve patient care throughout the whole healthcare spectrum. Regardless, the Metaverse's numerous new changing dimensions will bring issues that shareholders must be aware of. In summary, if healthcare anticipates these possible hazards, it will be better prepared for this aesthetically attractive technology.

Segmental Insights

Component Insights

According to component type, the hardware market is now in the lead and is anticipated to contribute most to the metaverse in healthcare sector. Hardware is anticipated to rule the market as augmented and virtual reality headsets are developed for better outcomes and ease. The business's efforts to develop cutting-edge haptic metaverse gadgets are also assisting in the segment's expansion. Chips can support the massive computer power needed for the Metaverse's creation. The development of chips, the most essential component, will be fueled by the rise of VR/AR goods.

The metaverse health applications are being upgraded for better utilization, storage, and patient security, which is causing the software segment to expand quickly. The benefits and reliability offered by metaverse in healthcare industry is booming the metaverse market hence, the software segment will grow significantly in future.

Devices Insights

During the projected period, the category for augmented reality devices is anticipated to grow at the highest CAGR. This market segment is anticipated to rule since augmented reality devices are widely employed in the medical sector and patients require continual monitoring. These devices provide an interactive virtual user interface that provides innovative ways to improve the caliber of healthcare and medical services.

Virtual reality can be used to simulate real-world medical procedures or to place a student inside a patient's body and give them a 3600 view of their sickness. It is being used by doctors and specialists to train other doctors and members of the medical team.

End User Insights

In the metaverse in healthcare market, the medical training and education module segment is expected to grow at the highest rate. The medical training and education modules segment dominates the market as a result of the extensive usage of metaverse extensions in medical and surgical training for a three-dimensional learning experience. These instruments aid in improving patient comprehension of surgical procedures, which enhances medical treatments.

Regional Insights

The geographic analysis of the global Healthcare in Metaverse market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is predicted to contribute the most to the metaverse business. This area consists of the United States, Canada, and Mexico. The most important driver driving market growth is the rising emphasis on integrating digital and physical worlds through the internet, as well as the increased traction and popularity of mixed reality (MR). Many businesses in North America are heavily utilising sophisticated virtual reality, 3D simulation, and augmented reality to improve their company processes. Technologies such as Extended Reality, 5G, and AI may make the metaverse futuristic from the standpoint of corporate intelligence.

The Asia-Pacific metaverse market is predicted to grow at the fastest rate due to the increased usage of the internet and other technologies to bring the digital and physical worlds closer together. Mixed reality is gaining pace and appeal for boosting the use of skills growing diverse trends across several firms in China, Japan, and India, in order to make data-driven business choices. The growing necessity among regional businesses to compete with their western counterparts has fueled the region's use of metaverse solutions.

Key Developments

In February 2022, Alo Yoga announced the launch of the virtual 'Alo Sanctuary,' an immersive health area for yoga and meditation, in conjunction with Roblox. More and more people are projected to enhance their fitness and health journey with VR-based exercise as awareness and purchasing power grow

In January 2022, ImmersiveTouch, a prominent medical technology business establishing the digital surgery metaverse, has installed revolutionary digital surgery technology at the All India Institutes of Medical Sciences (AIIMS) in New Delhi. Its Mission Rehearsal VR tool enables surgeons to design and recreate each patient's unique anatomy in 3D before entering the operation room. ImmersiveTouch's Mission Rehearsal® VR platform turns 2D data into a digital twin of the patient, giving surgeons unimpeded views of the target anatomy from every aspect and access to high-fidelity surgical planning tools with pinpoint precision.

Neurosurgeons at Johns Hopkins have performed the institution's first augmented reality operations on living patients. In June 2020, six screws were put in a patient's spine for spinal fusion surgery to fuse three vertebrae in order to treat the patient's persistent, painful back pain. In June 2020, physicians performed a second operation to remove a malignant growth known as a chordoma from a patient's spine. Both patients are doing well after surgery, according to the physicians. The physicians employed augmented reality surgery equipment that included a headset with a see-through eye display that projected pictures of the patient's interior anatomy, such as bones and other tissue, based on CT scans — basically giving the surgeons X-ray vision. Augmedics, an Israeli firm, manufactures the gadget utilised in the procedures at Johns Hopkins.

Some of the prominent players in the Metaverse in Healthcare Market include:

• Brainlab AG (Germany)
• PlushCare (US)
• Intuitive Surgical Inc. (US)
• BioFlight VR (US)
• Siemens Healthineers (Germany)
• Meta Platforms Inc. (US)
• Novarad Corporation (US)
• Nvidia Corporation (US)
• Microsoft Corporation (US)
• Roblox Corporation (US)
• GE Healthcare (US)
• Veyond Metaverse (US)
• gameChange VR (UK)
• Sesame Care (US)
• Aimedis B.V. (Belgium)
• ARBREA LABS (Switzerland)
• Medtronic PLC (Ireland)
• Medical Realities Ltd. (UK)
• Augmedics (US)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Metaverse in Healthcare market

By Component

• Software
• Hardware

By Technology

• AR
• VR
• AI
• MR

By Devices

• VR Headsets
• AR Devices
• Mixed Reality Platforms

By Application

·        Patient Engagement

·        Pre Operation & Post Operation Planning

·        Immersive 3 D Training

·        3 D Lectures

·        Vr Therapy

·        Remote Monitoring

By End User

• Medical Training & Education Modules
• Diagnosis
• Treatment
• Others

Regional Segmentation

• Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
• Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
• North America [United States, Canada, Mexico]
• South America [Brazil, Argentina, Columbia, Chile, Peru]
• Middle East & Africa [GCC, North Africa, South Africa]

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Metaverse In Healthcare industry analysis from 2022 to 2030 to identify the prevailing Metaverse In Healthcare industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Metaverse In Healthcare industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Metaverse In Healthcare industry trends, key players, market segments, application areas, and market growth strategies.

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