According to Nova one advisor, 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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The Metaverse is an emerging concept that will add many new dimensions as significant social players combine various aspects of virtual reality and immersive experiences. It will be a great tool in healthcare to learn, empower, and provide blissful experiences to patients and providers. The Metaverse's role in transforming healthcare cannot be overstated because it combines AI, Virtual Reality, Augmented Reality, the Internet of Medical Devices, Web 3.0, intelligent cloud, edge and quantum computing, and robotics. With its goofy-looking headgear and sci-fi detours, the world of augmented reality is ready to transform patient medical experiences. As surgical procedures have already used robotics, complex surgeries are now set to use augmented realities. Doctors and experts 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 critical factors expected to contribute to market revenue in the coming years include increased collaborations among major companies to develop AR and VR solutions to improve the overall surgical environment and rising investment to create metaverse platforms to transform the healthcare sector. Increasing number of companies are making investments heavily in digital healthcare platforms to improve telemedicine experiences, accelerate the transition to virtual reality, and enhance other medical services through augmented reality.

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

North America is expected to lead the forecast period. It is owing to the region's strong presence of metaverse-focused companies, rapid advancements in healthcare infrastructure, integration of AR and VR devices and platforms in the healthcare sector, increased investment in AR products and applications, and upgrades in software and hardware.

Report Scope of the Metaverse in Healthcare Market

Report Coverage	Details
Market Size in 2022	USD 8.9 Billion
Market Size by 2030	USD 72.10 Billion
Growth Rate from 2022 to 2030	CAGR of 29.89%
Base Year	2021
Forecast Period	2022 to 2030
Segments Covered	Component, Technology, Devices, Application End User and Geography
Companies Mentioned	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)

 

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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.

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