Metaverse in Healthcare Market Poised to Generate Substantial Revenue: Factors Explained for the 2023-2029 Period | Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE, Inc.(Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US

Metaverse in Healthcare Market by Component (Hardware, Services, Software), Technology (AR/VR, MR, AI, Blockchain, IoT), Application(Telehealth, Diagnostics, Medical Training & Education), End User (Provider, Patients, Payers, Pharma) - Global Forecast to 2028

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Key players in the Metaverse in Healthcare Market
The key players operating in the metaverse in healthcare market include Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE, Inc.(Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc(Ireland), GE Healthcare(US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc.(US),EON Reality(US), Brainlab AG (Germany), Novarad Corporation (US), Oodles Technologies (India), CMR Surgical(UK), Merative (US), BioflightVR(US), WorldViz, Inc. (US), Google(US), Oculus(Meta Platforms, Inc.)(US), Augmedics(US)

"Increasing adoption of mixed reality for performing minimally invasive surgeries".

The global metaverse in healthcare market is projected to reach USD79.6 billion by 2028 from USD 9.5 billion in 2023, at a CAGR of 52.9% during the forecast period. There is a growing inclination for metaverse technologies for healthcare in North America. Increasing popularity of virtual and augmented reality (VR/AR) technologies, which have been used in various healthcare applications, including surgical training, pain management, and therapy is attributing to growth of the market in this region. In addition, the COVID-19 pandemic has accelerated the adoption of telehealth services, which has created a need for more immersive and engaging virtual experiences for patients and healthcare providers. The metaverse can provide a virtual environment that simulates real-life interactions, allowing patients and healthcare professionals to communicate and collaborate in a more natural and intuitive way.

"The software segment is projected to be the largest segment in the metaverse in healthcare market".

Based on the components, the software segment is projected to be the largest segment during the forecast period. This share can be attributed to factors such as potential for customization and personalization. Healthcare professionals and patients can use software to create and access virtual environments that are tailored to their specific needs, preferences, and medical conditions, increasing adaptation of AR platforms to perform complex surgical procedures for higher precision and flexibility and investments made in the software segment.

"Healthcare Provider was the largest segment by the end user of metaverse in healthcare market in 2022".

Healthcare provider is projected togrow at the highest growth rate in the metaverse in healthcare market in 2022.The high growth can be attributed to rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in tele health and rising adoption of metaverse technology in healthcare.

"APAC to witness the highest growth rate during the forecast period."

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors owing to the growing medical tourism industry, increasing incidence of lifestyle and chronic disorders, and the rising adoption of metaverse technologies. Asia Pacific market offer lucrative growth opportunities for market players, mainly due to the growing government initiatives and the increasing incidence of lifestyle disorders. The growth in these markets will likely be centered in China, South Korea, and Japan. This is mainly due to the rising need for advanced healthcare technology to track and monitor the huge volume of patients, and the rising demand for quality healthcare at low costs are driving the growth of this market.

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Research Coverage:

The report analyses the metaverse in healthcare market and aims to estimate the market size and future growth potential of various market segments, based on components, application, technology, end user, and region. The report also providesa competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

This release was published on openPR.