Metaverse in Healthcare Market worth $79.6 billion by 2028

Metaverse in Healthcare Market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR of 52.9% from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing adoption of mixed reality for performing minimally invasive surgeries, growing focus on telemedicine, increasing use of digital twins, and the growing importance of blockchain technology in healthcare are the key factors driving the growth of this market. However, increasing concerns over data privacy and security and the high implementation cost of technologies are expected to restrain the growth of this market.

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The Software segment accounted for the largest share in the metaverse in healthcare market, by component.

The metaverse in healthcare market, by component, is segmented into hardware, software, and services. The software segment includes platforms and applications that enable the creation, customization, and deployment of virtual experiences. The hardware segment includes devices such as head-mounted displays and haptic feedback gloves that enable users to interact with the virtual environment, while the services segment includes consulting, development, and support services that enable healthcare providers to integrate the metaverse into their workflows.

In 2022, the software segment accounted for the largest market share in metaverse in healthcare market. The large share of this segment is attributed to the increased adaptation of AR/VR software in the healthcare industry and the significant rise in investments made in software development.

By Technology, the Augmented/Virtual reality segment registered the highest growth in the metaverse in healthcare market during the forecast period

Based on technology, the metaverse in healthcare market is segmented into augmented and virtual reality, mixed reality, artificial intelligence, blockchain, digital twin, Internet of Things, and medical wearables. The augmented and virtual reality segment accounted for the largest share of 28.2% of the metaverse in healthcare market in 2022. The large share of the augmented and virtual reality segment can be attributed to the growing adoption of VR and AR in the healthcare industry, improved patient outcomes, and the growing focus on enhancing medical training, reducing costs, increasing accessibility, improving patient engagement, and driving innovation.

By Application, the medical education and surgical training segment accounted for the largest share in the metaverse in healthcare market.

In 2022, Based on application, the medical education and surgical training segment accounted for the largest share of 26.6% of the metaverse in healthcare market. The large share of this segment can be attributed to factors such as the increasing budget of hospitals to improve the quality of care provided and reduce the cost of care.

By End User, the healthcare providers segment accounted for the largest share in the metaverse in healthcare market.

In 2022, The healthcare providers segment accounted for the largest share of the metaverse in healthcare market. The large share of this segment can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth, and the rising adoption of metaverse technology in healthcare.

Asia Pacific is expected to exhibit the highest growth during the forecast period

The Asia Pacific market is estimated to register the highest CAGR during the forecast period. Favorable government initiatives for implementing metaverse technologies in the healthcare industry, the growing adoption of AR/VR in healthcare, the rising need for advanced healthcare technologies to track and monitor the large volume of patients, and the rising demand for quality healthcare at low costs are driving the growth of this regional market.

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Metaverse in Healthcare Market Dynamics:

Drivers:

Increasing adoption of mixed reality for performing minimally invasive surgeries
Applications of metaverse in telemedicine
Increasing use of digital twins
Increasing importance of blockchain technology in healthcare

Restraints:

Data privacy and security concerns
High implementation cost
Health and mental issues from excessive use

Opportunities:

Increasing use of metaverse in medical education and training
Use of metaverse in surgical applications

Challenges:

HIPAA regulations for healthcare metaverse
Interoperability issues
Local government restrictions coupled with environmental impact

Key Market Players:

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), and Augmedics (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

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Recent Developments:

In March 2023 NVIDIA Corporation (US) partnered with Microsoft (US) , This collaboration will help connect Microsoft 365 applications and NVIDIA Omniverse to digitalize their operations, engage in the industrial metaverse, and train advanced models for generative AI and other applications

In February 2023, Wipro (India) launched Decentralized Identity and Credential Exchange (DICE) ID, which enables the insurance and verification of tamper-proof, self-verifiable digital credentials for current or potential healthcare or financial service providers, as well as educational institutions.

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