Press release
Metaverse in Healthcare Market Projected to Hit USD 175.46 Billion by 2034, Expanding at a CAGR of 38.5%
Metaverse in Healthcare Market
Market Overview:
The metaverse has the possibility to transform healthcare in many ways. It can be utilized to enhance admittance to care, offer more hypnotic and reciprocal training experiences, and generate contemporary ways to detect and cure illnesses. For instance, metaverse in healthcare could be utilized to generate virtual healthcare that would enable patients to acquire care from any corner of the world. This would be particularly advantageous to people who reside in remote areas and have difficulty traveling.
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One probable usage of metaverse in healthcare is metaverse surgery. With the assistance of VR instruments, surgeons can now carry out complex processes in a probability-free virtual environment prior to the surgery. Also, metaverse therapy is a contemporary and inventive methodology to convey mental healthcare. It makes use virtual reality (VR) technology to generate life resembling immersive therapy systems where patient can communicate with their therapists.
Market Drivers:
Growing Adoption of Telemedicine: Telemedicine enables distant consultations and diagnostics and pursues care, reducing the requirement for physical visits. As per the American Medical Association, telehealth usage escalated by 53% in 2020, underscoring its swift approval amongst patients and donors. The metaverse enlarges this potential by offering virtual environments where patients can engage with healthcare providers thus boosting the metaverse in healthcare market demand.
Technological Progressions: Virtual reality (VR) and augmented reality (AR) technologies are growingly utilized for medical training, surgical imitations, and patient recovery. For instance, a study issued in the Journal of Medical Internet Research detected that VR dependent training enhanced surgical performance by 230% as compared to conventional procedures.
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Key Contenders:
The market is fragmented due to the existence of big and small contenders together with emerging start-ups. Key companies are mentioned below:
• 8Chili, Inc.
• AccuVein, Inc.
• CAE Inc.
• EON Reality
• GE HealthCare
• ImmersiveTouch, Inc.
• Intuitive Surgical
• Koninklijke Philips N.V.
• Medtronic plc
• Microsoft Corporation
• MindMaze
• NVIDIA Corporation
• Siemens Healthineers AG
• Wipro
• XRHealth
Metaverse in Healthcare Industry Developments
• April 2022: HCG Cancer Hospital in Bengaluru, India, introduced the country's first Extended Reality Lab, leveraging Microsoft HoloLens 2. The initiative aims to enhance patient experiences and enable real-time remote collaboration between specialists and surgeons across different locations.
• March 2022: NVIDIA expanded its Omniverse platform with new features designed to improve virtual collaboration and simulation. These advancements further strengthen the platform's potential applications in the healthcare sector.
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Segment Categorization:
The report includes the segmentation of metaverse in healthcare market based on component, application, technology, end use, and region.
Based on component, the software segment holds the largest market share due to growing demand for virtual platforms and applications designed for medical training, patient engagement and telemedicine. Progressive software solutions enable immersive experiences through virtual reality and augmented reality which are crucial for the advancement of effective healthcare metaverse applications.
By Component Outlook (Revenue - USD Billion, 2020-2034)
• Hardware
• Software
• Services
By Application Outlook (Revenue - USD Billion, 2020-2034)
• Telemedicine
• Medical Training & Simulation
• Remote Monitoring
• Robot-Assisted Surgery
• Others
By Technology Outlook (Revenue - USD Billion, 2020-2034)
• IoT
• Blockchain
• Augmented/Virtual Reality
• Artificial Intelligence
• Others
By End Use Outlook (Revenue - USD Billion, 2020-2034)
• Clinical Research
• Medical Centers
• Diagnostic Centers
• Medical Device Manufacturers
• Biotech & Pharmaceutical Companies
• Others
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Regional Overview:
• North America
o US
o Canada
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa
• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America
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