Metaverse in Healthcare Market (By Component: Software, Hardware; By Technology: AR, VR, AI, MR; By Device: VR Headsets, AR Devices, Mixed Reality Platforms; By End-user: Medical Training & Education Modules, Diagnosis, Treatment, Designing ORs, Surgical Training, Remote Monitoring, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030

Published Date : Jul 2022 | No. of Pages : 150+ Pages | Category : Healthcare

The global metaverse in healthcare market size was valued at USD 5.5 billion in 2021 and is expected to worth around USD 75.8 billion by 2030 with a CAGR of 36% from 2022 to 2030.

Metaverse in Healthcare Market Size 2021 to 2030

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.

Scope of The Report

Report Coverage Details
Market Size in 2021 USD 5.5 billion
Revenue Forecast by 2030 USD 75.8 billion
Growth rate from 2022 to 2030 CAGR of 36%
Base Year 2021
Forecast Period 2022 to 2030
Segmentation Component, Technology, Device, End-user, region
Companies Covered Surgical Inc., CableLabs, Microsoft, Google LLC, Meta Platforms, Inc., 8chilli, Inc., Global Healthcare Academy, 3D Systems Corp., AccuVein Inc., BioflightVR, CAE Inc., Devden Creative Solutions Pvt. Ltd., Dhi Tattva Solutions Pvt. Ltd., Eon Reality Inc., ImmersiveTouch Inc., Intuitive Surgical Inc., Koninklijke Philips NV, Medical Realities Ltd., MindMaze SA, Oodles Technologies, Siemens AG, Sky gate, UnitedHealth Group Inc., Wipro Ltd., WorldViz Inc.

 

Component Insights

Hardware segment is expected to register significantly rapid revenue growth rate over the forecast period

On the basis of component, the global metaverse in healthcare market has been segmented into hardware and software. Hardware segment is expected to register a significantly rapid revenue growth rate over the forecast period, attributable to advancements in hardware technology, rapid adoption of AR devices and VR headsets for more immersive experiences, and technological upgrades in sensing displays, and optics technologies. In addition, development and advancements in haptic devices to ensure more enhanced metaverse-focused sensory experiences are delivered and increasing investment and efforts by companies to develop advanced haptic devices are some other key factors expected to contribute to revenue growth of the segment going ahead.

Technology Insights

AR segment expected to register robust revenue CAGR over the forecast period

On the basis of technology, the global metaverse in healthcare market has been segmented into Augmented Reality (AR), Virtual Reality (VR), Artificial Intelligence (AI), and Mixed Reality (MR). Augmented reality segment is expected to register robust revenue CAGR over the forecast period, attributable to increasing use of AR platforms in the healthcare sector for surgical training and education, use of AR devices to monitor patients’ vital signs during surgical procedures, and increasing use of VR and AR-based apps for self-guided treatments. Augmented reality is being widely used in the healthcare sector across the globe for applications such as vein visualization, surgical visualization, and educational training. In addition, recent technological advancements in hardware and software have further reduced the expenses associated with augmented reality and significantly improved patient and healthcare personnel experience. Augmented reality can also enhance visualization of Computerized Tomography (CT) or Magnetic Resonance Imaging (MRI) data by superimposition of images during surgeries that require precise navigation to vital organs and this is further boosting adoption of AR devices in healthcare.

Device Insights

AR devices segment to account for largest revenue share over the forecast period

On the basis of device, the global metaverse in healthcare market has been segmented into VR headsets, AR devices, and mixed reality platforms. AR devices segment is expected to account for largest revenue share over the forecast period, attributable to increasing use of AR devices such as AR-enabled head mounted devices by medical professionals to enhance surgical precision and monitor patient vitals. AR devices assist in creating immersive and interactive experiences that can demonstrate the way devices or drugs react with the body. In addition, technological advancements and versatility of AR has made it more accessible and affordable for applications in medical imaging, medical education, training nurses, and dentistry and this is another factor expected to contribute to revenue growth of the segment over the forecast period.

End Use Insights

Medical training & education modules segment is expected to dominate other end use segments over the forecast period

On the basis of end use, the global metaverse in healthcare market has been segmented into medical training & education modules, diagnosis, treatment, designing ORs, surgical training, remote monitoring, and others. Medical training & education modules segment is expected to dominate other end use segments in terms of revenue share over the forecast period. Revenue growth of this segment is driven by increasing use of AR, VR, and MR to explain surgical procedures, increasing use of AR devices and applications to improve patient education/awareness and outcomes, and improve surgical accuracy. Augmented reality applications have also enabled healthcare professionals help patients better understand surgical procedures and the mode of action of medicines and medical devices.

Regional Insights

North America is expected to account for largest revenue share over the forecast period

Based on regional analysis, North America is expected to account for largest revenue share over the forecast period, attributable to robust presence of metaverse-focused companies in the region, rapid advancements in healthcare infrastructure, integration of AR and VR devices and platforms in healthcare sector, increasing investment to develop new and more innovative AR products and applications, and advancements in software and hardware.

Asia Pacific is expected to register robust revenue CAGR over the forecast period, attributable to increasing adoption of immersive technology across the healthcare sector in countries in the region, rising spending on augmented and virtual reality research and development, emerging opportunities for metaverse in healthcare, increasing number of collaborations between metaverse technology companies to expand metaverse in Asia Pacific, and presence of key technology companies such as Samsung investing significantly in AR and VR technologies.

Prominent market players are Intuitive Surgical Inc., CableLabs, Microsoft, Google LLC, Meta Platforms, Inc., 8chilli, Inc., Global Healthcare Academy, 3D Systems Corp., AccuVein Inc., BioflightVR, CAE Inc., Devden Creative Solutions Pvt. Ltd., Dhi Tattva Solutions Pvt. Ltd., Eon Reality Inc., ImmersiveTouch Inc., Intuitive Surgical Inc., Koninklijke Philips NV, Medical Realities Ltd., MindMaze SA, Oodles Technologies, Siemens AG, Sky gate, UnitedHealth Group Inc., Wipro Ltd., WorldViz Inc.

Key Developments in the market

  • In Apr 2022, Meta Platforms spent $10 billion to build the Metaverse 2021. The company is building the world's fastest supercomputer to accelerate metaverse-related workloads, with completion expected by the year. Meta Platforms appears to have taken a significant step toward monetizing the Metaverse with its Horizon Worlds virtual reality social platform. The company has announced that it is now testing a method for creators and developers to sell virtual items and experiences within the Metaverse's three-dimensional worlds.
  • In Mar 2022, ventyn Enters the Health Metaverse With 8chili HintVR Virtual Reality Platform for Innovations in Care Coordination. Artificial Intelligence Virtual Reality platforms combined with the power of 3D content and digital health applications enable virtual training, patient engagement, education and health coaching
  • In Feb2022, Apollo Hospitals collaborate with 8chili Inc to foray into the Metaverse. The initiative will enable patient counselling in virtual reality and help increase patient outcomes. The industry will also occupy the users in virtual reality-mediated activities to encourage their abilities to regulate emotion. This personalized approach to each patient will contribute to increased patient satisfaction.
  • In Nov 2021, A new feature was introduced by Microsoft. The feature combines Microsoft Mesh's mixed-reality capabilities. This feature allows people in different physical locations to join collaborative and shared holographic experiences with Microsoft Teams' productivity tools. It lets people join virtual meetings, send chats, collaborate on shared documents, etc.

Market Segmentation

By Component

  • Software
  • Hardware

By Technology

  • AR
  • VR
  • AI
  • MR

By Device

  • VR Headsets
  • AR Devices
  • Mixed Reality Platforms

By End-User

  • Medical Training & Education Modules
  • Diagnosis
  • Treatment
  • Designing ORs
  • Surgical Training
  • Remote Monitoring
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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