The global metaverse in healthcare market is projected to reach $79.6 billion by 2028 from $9.5 billion in 2023, reflecting a remarkable 52.9% compound annual growth rate (CAGR). This transformative trend combines technologies like AI, AR, VR, and advanced connectivity such as 5G networks to create immersive online environments.
North America has seen a surge in VR/AR applications in healthcare, accelerated by the COVID-19 pandemic. Applications range from surgical training to pain management and therapy. The adoption of telehealth services has driven the demand for immersive virtual experiences that facilitate more natural and intuitive interactions between patients and healthcare providers.
The Asia Pacific (APAC) market is poised to experience the highest compound annual growth rate (CAGR) during the forecast period. Factors driving this growth include the burgeoning medical tourism industry, a rising prevalence of lifestyle and chronic diseases, and increased adoption of metaverse technologies in healthcare.
In terms of components, the software segment is expected to be the largest during the forecast period. Customization and personalization capabilities make software crucial in creating and accessing virtual environments tailored to the specific needs and preferences of healthcare professionals and patients. It enables advanced applications like AR platforms for precise and flexible surgical procedures.
The healthcare provider segment is projected to witness the highest growth rate in the metaverse in healthcare market in 2022. This growth is driven by the need for an efficient healthcare system, rising patient volumes, the expansion of hospitals and ambulatory care centers, increased adoption of telehealth, and the integration of metaverse technology into healthcare practices.
Key players in the metaverse in healthcare market include Microsoft, NVIDIA Corporation, XRHealth, CAE, Inc., Koninklijke Philips N.V., and more. These companies are embracing the metaverse for innovative healthcare applications.
The metaverse is poised to transform healthcare by facilitating minimally invasive surgeries, telemedicine, medical education, and more. The rise of metaverse investments in healthcare is evident, harnessing technologies like blockchain, AI, and IoT. This transformative wave will shape the future of healthcare by creating immersive therapeutic experiences, changing clinical trials, and entering drug discovery, research, and medical training.
The use of 5G networks, IoT, blockchain, AI, AR, and VR will drive the metaverse’s adoption, making virtual interactions more natural and intuitive in healthcare settings.