The global metaverse in healthcare market size is expected to reach USD 4.5 billion by 2025, according to a new report by Emergen Research, expanding at a CAGR of 62.9% during the forecast period.
The global metaverse in healthcare market size is expected to reach USD 4.5 billion by 2025, according to a new report by Emergen Research, expanding at a CAGR of 62.9% during the forecast period. Primary factor driving market revenue growth is technological advancement in the Metaverse in Healthcare market. The Metaverse in Healthcare Market is expected to grow significantly over the forecast period. Moreover, increase in prevalence of chronic diseases and rise in adoption of novel approaches are projected to propel demand for Metaverse in Healthcare during the forecast period.
Metaverse in Healthcare is a technology that enables one to three-dimensionally (3D) interact with digital data in a natural way. It is an innovative technology that helps create, visualize, and simulate the physical and virtual world. This technology is used for a variety of applications in healthcare, including medical education and training, patient care, telemedicine, and research and development.
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The sector is looking for opportunities to incorporate the emerging technology in order to provide patients with better experience and outcomes. For instance, Philips introduced an AR headset named “SonoSite Edge” which helps surgeons in viewing images, X-rays, and other data during the surgery. Similarly, in March 2018, Samsung launched its first VR headset “Odyssey” in the healthcare sector. The product is designed to offer an immersive experience to the users and also helps in training medical students.
The government support is playing a significant role in driving the market growth as various countries are investing in R&D of this technology. For instance, in 2017, FDA approved the first AR device, “Google Glass Enterprise Edition” for surgery. The product was developed by Auris Health, Inc. and is used by surgeons to view medical data during the procedure. Moreover, in February 2018, FDA approved another AR headset named “Microsoft HoloLens” for pre-operative planning of surgeries. These approvals are expected to create new opportunities for the market players in the coming years.
The steep cost of these devices and dearth of skilled professionals are some of the key factors restraining the market growth. The lack of awareness about this technology among patients and physicians is also expected to hamper the growth over the forecast period.
The rising adoption of AR/VR technology in hospitals and clinics for various applications is one of the major factors driving the growth of the market. Hospitals are using AR/VR technology for educational purposes and to train their staff. In addition, these technologies are being used to provide immersive experience to patients during their treatment. The growing adoption of 5G technology is also expected to boost the market growth in the coming years. However, the high cost of AR/VR headsets is restraining the market growth.
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Some Key Highlights From the Report
- On the basis of component outlook, the metaverse in healthcare market is segmented into solution and services. Among these, solution segment is anticipated to grow with a significant CAGR during the forecast timeframe. This is owing to the increasing need for patient engagement and remote consultation among physicians. Moreover, solutions facilitate real-time interaction between patients and doctors, which is expected to fuel the demand for metaverse in healthcare market during the forecast timeframe.
- On the basis of deployment model, the metaverse in healthcare market is segmented into on-premise and cloud. Among these, cloud segment held a major share in 2019 and is anticipated to grow with a significant CAGR during the forecast timeframe. This is owing to the increasing adoption of cloud-based solutions among healthcare organizations. Cloud-based solutions offer several benefits such as scalability, flexibility, and cost-effectiveness, which is expected to fuel the demand for metaverse in healthcare market during the forecast timeframe.
- On the basis of application outlook, the metaverse in healthcare market is segmented into telemedicine, patient engagement, remote consultation, and others. Among these, the telemedicine segment is anticipated to grow with a significant CAGR during the forecast timeframe. This is owing to the increasing utilization of telemedicine services for diagnosis and treatment of various chronic diseases such as cancer, heart diseases, and diabetes. Moreover, telemedicine helps in reducing the cost of healthcare and improves patient outcomes, which is expected to fuel the demand for metaverse in healthcare market during the forecast timeframe.
- On the basis of end user outlook, the metaverse in healthcare market is segmented into hospitals and clinics, pharmaceutical and biotechnology companies, research and development organizations, and others. Among these, the hospitals and clinics segment is anticipated to grow with a significant CAGR during the forecast timeframe. This is owing to the increasing adoption of metaverse solutions and services for improving patient engagement and remote consultation among physicians. Moreover, metaverse solutions help in reducing the cost of healthcare and improve patient outcomes, which is expected to fuel the demand for metaverse in healthcare market during the forecast timeframe.
- On the basis of regional outlook, the metaverse in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, North America held a major share in 2019 and is anticipated to grow with a significant CAGR during the forecast timeframe. This is owing to the presence of a large number of healthcare organizations and IT companies in the region. Moreover, the region is witnessing a rapid adoption of metaverse solutions and services for improving patient engagement and remote consultation among physicians.
- The Asia Pacific metaverse in healthcare market is expected to witness the fastest growth over the forecast period. The region is expected to grow at a CAGR of 67.2% from 2019 to 2025 on account of government initiatives to promote the adoption of metaverse in healthcare sector. For instance, in China, the Ministry of Industry and Information Technology (MIIT) has launched various initiatives to promote the adoption of AR and VR technology in various sectors, including healthcare.
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Major Companies in the Market Include:
- Intuitive Surgical
- CableLabs
- AccuVein
- Microsoft
- Google LLC
- Meta Platforms, Inc.
- 8chilli, Inc.
- Global Healthcare Academy
For the purpose of this report, Emergen Research has segmented the global metaverse in healthcare market on the basis of component, technology, device, end use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Hardware
- Software
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Virtual Reality
- Augmented Reality
- Mixed Reality
- Artificial Intelligence
Device Outlook (Revenue, USD Billion; 2018-2028)
- VR Headsets
- AR Devices
- Mixed Reality Platforms
End Use Outlook (Revenue, USD Billion; 2018-2028)
- Medical Training & Education Modules
- Diagnosis
- Treatment
- Designing ORs
- Surgical Training
- Remote Monitoring
- Others
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Israel
- Rest of MEA
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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