Healthcare In Metaverse Market Projected To Be Worth USD 5,373 Million By 2030 At A 48.3% CAGR – Report By Market Research Future
According to a comprehensive research report by Market Research Future (MRFR), “Healthcare in Metaverse Market Analysis by Component, By Technology, By End-User (Hospitals, Pharmaceutical, Insurance Companies, Others) – Forecast 2030” valuation is poised to reach US$ 5373 Million by 2030, registering an 48.3 per cent CAGR throughout the forecast period (2020–2030).
Healthcare in Metaverse Market Overview
Metaverse in mental health can be used to treat a variety of conditions, including phobias, anxiety disorders, PTSD, hallucinations, & delusions. Technology has transformed how we ask for assistance from coworkers, friends, family, or medical professionals when we are experiencing a mental breakdown. Since virtual reality technology possesses the potential to enhance human wellbeing, businesses in the industry are creating mental health apps for the metaverse.
Drivers
Increasing Usage of Digital Twins in Healthcare to Boost Market Growth
The increasing usage of digital twins in healthcare will boost market growth over the forecast period. In the field of medicine, digital twins can gather enormous amounts of patient scan data (such as MRI, CT, and ultrasound scans) over the time & combine it to one perspective to plan treatments and monitor the progression of diseases and their treatment. There are already several instances where human body prototypes, healthcare systems, or entire hospitals are in use. For instance, researchers at EMPA have already built several hundred avatars of real patients with chronic pain and are using them to foresee and optimize the effects of drugs. Through digital tracking and human body modeling, the use of digital twins in healthcare is revolutionizing clinical operations & hospital administration.
Privacy of Patient Data to act as Market Restraint
The privacy of patient data and the soaring cost of hardware and high-tech devices may act as market restraints over the forecast period.
Increasing Cost of Higher Advanced Digital Healthcare Infrastructure to act as Market Challenge
The increasing cost of higher advanced digital healthcare infrastructure may act as a market challenge over the forecast period.
Healthcare in Metaverse Market Segments
The global healthcare in metaverse market is bifurcated based on end user, application, technology, and component.
By component, hardware will lead the market over the forecast period.
By technology, augmented reality will dominate the market over the forecast period.
By application, the healthcare in metaverse market is segmented into Patient Engagement, Pre-Operation & Post-Operation Planning, Immersive 3D Training, 3D Lectures, VR Therapy, Remote Monitoring, and Others.
By end user, the healthcare in metaverse market is segmented into Hospitals, Pharmaceutical, Insurance Companies, and Others.
Healthcare In Metaverse Market Regional Analysis
The metaverse industry is expected to benefit most from North America. The US, Canada, & Mexico make up this region. The primary factors fueling market growth are the growing importance of fusing the online and offline worlds, as well as the growing acceptance of mixed reality. In order to enhance their business processes, several companies in the region are heavily using sophisticated virtual reality, augmented reality technologies, and 3D simulation. From a corporate intelligence perspective, technologies like Extended Reality, 5G, & AI might make metaverse futuristic. The projection period is expected to be led by North America.
It is due to the region’s significant concentration of metaverse-focused businesses, the quick development of healthcare infrastructure, the incorporation of AR and VR platforms in healthcare industry, the growth of investments in AR goods and services, and improvements in software and hardware. Due to the rapid expansion of the healthcare infrastructure and the use of digital technology, North America currently controls the metaverse in healthcare sector. The market is also expanding on account of the considerable number of metaverse technology-focused businesses in the area.
