Metaverse in the healthcare marketis witnessing rapid growth during the forecast period. Certain key factors like the rising integration of artificial intelligence, augmented reality, and robotics in the healthcare industry, for better patient outcomes, improve the efficacy of medical equipment, and to facilitate better communication between patients and healthcare providers are widely driving the market growth. The increasing use of augmented reality platforms for complex surgeries enhances better precision and outcome. In addition, rising investment by market players to innovate metaverse surgical platforms is contributing to the growth of the market.
Over the last two decades, the usage of digital solutions and extensions of artificial intelligence, and augmented and virtual realities in healthcare have seen incredible growth. The growing adoptions of extended AR, and VR techniques in medical surgeries, and rising product approvals are key factors driving the market. For example, in December 2019, Augmedics- an AR surgical navigation pioneer, received FDA approval for its Xvision Spine- an AR navigation system to aid spine surgeries. This solution allows surgeons to view 3D spinal anatomy during the procedure. The robust applications of metaverse in healthcare such as explaining insurance plans, virtual customer healthcare, remote guidance & educational training, and conducting fitness instructions and physical therapy are contributing to lucrative opportunities for market growth.
The COVID-19 pandemic has increased people’s interest over online healthcare delivery as the disease led world reduce social business interactions. Due to which, the adoption of advanced technologies such as metaverse is increasing among key players and healthcare sectors. According to the study published in The National Library of Medicine in August 2020, deployment of HoloLens2 MR device led to a 51.5% reduction in time exposed by the staff looking after COVID-19 patients and a 83.1% reduction in the amount of PPE used per day. This mixed reality (MR) technology has the potential to revolutionize healthcare both during and after the COVID-19 pandemic.
Based on component, the market is broadly categorized into software and hardware. The segment hardware is anticipated to dominate the market due to the advancement in augmented/virtual reality headsets for enhanced outcome and convenience. Moreover, company’s efforts in developing advanced haptic metaverse devices are further boosting the growth of segment. The software segment is growing at fast pace due to developing upgrades in metaverse health applications for better usage, storage and patient protection.
Metaverse in healthcare market is also segmented based on technology which include Virtual Reality (VR), Augmented Reality (AR), Mixed Reality (MR), and Artificial Intelligence (AI). The AR segment is dominating the market due to the increasing adoption of this technology in healthcare sectors for training with surgical procedures. The penetration of such advanced digital surgery technologies in developing countries are enormously rising, aiding in the growth of market. In January 2022, Immersive Touch stated that All India Institutes of Medical Sciences (AIIMS) situated in New Delhi of India, implemented company’s progressing medical technology “Mission Rehearsal VR platform” to give surgeons the flexibility of virtual plans and to simulate every patient’s specific anatomy in three dimensional, before proceeding with open surgery.
Based on devices, the market is classified into virtual reality headsets, augmented reality devices, and mixed reality platforms. The augmented reality devices segment is anticipated to dominate the market as these tools are widely applied in the medical field where patients require a constant monitoring. These devices provides interactive virtual interface, offers novel ways in improving the quality of medical and health services. In February 2022, Imaginovation demonstrated various AR application over healthcare sector, such as EyeDecide, a medical app which uses camera display for simulating impact of specific conditions on person’s vision for scenarios such as cataract. These numerous advancements in Augmented reality devices are contributing to the market growth.
On the insights of end-user, the market is classified into medical training and education modules, treatment, diagnosis, remote monitoring, surgical training, designing ORs, and others. The medical training and the education modules segment is dominating the market due to the high implementation of metaverse extensions in medical and surgery training for three-dimensional learning experience. These tools enable a better understanding of surgical procedures among patients, aids the medical treatments.
North America is dominating the metaverse in the healthcare market due to the rapid development in healthcare infrastructure with digital implementation. The significant presence of companies focused on metaverse technologies in the region is further contributing to the growth of market. Asia Pacific is witnessing the fastest growth during the forecast period due to the countries advancements in such technologies across healthcare sectors. The collaborations of metaverse technology companies and healthcare fields, coupled with high investment over incorporating this technology with medical equipment are further boosting the growth.
Strategic developments and initiatives by companies in the form of enhanced and feasible device launches, mergers, acquisitions, and partnerships are anticipated to boost the competition and fuel the market growth. In December 2021, 8chilli, a leading California-based tech company partnered with Global Healthcare Academy (GHA) to introduce their HintVR metaverse platform for healthcare training and medical education. This solution has been published with over 200 hours of virtual reality content. The company has also mentioned the idea of delivering training to more than 20,000 healthcare professional all over the world. The key players in the metaverse in healthcare market includes Intuitive Surgical Inc., CableLabs, AccuVein, Augmedics, Immersive Touch, Microsoft, Google LLC, Meta Platforms, Inc., 8chilli, Inc. and Global Healthcare Academy.
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