Metaverse in Healthcare Market by Component (Hardware, Services, Software), Technology (AR/VR, MR, AI, Blockchain, IoT), Application (Telehealth, Diagnostics, Medical Training & Education), End User (Provider, Patients, Payers, Pharma) - Global Forecast to 2028

Increasing Adoption of Mixed Reality for Performing Minimally Invasive Surgeries is to Drive the Market

The global metaverse in the healthcare market is projected to reach USD 79.6 billion by 2028 from USD 9.5 billion in 2023, at a CAGR of 52.9% during the forecast period. There is a growing inclination for metaverse technologies for healthcare in North America. The increasing popularity of virtual and augmented reality (VR/AR) technologies, which have been used in various healthcare applications, including surgical training, pain management, and therapy is attributing to the growth of the market in this region. In addition, the COVID-19 pandemic has accelerated the adoption of telehealth services, which has created a need for more immersive and engaging virtual experiences for patients and healthcare providers. The metaverse can provide a virtual environment that simulates real-life interactions, allowing patients and healthcare professionals to communicate and collaborate more naturally and intuitively.

The software segment is projected to be the largest segment in the metaverse in the healthcare market.

Based on the components, the software segment is projected to be the largest segment during the forecast period. This share can be attributed to factors such as the potential for customization and personalization. Healthcare professionals and patients can use software to create and access virtual environments that are tailored to their specific needs, preferences, and medical conditions, increasing adaptation of AR platforms to perform complex surgical procedures for higher precision and flexibility and investments made in the software segment. 

Healthcare Provider was the largest segment by the end user of the metaverse in the healthcare market in 2022.

The healthcare provider segment is projected to grow at the highest growth rate in the metaverse in the healthcare market in 2022. The high growth can be attributed to the rising need for an efficient healthcare system, growing patient volume, increasing number of hospitals and ambulatory care centers, growth in telehealth, and rising adoption of metaverse technology in healthcare.

APAC is to witness the highest growth rate during the forecast period.

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors owing to the growing medical tourism industry, increasing incidence of lifestyle and chronic disorders, and the rising adoption of metaverse technologies. Asia Pacific market offers lucrative growth opportunities for market players, mainly due to the growing government initiatives and the increasing incidence of lifestyle disorders. The growth in these markets will likely be centered in China, South Korea, and Japan. This is mainly due to the rising need for advanced healthcare technology to track and monitor the huge volume of patients, and the rising demand for quality healthcare at low costs is driving the growth of this market.

The break-down of primary participants is as mentioned below:

• By Company Type - Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By Designation - C-level: 31%, Director-level: 27%, and Others: 42%
• By Region - North America: 40%, Europe: 20%, Asia Pacific: 30%, Latin America: 5%, and Middle East & Africa: 5%.

Key Players in the Metaverse in Healthcare Market

The key players operating in the metaverse in the healthcare market include Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE, Inc.(Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc(Ireland), GE Healthcare(US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc.(US), EON Reality(US), Brainlab AG (Germany), Novarad Corporation (US), Oodles Technologies (India), CMR Surgical(UK), Merative (US), BioflightVR(US), WorldViz, Inc. (US), Google(US), Oculus(Meta Platforms, Inc.)(US), Augmedics(US) 

Research Coverage:

The report analyses the metaverse in the healthcare market and aims to estimate the market size and future growth potential of various market segments, based on components, applications, technology, end-user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report 

This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share of the market. The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market.

The report provides insights on the following pointers: 

• Analysis of key drivers (Increasing adoption of mixed reality for performing minimally invasive surgeries, Applications of metaverse in telemedicine, Increasing use of digital twins, Increasing importance of blockchain technology in healthcare) restraints (Data privacy and security concerns, High implementation cost, Health and mental issues from excessive use), opportunities (increasing use of metaverse in medical education and training and use of metaverse in surgical applications) and challenges ( HIPAA regulations for healthcare metaverse, Interoperability issues, Local government restrictions coupled with environmental impact)
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the metaverse in healthcare market 
• Market Development: Comprehensive information about lucrative markets - the report analyses the metaverse in healthcare market across varied regions. 
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the metaverse in the healthcare market 
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE, Inc.(Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc(Ireland), GE Healthcare(US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc.(US),EON Reality(US), Brainlab AG (Germany), Novarad Corporation (US), Oodles Technologies (India), among others in the metaverse in healthcare market strategies. The report also helps stakeholders understand the pulse of the remote care market and provides them with information on key market drivers, restraints, challenges, and opportunities.