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Implications and Growth Opportunities of Metaverse in Healthcare

  • Report

  • 65 Pages
  • September 2023
  • Region: Global
  • Frost & Sullivan
  • ID: 5887186

High Patient Engagement, Enhanced Efficacy, and Treatment Adherence Will Drive the Metaverse in Healthcare's Transformational Growth

The metaverse has the potential to transform the healthcare industry. Its applications in healthcare include therapeutics, diagnostics, surgery, and medical education. It enables patients to receive diagnoses, therapy, and remote consultations from the comfort of their homes. Healthcare professionals can leverage the metaverse for a better understanding of diseases, surgical procedures, and customized treatments to improve patient outcomes. It has potential to be used as an alternative to traditional therapies, especially in the mental health space.

Several entities are already leveraging the benefits of virtual reality (VR) in various disease conditions, such as anxiety, stress, and phobias, enhancing treatment outcomes through increased patient engagement and adherence to prescribed therapies. However, metaverse adoption for healthcare applications is still nascent and will grow significantly in the near future. This growth can be attributed to artificial intelligence (AI), VR headset, and digital technology innovations.

The growth of the metaverse is primarily driven by the software development efforts of several start-ups and small companies and a few large tech providers, gradually creating an ecosystem that will bolster metaverse adoption.

Despite potential benefits, there are challenges to metaverse adoption in healthcare, such as the high cost of wearables, lack of trust among healthcare providers regarding the effectiveness of therapy delivered in the metaverse, and concerns surrounding patient’s data privacy and security.

This research study provides an industry assessment that includes current trends, case studies, key challenges, and business models for the metaverse in healthcare. It highlights insights from primary market research, with participation from industry experts. It focuses on 2 major applications of the metaverse in healthcare: behavioral and mental health and pain management and physical rehabilitation. In addition, the study identifies significant growth opportunities for market participants in the metaverse for the healthcare space.

Questions this study answers:

  • What are the key applications of metaverse in healthcare?
  • Which factors drive and restrain market growth?
  • What are key industry trends for metaverse in healthcare?
  • What are the key challenges and potential solutions for metaverse adoption in healthcare?
  • What are key business models for metaverse in healthcare?
  • What is the primary market research insights on the current landscape of the metaverse in healthcare, factors affecting the adoption, partnership trends, key benefits, challenges for metaverse implementation, future prediction of the metaverse, opportunities for companies offering metaverse services, and key recommendations for healthcare organizations?
  • What are the key applications, drivers and challenges, innovations, and SWOT analysis of metaverse for behavioral and mental health and pain management and physical rehabilitation?
  • What are key growth opportunities for companies in the metaverse of the healthcare space?

Table of Contents

1 Strategic Imperatives
  • Why Is It Increasingly Difficult to Grow?The Strategic Imperative 8™: Factors Creating Pressure on Growth
  • The Strategic Imperative 8™
  • The Impact of the Top 3 Strategic Imperatives on the Metaverse in Healthcare Industry
  • Growth Opportunities Fuel the Growth Pipeline Engine™
  • Research Methodology
2 Growth Opportunity Analysis
  • Scope of Analysis
  • Deployment of Metaverse and Related Technologies
  • An Introduction of Metaverse Service in the Healthcare
  • Application Segmentation of Metaverse in Healthcare
  • Metaverse Impact Analysis of Different Healthcare Segments
  • Growth Drivers
  • Growth Restraints
3 Primary Market Research Insights
  • Current Landscape, Metaverse in Healthcare
  • Key Factors Limiting the Metaverse Adoption in Healthcare Applications
  • Metaverse Industry Ecosystem: Partnerships Driving Solution Innovation
  • Metaverse Partnership Trends
  • Key Benefits of Implementing Metaverse in Healthcare
  • Major Challenges of Implementation Metaverse in Healthcare
  • Future Predictions of Metaverse Solutions in Healthcare
  • Key Opportunities and Timeline for Mass Adoption of Metaverse in Healthcare
  • Recommendations for Market Players in the Metaverse Ecosystem
  • Additional Quotes From Respondents
4 Industry Assessment and Analysis
  • Current Industry Trends Analysis for Metaverse in Healthcare
  • Key Regional Trends
  • Major Challenges and Potential Solutions for Adoption of Metaverse in Healthcare
  • Vital Business Model for Metaverse in Healthcare
  • SWOT Analysis of Metaverse in Healthcare
  • Application Roadmap for Metaverse in Healthcare, 2023-2028
5 Metaverse in Healthcare: Behavioral and Mental Health Conditions
  • Applications of Metaverse in Behavioral and Mental Health Conditions Management
  • Advantages and Challenges of Using Metaverse for Managing Behavioral and Mental Health Conditions
  • Major Innovations: Metaverse in Behavioral and Mental Health Condition Management
6 Metaverse in Healthcare: Pain Management and Physical Rehabilitation
  • Applications of Metaverse in Pain Management and Physical Rehabilitation
  • Advantages and Challenges of Using Metaverse in Pain Management and Physical Rehabilitation
  • Major Innovations: Metaverse for Pain Management and Physical Rehabilitation
7 Case Studies
  • Case Study 1: Floreo’s Goal of Creating the World’s First Behavioral Therapy Metaverse
  • Case Study 2: XRHealth’s Virtual Treatment Room in the Metaverse
  • Case Study 3: Inova Mount Vernon Hospital Uses AppliedVR Kits for Patient Anxiety and Pain Management
8 Growth Opportunity Universe
  • Growth Opportunity 1: Generative AI in the Metaverse
  • Growth Opportunity 2: Innovative VR Headset Business Models
  • Growth Opportunity 3: Behavioral Digital Biomarkers
9 Appendix
  • Technology Readiness Levels (TRL): Explanation
  • Discussion Guide Used for Primary Interviews
  • Industry Experts Who Were Interviewed
10 Next Steps
  • Your Next Steps
  • About the Publisher
  • Legal Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Floreo
  • XRHealth
  • Inova Mount Vernon Hospital
  • AppliedVR