A metaverse is a virtual world using internet as its underlying network. It is a shared, online 3D space enabling users to interact with each other using computer-generated avatars and objects. The use cases of Metaverse is expanding day by day. Online gaming, social networking, training, and education are some of the prevalent applications of Metaverse today. Metaverse in healthcare is not new but is definitely one of the hot topics due to its revolutionary impact and the benefits it promises. It refers to the use of augmented reality (AR) and virtual reality (VR) technology to build immersive digital environments where patients, medical students and medical staff can engage with medical data and with each other in innovative ways for improved healthcare outcome and satisfaction.

Metaverse technologies can create value in multiple ways such as:

• Improving the precision of diagnostics and the quality of surgery
  through the utilization of advanced technologies
• Reducing healthcare delivery cost, medical training cost, and cost
  involved in data management
• Creating fresh opportunities for storage, sharing, and access to data encompassing patient information, claims, and provider details)
• Enhancing the experience and improving the satisfaction level of
  patients and insurance plan, while also broadening revenue streams through the introduction of novel offerings
• Connecting patients and providers regardless of location and thereby improving access to healthcare
• Lowering operating costs and expenses by optimizing such functions as recruiting, learning and development, and payment process

Global Metaverse in Healthcare Market was values US $8,231.22MM in 2022 and is expected to reach US $73,570.90MM by 2030, growing at a CAGR of 31.49% during the forecast period 2023 – 2030.

Factors Driving the Metaverse in Healthcare Market

Metaverse in Healthcare Market Drivers

Increasing Demand for AR/VR in Healthcare

AR and VR are transforming the healthcare by offering more promising solutions for preventive healthcare, pain management, health education, fitness alongside a huge role in training and education.

For instance, AR helps the doctors in accurate symptom detection. The AR enabled apps such as EyeDecide, uses a camera display to simulate a patient’s eye anatomy, conditions, and solution. The app describes each condition, annotates symptoms, and findings adjacent to each medical image, and suggests treatment based on best practices. This allows the doctor to examine the symptoms precisely. The patient is also spared from any kind of communication challenge. AR- enables healthcare software solutions are also allowing patients to become proactive in selfcare.  Know my heart is one of the patient’s self-care app designed to use AR technology. It enables an individual patient to self-check their pulse and detect possible Atrial Fibrillation, thus allowing them to be more aware of their health condition so that they follow the prescribed medication and seek timely medical intervention, if required.

Similar to AR, applications of VR in healthcare are also growing. VR is being used to visualize the inside of the human body, which is otherwise inaccessible. In the medical education and training, the conventional norm for every new student has been to dissect the cadaver. It is now being replaced by VR technology, where students can now engage in immersive VR experiences that replicate anatomical structures and procedures. The detailing of any body part in depth made possible by computer graphics offers realistic, safe and repeatable learning environment for the students. Additionally, training can be provided using different scenarios closely relating to common real-life surgical situations. An actual surgical procedure can be filmed from various angles with exceptional clarity and then integrated with anatomical models of the specific body area undergoing the operation. This allows students to virtually engage in surgical simulations within a VR environment, essentially allowing them to practice surgical procedures.

AR and VR play pivotal roles in the metaverse by creating immersive and interactive digital environments. AR enhances the real world by overlaying digital information and objects onto the physical environment, facilitating real-time information sharing, medical visualization, and contextual guidance. VR, on the other hand, transports users to entirely virtual spaces, enabling realistic simulations, remote collaborations, and experiential learning. Together, AR and VR empower users in healthcare and other sectors to engage, communicate, learn, and interact within a dynamic metaverse that blurs the boundaries between the physical and digital realms. Thus, with the increasing demand for AR and VR in healthcare due to their rising applications, the demand for Metaverse is likely to increase, thus benefiting the market.

Metaverse in Healthcare Market Challenges

Addiction from Excessive Use

Metaverse has lot of benefits in healthcare and one is in treating mental health conditions. For instance, VR is being used in the treatment of various mental health issues such as PTSD, delusions and hallucinations, phobias and various anxiety disorders. Technology has also fundamentally transformed the ways through which one can search for and obtain professional help, as well as seek support from acquaintances, loved ones, or even individuals never met before.

However, this technology being used to treat mental health conditions also has the potential to cause addiction and mental health problems if not used in limit. A whistle-blower from Meta said that the Metaverse will be addictive for its users. Addiction and mental illness are rooted in the brain. Further, substances and behaviors that are addictive activate the brain's pleasure center. Over time, both the brain and the individual become reliant on this pleasurable sensation to experience well-being both psychologically and physiologically that has adverse consequences.

Signs of digital addiction include:

• Using your digital device for longer durations than intended.
• Experiencing difficulty in moderating or abstaining from digital use.
• Spending excessive time thinking about digital use when not digitally active.
• Participating in digital activities compulsively or experiencing cravings and strong desires to use digital device when not using it.
• Neglecting or finding difficult to manage crucial aspects of life such as hygiene, sleep, self-care, relationships, school, and work.

As a result, the people who are looking to escape reality might overuse the technology, resulting into severe mental health conditions, thus acting as one of the inhibiting factors in its adoption and thereby limiting market revenue.

Metaverse in Healthcare Market Trends

Rising Interest Towards Fitness

In the recent years, there has been a remarkable surge in people’s inclination towards healthier lifestyle including a focus towards fitness. To stay fit, people have started going to gym to get assistance from the trainers or indulge in indoor or outdoor activities. In the pursuit of fitness, people are seeking workout routines that are engaging, interactive, versatile, location-independent, and holistic. The metaverse promises to achieve this requirement through fitness gamification. It is an immersive workout in which all elements of a gym setting, including music, images, wearables, and instructors, come together on a single platform to provide users with an energizing workout.

There are various benefits with metaverse becoming a part of the fitness segment. For instance, this synergy will allow people to workout together and get trained by some exceptional professional trainers irrespective of their geographical locations. Also, it will give an opportunity to the fitness enthusiasts to communicate with other users and live as an avatar in the virtual reality platform. Further, the virtual gyms will offer ample room for unlimited participants, making fitness accessible to all. Infact virtual gyms will provide detailed training information for monitoring performance and suggesting future improvements in contrast to a physical gym.

With numerous attracting benefits provided by metaverse in the realm of fitness, there is a rise in brands who have started providing fitness apps embracing metaverse. One such example is Vital Veda, a first Metaverse fitness platform, which offers innovative solutions to make daily workout sessions way more interesting, and allows to make some profit in the Non-Fungible Tokens (NFT) marketplace at the same time. This platform incorporates the latest technology such as AR, VR, NFTs, and loT. As the advantages of the metaverse continue to flourish in the fitness sector, an increasing number of fitness brands are embracing this technology, thereby contributing to the market's growth in the years to come.

Metaverse in Healthcare Market Segmentation

By Components

• The hardware segment dominated the Metaverse in Healthcare market in 2022.
• The software is the fastest growing segment, growing with the CAGR of 32.65% during the forecast period.

By components, the Global Metaverse in Healthcare Market is divided into hardware and software.

The hardware segment led the Metaverse in the Healthcare market in 2022 with a market share of 54.67% owing to the increasing adoption of AR devices and VR headsets for immersive experiences. Further, the growing demand for haptic feedback devices such as gloves which allow users to feel sensations in virtual environments is expected to add to market revenue. These devices could have applications in medical training, allowing users to practice surgical procedures or other medical tasks virtually.

The software is the fastest-growing segment, growing with a CAGR of 32.65% during the forecast period. The constant need for real-time data update and transfer with high speed and low latency connections, edge computing, and IoT integration is resulting in the increase in demand for softwares, thus will benefit the market in coming years.

Metaverse in Healthcare Market by End-users

• The healthcare providers segment dominated the Metaverse in Healthcare market in 2022.
• The research organizations and academic institutions segment is the fastest growing segment, growing with the CAGR of 32.42% during the forecast period.

By end-users, the Global Metaverse in Healthcare Market is divided into Healthcare Providers, Pharma and Biopharma Companies, Medical Device Companies, Research Organizations and Academic Institutions, Patients, and Payers.

The healthcare providers were the largest end-users of metaverse applications in 2022 owing to the continuous efforts to improve patient outcomes and integrate metaverse for developing innovative therapies, real-time data analytics, global outreach and access, better surgical planning and visualization, and improved medical training and education. 

The research organizations and academic institutions segment is the fastest-growing segment, growing with a CAGR of 32.42% during the forecast period. It is because research organizations can use the Metaverse to create virtual laboratories and simulations, enabling scientists to conduct experiments, simulations, and data analysis in immersive and interactive environments.

Metaverse in Healthcare Market by Application

• The medical training and education segment dominated the Metaverse in Healthcare market in 2022.
• The therapy, fitness and wellness segment is the fastest growing segment, growing with the CAGR of 33.01% during the forecast period.

By application, the Global Metaverse in Healthcare Market is divided into Medical Training and Education, Diagnosis and Treatment, Remote Monitoring, Therapy, Fitness and Wellness, Surgical Operations,
Medical Device Manufacturing, and Clinical Trials.  

The medical training and education segment dominated the Metaverse in the Healthcare market in 2022 with a market share of 22.87%. One of the factors responsible for its high share is that the Metaverse offers healthcare professionals, students, and trainees the opportunity to practice medical procedures, surgeries, and other critical skills in immersive virtual environments. This can be especially valuable for honing surgical techniques and practicing complex procedures without the risk associated with real patients.

The therapy, fitness and wellness segment is the fastest-growing segment, growing with a CAGR of 33.01% during the forecast period. Metaverse is increasingly being used for therapeutics to treat phobias, anxiety disorders, and post-traumatic stress disorder. Patients can confront their fears in a controlled and safe environment. Metaverse can offer immersive and engaging fitness experiences, where users can participate in virtual workouts, yoga sessions, and other exercise routines led by virtual trainers. As a result, the demand for this segment will increase in the coming years.

Metaverse in Healthcare Market by Region

• The North America region dominated the Metaverse in Healthcare market in 2022.
• The APAC region is the fastest growing segment, growing with the CAGR of 33.13% during the forecast period.

By region, the Global Metaverse in Healthcare Market is divided into North America, Europe, APAC, and others. Others is further divided into Middle Eastern and South America.

The North American region dominated the Metaverse in the Healthcare market in 2022. It is because the US and Canada are the technological innovations hub and this region has therefore seen various tech companies exploring Metaverse-related concepts.

The APAC region is the fastest-growing segment, growing with a CAGR of 33.13% during the forecast period. Several countries in the APAC region, such as China, South Korea, Japan, and Singapore, are increasingly focusing towards the improvement of overall healthcare infrastructure. As a result, these countries have been at the forefront of exploring AR and VR technologies, which are integral to the Metaverse concept, therefore will see a rise in the adoption of metaverse in healthcare in the future.

Metaverse in Healthcare Market Competitive Landscape

The global Metaverse in Healthcare Market is fragmented. Though major market share is contributed by some of the big companies, however, there are many start-ups who are entering the market with innovative and specialized products. As the Metaverse in Healthcare continues to evolve, it will be interesting to see how consolidation, collaboration, and standardization efforts shape the market's trajectory.

Major Players

• Microsoft Corporation (US)
• Roblox Corporation (US)
• Nvidia Corporation (US)
• GE Healthcare (US)
• Brainlab AG (Germany)
• Apple Inc. (US)
• Siemens Healthineers (Germany)
• Meta Platforms Inc. (US)
• PlushCare (US)
• Intuitive Surgical Inc.
• BioFlight VR (US)
• Novarad Corporation (US)
• Veyond Metaverse (US)
• gameChange VR (UK)
• Sesame Care (US)
• Aimedis B.V., (Belgium)
• ARBREA LABS (Switzerland)
• Medtronic PLC (Ireland)
• Augmedics (US)
• Medical Realities Ltd. (UK)
• XRHealth (US)
• CAE Inc. (Canada)
• Koninklijke Philips N.V. (Netherlands)
• ImmersiveTouch, Inc. (US)
• Wipro (India)
• MindMaze (Switzerland)
• AccuVein, Inc. (US)
• EON Reality (US)
• Oodles Technologies (India)
• CMR Surgical (UK)
• Merative (US)
• WorldViz, Inc. (US)

Recent Developments

• June 2023: Apple has unveiled Apple Vision Pro, a revolutionary spatial computer that seamlessly blends digital content with the physical world, while allowing users to stay present and connected to others. Vision Pro creates an infinite canvas for apps that scales beyond the boundaries of a traditional display and introduces a fully three-dimensional user interface controlled by the most natural and intuitive inputs possible — a user’s eyes, hands, and voice.
• June 2023: Emplomind, a provider of accessible, on-demand mental health coaching, recently announced that it was set to launch a first-ever Metaverse mental health hub. The firm will leverage its team of specialists and technical skills to build metaverse solutions and digital domains to allow users to create virtual communities for safe environments. The firm also plans to roll out its core services and features in a roadmap for one to one On-Demand support.
• March 2023: Medtronic and NVIDIA collaborate to build ai platform for medical devices. The companies will integrate NVIDIA healthcare and edge AI technologies into Medtronic’s GI Genius™ intelligent endoscopy module, developed and manufactured by Cosmo Pharmaceuticals. GI Genius is the first FDA-cleared, AI-assisted colonoscopy tool to help physicians detect polyps that can lead to colorectal cancer.

Metaverse in Healthcare Market Scope