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The metaverse in healthcare market size is estimated to grow at a CAGR of 34.92% between 2022 and 2027. The metaverse in healthcare market size is forecast to increase by USD 5,624.07 million. The growth of the market depends on several factors, including the push for digitization in healthcare, the growing demand for healthcare services, and the advantages of metaverse in healthcare.
This metaverse in healthcare market report extensively covers market segmentation by component (hardware and software), application (medical and surgical trainings, diagnosis and treatments, pre and post surgery planning, remote monitoring, and others), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The advantages of metaverse in healthcare are notably driving the market growth, although factors such as infrastructural and integration issues may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving growth in the metaverse in the healthcare market is the advantages of metaverse in healthcare. A key factor driving the increasing adoption of metaverse in healthcare is that the metaverse solution eliminates problems caused by human error and fatigue. This leads to improved service quality throughout the medical industry. Software and hardware systems are not prone to the same kinds of errors as people, such as loss of focus, and therefore, these systems provide a consistent level of accuracy and quality output. By implementing the metaverse in your healthcare solution, deviations from patient care plans can be easily identified and corrected.
With the growing focus on patient-centricity and the increasing importance of the patient experience in the healthcare industry, there is an increasing demand for metaverse in healthcare solutions for effective patient service management. Thus, owing to the benefits, metaverse in healthcare has been significantly gaining importance during the forecast period.
The growing implementation of metaverse in healthcare is a market trend that is expected to have a positive impact in the coming years. Effective implementation of these metaverse solutions can reduce the time and money required to test and diagnose a wide variety of disorders and diseases. By making data available easily and instantly from metaverse devices, one can achieve higher and faster throughput for a variety of tasks such as diagnostics. Therefore, metaverse tools enable healthcare professionals to handle higher patient volumes. This is a key factor in the cost-effectiveness of the global market.
For instance, in February 2022, Apollo Hospitals Group announced a collaboration with 8chili Inc. to enable the engagement of the company in the metaverse. Patient counseling pre/post-operation in VR will help increase patient outcomes as it will give generic environments with relaxing narratives that will induce control over one's own body and physiological response. Thus, the implementation of metaverse has been experiencing a significant surge in healthcare. Therefore, growing implementation of metaverse in healthcare is expected to propel the market in focus during the forecast period.
The infrastructural and integration issues will be a major challenge for the market. To effectively implement a metaverse solution, you need high-speed, high-bandwidth access to the Internet. Problems such as lack of connectivity, lack of power, and slow network can cause system downtime and impact business productivity. This is a key challenge for effective implementation of advanced systems in the healthcare industry, especially in developing countries.
The pharmaceutical supply chain of healthcare supplies, which plays a key role in the healthcare industry, is complex and involves different hardware, legacy systems, and data management, making system integration across the supply chain extremely complicated. Therefore, the implementation of metaverse in healthcare is hampered by various infrastructural and system integration issues during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Metaverse in Healthcare Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3D Systems Corp.: The company offers metaverse solutions in healthcare such as VSP surgical planning solutions and patient-matched solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hardware segment will be significant during the forecast period. The hardware segment of the global metaverse in healthcare market comprises head-mounted displays (HMDs), sensors, motion-tracking systems, and haptic devices. Virtual reality is a 3D visual representation that offers the user an in-depth insight into the content or environment. HMDs are used to stimulate the parallax effect, which is a visual phenomenon where the human brain perceives the depth of the object based on the difference in the position of the object.
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The hardware segment was valued at USD 259.77 million in 2017 and continue to grow by 2021. The metaverse hardware segment of the global healthcare market is dominant due to its high production volume. Fierce competition in developing augmented and virtual reality (VR) solutions will drive manufacturers to develop technologically advanced devices expected to combine edge and quantum computing with robotics that can synchronize with other devices during the forecast period. is developing. Such factors are expected to drive the growth of the hardware segment, which in turn is expected to drive the growth of the featured market during the forecast period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The metaverse in the North American healthcare market is primarily driven by the advanced and mature technology landscape across the healthcare industry, especially in developed countries. Factors such as rising healthcare spending and rising digitization in North America are also boosting this growth. Increasing urbanization and increasing disposable income in North American countries are expected to increase the adoption of healthcare metaverse across the regional healthcare industry during the forecast period.
The outbreak of COVID-19 in 2020 increased the requirement for healthcare information software in the healthcare system of the region. Various mobile-based medical applications and software functions have been used to support public health surveillance, enable patient records distribution, and streamline communication between patients and care providers. In November 2021, the US Food and Drug Administration authorized a VR system for reducing lower back pain. The development of AR and VR in the region will propel the metaverse in healthcare market during the forecast period. Such developments are expected to further enhance the growth of the metaverse in healthcare market in the region during the forecast period. Therefore, the factors mentioned above are expected to drive the regional metaverse in healthcare market, indicating its growth during the forecast period.
The metaverse in healthcare market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global metaverse in healthcare market as a part of the global healthcare technology market, which, in turn, is a part of the global healthcare market. The market includes the revenue generated from the sales of healthcare applications and IT systems, Internet-based healthcare tools (such as monitoring devices), and IT consulting services to clinics, hospitals, or businesses operating primarily in the healthcare sector. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
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Metaverse In Healthcare Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.92% |
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Market growth 2023-2027 |
USD 5,624.07 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
32.87 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 43% |
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Key countries |
US, Canada, Germany, UK, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3D Systems Corp., 8chili Inc., AccuVein Inc., BioflightVR, CAE Inc., Devden Creative Solutions Pvt. Ltd., Dhi Tattva Solutions Pvt. Ltd., Eon Reality Inc., ImmersiveTouch Inc., Intuitive Surgical Inc., Koninklijke Philips NV, Medical Realities Ltd., Microsoft Corp., MindMaze SA, Oodles Technologies, Siemens Healthineers AG, Sky gate, UnitedHealth Group Inc., Wipro Ltd., and WorldViz Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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