Metaverse Set to Revolutionize Healthcare Sector - Predicted to Reach $496 Billion by 2033
Summary:
The metaverse, though lacking a mainstream application, is making inroads in the healthcare sector, serving as a platform for telemedicine and surgical training. Market research firms predict significant growth for the metaverse in healthcare, forecasting a rise from around $9-$10.5 billion in 2023 to potentially over $496 billion by 2033. Big tech companies, including Microsoft and Google, are dominating this space, with augmented reality emerging as a significant trend for training and surgical use. The increase in telemedicine usage, from 11% to 76% after COVID-19, is expected to leverage the metaverse for enhanced remote services, indicating a possible spur in global metaverse adoption.
In 2024, the metaverse marches towards widespread acceptance, despite the lack of that one standout application to catalyze mass usage. It has found a receptive market in healthcare, where telehealth, surgical training procedures, and innovative surgical methods have triggered promising conjectures. Various market research firms, including Spherical Insights, Towards Healthcare, and Research and Markets, have recently suggested that the metaverse is poised to experience substantial growth in the healthcare sector over the coming years. According to these sources, the global metaverse healthcare market was estimated to be worth around $8.97 billion to $10.5 billion in 2023. It's anticipated to progress at a compound annual growth rate (CAGR) ranging from 26.3% to 49.3%. Over the past two years, many analysts have projected that the market could be valued at around $80 billion to $100 billion by 2033. Spherical Insights' latest report released on February 23, however, forecasts a market value exceeding $496.23 billion within the same timeframe. Tech giants such as Microsoft, Nvidia, Google, and Meta are leading the charge in the metaverse across all sectors, including healthcare. Alongside them, several health tech firms are making their presence felt. Hardware is driving the CAGR, with augmented reality ruling the roost. While virtual reality continues to be trendy, augmented reality appears more promising for training and surgical procedures. Experts suggest that AR devices could aid surgeons in planning, navigating, and acquiring real-time data during surgeries. Telemedicine's dramatic growth post-COVID-19 outbreak was another prominent factor highlighted in the reports. The R&M report states that telemedicine usage surged from 11% to 76% post-pandemic in America. As the global populace grows more accustomed to receiving services remotely, metaverse tech is set to gain more traction in terms of user interfaces, virtual clinics, and patient onboarding. Not only does this trend have the potential to fuel growth in the healthcare segment, but it could also play a critical role in driving worldwide uptake of metaverse technology for customer service and client experience. On a related note, there’s been some interesting research exploring the potential use of blockchain technology to enhance the cybersecurity of medical devices.
Published At
2/23/2024 9:00:00 PM
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