Metaverse Set to Revolutionize Medical Tourism, Introduces First Fully Operational Virtual Hospital
Summary:
The metaverse, a network of interconnected virtual worlds, has the potential to transform the medical tourism industry. It can improve patient acquisition and satisfaction through telemedicine applications. In addition to increasing patient interest by virtually introducing tourist attractions, the metaverse can reduce patient anxiety by simulating the healthcare environment. Despite the industry's slowdown due to the pandemic, growth is expected to reach over $111 billion by the decade's end. In 2022, the Thumbay Hospital network launched the world's first fully functional metaverse hospital, offering services invoiced in cryptocurrency.
The metaverse, often defined as a set of connected virtual worlds that allow human interaction beyond physical geographic constraints, is believed to revolutionize the medical tourism sector. Recent studies conducted by Omnia Health, the Iranian Journal of Public Health, and Medical Tourism Magazine highlight the potential of telemedicine applications, based on metaverse technology, to enhance patient onboarding procedures and satisfaction levels for medical tourists.
Medical tourism involves patients travelling outside their home country for medical treatments, motivated by several factors including quality of care, financial savings, among others. Earlier in 2022, a study by researchers at Shiraz University of Medical Sciences published in the Iranian Journal of Public Health, discussed how using the metaverse to prepare medical tourists could offer several advantages. The researchers further suggested that by familiarising potential tourists with the destination's attractions via the metaverse could potentially increase their interest in pursuing medical travel. Moreover, virtually simulating the healthcare environment through the metaverse could help the patients become more acquainted with their surroundings, reduce their anxiety, and promote better doctor-patient relationships, consequently enhancing patient satisfaction.
A recent report by Omnia Health estimated the worth of the global medical tourism sector at around $54 billion in 2020. The COVID-19 pandemic has, however, slowed down the growth, with its value predicted to be $47 billion in 2024. A forecast by Statista suggests that the industry could hit over $111 billion by the end of this decade, indicating a compound annual growth rate (CAGR) of 19.58%.
In another major development in 2022, the Thumbay Hospital network made history by launching the first ever fully functional hospital in the metaverse, offering patient services billable in cryptocurrency.
Relevant Findings: Total daily active wallets have reached 7 million, implying increased uptake of cryptocurrency.
Published At
4/8/2024 9:58:37 PM
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