The metaverse is gaining traction and is expected to become more widely adopted in 2024. While it has yet to find a breakthrough app to drive mass adoption, it has carved out a niche in the healthcare industry, particularly in telemedicine, surgical training, and futuristic surgical methods, which has sparked positive speculation.
Several market research firms, including Spherical Insights, Towards Healthcare, and Research and Markets, have recently published reports indicating that the metaverse will experience significant growth in the healthcare sector over the next decade.
According to these reports, the global metaverse healthcare market was valued at approximately $8.97 billion to $10.5 billion in 2023. Experts predict that it will grow at a compound annual growth rate (CAGR) of between 26.3% to 49.3%.
Most analysts in the past two years have predicted that the market will reach around $80 billion to $100 billion by 2033. However, a recent report from Spherical Insights released on February 23 suggests that the metaverse for healthcare will exceed $496.23 billion in the same period.
According to the report:
Big Tech companies are at the forefront of the metaverse in every sector, including healthcare. Microsoft, Nvidia, Google, and Meta are among the most notable companies in the space, with various health tech companies also making their mark.
Hardware, particularly augmented reality, is the primary driver of the CAGR. While virtual reality remains popular, augmented reality, which overlays digital imagery on the real world, is showing increasing promise in training and surgical applications.
“Surgeons can use AR devices to plan and navigate surgical procedures and receive real-time information during operations,” state the analysts behind the Spherical Insights report.
The reports also highlight the significant increase in telemedicine following the COVID-19 pandemic. Prior to the pandemic, only 11% of Americans utilized telemedicine, but this figure has risen to 76% since then, according to the R&M report.
As more consumers worldwide become accustomed to remote services, it is likely that user interfaces, virtual clinics, and patient onboarding will increasingly rely on metaverse technology. This trend has the potential to drive growth in the healthcare sector and, more importantly, could facilitate global adoption of metaverse tech as a standard for customer service and client experience.
In related news, researchers are exploring the use of blockchain technology to enhance the cybersecurity of medical devices.