Metaverse In Healthcare Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.29 Billion |
| Market Size (2029) | USD 37.72 Billion |
| CAGR (2024 - 2029) | 32.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Metaverse In Healthcare Market Analysis
The Metaverse In Healthcare Market size is estimated at USD 9.29 billion in 2024, and is expected to reach USD 37.72 billion by 2029, growing at a CAGR of 32.30% during the forecast period (2024-2029).
Factors such as increased demand for telehealth and telemedicine, rising adoption of augmented reality and virtual reality applications, and technological advancements are expected to boost the growth of the market during the forecast period.
The metaverse is poised to revolutionize healthcare in numerous ways. It facilitates seamless collaboration among industry personnel, enabling knowledge-sharing across geographical boundaries. Medical technology companies are leveraging Metaverse technologies such as connected devices, digital twinning, data-driven insights, and virtual collaboration to enhance their research and development capabilities.
For instance, in March 2023, NVIDIA Corporation teamed up with Medtronic to fast-track AI development in healthcare, aiming to introduce innovative AI solutions for patient care. By integrating the NVIDIA Clara healthcare platform, this partnership empowers Medtronic to scale up algorithm development, thereby refining real-time procedures and elevating patient care. These advancements offer insights into individual patients in real-time, reinforcing the growing adoption of metaverse technology in healthcare during the forecast period.
Furthermore, various companies and medical centers have rolled out multidisciplinary virtual medicine programs, utilizing mixed-reality (MR) technologies for educational training and chronic pain treatment. For instance, in July 2024, Owensboro Health Regional Hospital (OHRH) unveiled a virtual nursing initiative to enhance patient care. This initiative introduces a virtual nurse to assist with administrative tasks, verify medication dosages, monitor vital signs, etc. Such advancements underscore OHRH's dedication to innovation, further propelling the market's growth.
Moreover, in March 2023, Royal Philips introduced Philips Virtual Care Management, a versatile suite of solutions designed to empower health systems, providers, payers, and employers to engage patients meaningfully from any location. This initiative alleviates the burden on hospital staff by curbing emergency department visits. Consequently, these programs lower care costs through improved chronic disease management and are poised to drive the widespread adoption of virtual platforms in healthcare facilities, energizing the market's expansion.
As a result of key players increasingly adopting collaborative strategies and launching diverse virtual care programs and platforms, the market under study is poised for growth during the forecast period. However, the high cost of implementation, data privacy and security concerns, ethical considerations, and regulatory compliance issues are likely to hinder the growth of the market during the forecast period.
Metaverse In Healthcare Market Trends
The Mental Health and Rehabilitation Segment is Expected to Witness Significant Growth During the Forecast Period
Mental health and rehabilitation are increasingly driving demand for metaverse in healthcare by providing immersive, interactive environments that enhance treatment and engagement. The segment is poised for growth, driven by the rising adoption of virtual therapy and exposure sessions, a surge in studies assessing augmented reality (AR) and virtual reality (VR) role in mental health, proactive government initiatives, and a notable uptick in the launch of mental health applications and services leveraging metaverse technology.
Virtual reality (VR) has emerged as a promising tool in the field of mental health. A key feature of this technology is immersive environments, which enable exposure to highly controlled virtual experiences that feel real. Various research studies have assessed the efficacy of virtual and augmented reality in treating mental health issues. For instance, an article published in Sage Journals in September 2023 reported that AR is effective in addressing anxiety and phobias among mental health patients. Its gamification potential particularly boosts children's enthusiasm, leading to heightened mental health treatment engagement. In addition, portable, cost-effective, and user-friendly AR devices offer a significant advantage as they serve as a personalized intervention tool, granting patients flexibility in treatment timing and environment and allowing them to progress at their own pace. Given AR's pronounced effectiveness in addressing mental health challenges, its demand is poised to surge, subsequently driving the segment's growth in the coming years.
As the demand for digital innovation and improved healthcare access grows, the delivery of care is undergoing a significant transformation. Individuals now have more ways to access care, be it virtually, in person, or a blend of both. For instance, in January 2023, CVS Health unveiled its CVS Health Virtual Primary Care platform. This new virtual platform offers primary care, round-the-clock on-demand services, and pre-scheduled mental health consultations. With this initiative, CVS Health aims to broaden its virtual mental health offerings, ensuring availability every day of the week and featuring a team of professionals that includes licensed therapists and psychiatrists.
Moreover, the rise of technologically advanced applications catering to diverse mental health needs is expected to fuel the metaverse's expansion in healthcare, driving the market's growth. For instance, in February 2024, clinicians from Cedars-Sinai, in collaboration with AI specialists, unveiled Xaia (eXtended-Reality Artificially Intelligent Ally). This innovative application leverages the distinct features of Apple Vision Pro to cater to patients' mental health requirements. Designed for self-administered, AI-driven conversational therapy, Xaia immerses patients in soothing environments. These settings facilitate deep breathing exercises and meditation. Additionally, the application provides an engaging therapy session guided by a digital avatar meticulously developed to emulate a human therapist. Such innovations are poised to increase the demand among the target demographic, subsequently accelerating the segment's growth during the forecast period.
Therefore, owing to the increasing adoption of AR and VR in mental health and the launch of various applications and services, the studied segment is expected to grow during the forecast period.
North America is Expected to Hold a Significant Share in the Market During the Forecast Period
North America is expected to witness significant growth in the market. Factors such as the growing adoption of telehealth, rising launches of various virtual reality and augmented reality programs and platforms, and growing government initiatives to launch various at-home-based metaverse programs to provide medical services to the population are expected to drive the market's growth during the forecast period.
Companies and medical centers are launching various virtual health platforms and services, enhancing public access to various treatments and services in the region. This trend is poised to drive the market's growth during the forecast period. For instance, in August 2024, Pfizer introduced its virtual health platform, PfizerForAll, to connect US patients with diverse healthcare services. These services include scheduling doctor鈥檚 appointments, locating vaccines, and ordering tests and treatments. The platform emphasizes treatments for prevalent conditions such as migraines, COVID-19, and the flu, alongside offering vaccines for COVID-19, flu, respiratory syncytial virus, and pneumococcal pneumonia.
In addition to the above context, Pfizer鈥檚 platform is set to offer live customer support and resources to assist users with insurance coverage navigation. Such advancements are anticipated to expand digital options for patients in managing their care, thereby fueling the market's growth.
Similarly, in November 2023, the National Committee for Quality Assurance (NCQA) unveiled its Virtual Care Accreditation Pilot program to establish a quality improvement framework tailored for organizations delivering care through telehealth and digital platforms. By launching the Virtual Care Accreditation, NCQA underscores the importance of virtual modalities in healthcare, emphasizing their role in identifying care gaps, ensuring high-quality service, and effectively tracking outcomes. This move is poised to accelerate the growth of the metaverse within the healthcare sector during the forecast period.
Furthermore, government initiatives aimed at introducing augmented reality (AR) and virtual reality (VR) programs for home use are poised to enhance patients' lives, thereby driving the market's growth. For instance, in April 2024, the United States Food and Drug Administration (FDA) launched Home as a Healthcare Club initiative. This program emphasizes leveraging AR and VR to promote health equity by reimagining homes as integral components of the healthcare system. The initiative envisions an AR/VR-enabled home prototype, targeting populations most affected by health disparities. It also seeks to offer insights to medical device developers, healthcare providers, and policymakers for developing home-based solutions that prioritize health equity. Such initiatives are expected to have a positive impact on the growth of the market during the forecast period.
Therefore, with the launch of various virtual health platforms and services and the introduction of at-home AR and VR programs, the market is expected to grow during the forecast period.
Metaverse In Healthcare Industry Overview
The metaverse in healthcare market is fragmented owing to the presence of large and small players coupled with emerging startups. Medical centers and companies are focusing on the development of virtual care platforms, programs, and technologies that help them retain their share in the studied market. Some of the key companies in the market are Medtronic, NVIDIA Corporation, Royal Philips, Pfizer Inc., GE Healthcare, and CVS Health.
Metaverse In Healthcare Market Leaders
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Medtronic
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NVIDIA Corporation
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Royal Philips
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Pfizer Inc.
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GE Healthcare
*Disclaimer: Major Players sorted in no particular order
Metaverse In Healthcare Market News
- June 2024: Wheel, a telehealth and virtual care solutions provider, unveiled its AI-driven Horizon platform. This platform acts as an easy button for health plans, retailers, digital health solution providers, and life sciences companies, enabling them to rapidly scale their virtual care programs nationwide. The initiative aims to enhance patient experiences, boost outcomes, and derive intelligent insights from every program.
- April 2024: Included Health, which specializes in virtual care and health navigation, rolled out a virtual-first specialty care clinic. This initiative grants its members streamlined access to over 4,000 specialist physicians, along with support services and care navigation. The clinics will integrate expert medical opinions, primary care, mental health services, and navigation capabilities. This holistic approach aims to address challenges in specialty care access and costs while also tailoring services to align with members' health benefits and preferences.
Metaverse In Healthcare Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definitions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Demand for Telehealth and Telemedicine
4.2.2 Rising Adoption of Augmented Reality and Virtual Reality Applications
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 High Cost of Implementation, Data Privacy, and Security Concerns
4.3.2 Ethical Considerations and Regulatory Compliance Issues
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Component
5.1.1 Hardware
5.1.2 Software
5.1.3 Services
5.2 By Technology
5.2.1 Augmented Reality and Virtual Reality
5.2.2 IoT and Wearable Health Devices
5.2.3 Artificial Intelligence
5.2.4 Other Technologies (Blockchain and Mixed Reality)
5.3 By Application
5.3.1 Telemedicine
5.3.2 Medical Training and Simulation
5.3.3 Patient Engagement and Remote Monitoring
5.3.4 Robot Assisted Surgery
5.3.5 Mental Health and Rehabilitation
5.3.6 Data Management
5.3.7 Other Applications (Surgical Training, Education Modules, and Diagnosis)
5.4 By End User
5.4.1 Medical and Diagnostic Centers
5.4.2 Medical Device Manufacturers
5.4.3 Biotechnology and Pharmaceutical Companies
5.4.4 Other End Users (Clinical Research and Healthcare Providers)
5.5 Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 United Kingdom
5.5.2.3 France
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Australia
5.5.3.5 South Korea
5.5.3.6 Rest of Asia-Pacific
5.5.4 Middle East and Africa
5.5.4.1 GCC
5.5.4.2 South Africa
5.5.4.3 Rest of Middle East and Africa
5.5.5 South America
5.5.5.1 Brazil
5.5.5.2 Argentina
5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Medtronic
6.1.2 Siemens Healthineers
6.1.3 Royal Philips
6.1.4 CVS Health
6.1.5 Pfizer Inc.
6.1.6 NVIDIA Corporation
6.1.7 Microsoft Corporation
6.1.8 Meta Platforms Inc.
6.1.9 XR Health
6.1.10 Veyond Metaverse
6.1.11 Roblox Corporation
6.1.12 Sesame Inc.
6.1.13 Veyond Metaverse
6.1.14 Aimedis BV
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Metaverse In Healthcare Industry Segmentation
As per the scope of the report, metaverse in healthcare is the incorporation of virtual and augmented reality technologies into medical practices, training, and patient care. This integration fosters immersive and interactive environments, enabling healthcare professionals and patients to participate in a range of activities.
The metaverse in healthcare market is segmented into component, technology, application, end user, and geography. By component, the market is segmented into hardware, software, and services. By technology, the market is segmented into augmented reality and virtual reality, IoT and wearable health devices, artificial intelligence, and other technologies. By application, the market is segmented into telemedicine, medical training and simulation, patient engagement and remote monitoring, robot-assisted surgery, mental health and rehabilitation, data management, and other applications. By end user, the market is segmented into medical and diagnostic centers, medical device manufacturers, biotechnology and pharmaceutical companies, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. For each segment, the market sizes and forecasts have been done based on value (USD).
| By Component | |
| Hardware | |
| Software | |
| Services |
| By Technology | |
| Augmented Reality and Virtual Reality | |
| IoT and Wearable Health Devices | |
| Artificial Intelligence | |
| Other Technologies (Blockchain and Mixed Reality) |
| By Application | |
| Telemedicine | |
| Medical Training and Simulation | |
| Patient Engagement and Remote Monitoring | |
| Robot Assisted Surgery | |
| Mental Health and Rehabilitation | |
| Data Management | |
| Other Applications (Surgical Training, Education Modules, and Diagnosis) |
| By End User | |
| Medical and Diagnostic Centers | |
| Medical Device Manufacturers | |
| Biotechnology and Pharmaceutical Companies | |
| Other End Users (Clinical Research and Healthcare Providers) |
| Geography | ||||||||
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Metaverse In Healthcare Market Research FAQs
How big is the Metaverse In Healthcare Market?
The Metaverse In Healthcare Market size is expected to reach USD 9.29 billion in 2024 and grow at a CAGR of 32.30% to reach USD 37.72 billion by 2029.
What is the current Metaverse In Healthcare Market size?
In 2024, the Metaverse In Healthcare Market size is expected to reach USD 9.29 billion.
Who are the key players in Metaverse In Healthcare Market?
Medtronic, NVIDIA Corporation, Royal Philips, Pfizer Inc. and GE Healthcare are the major companies operating in the Metaverse In Healthcare Market.
Which is the fastest growing region in Metaverse In Healthcare Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Metaverse In Healthcare Market?
In 2024, the North America accounts for the largest market share in Metaverse In Healthcare Market.
What years does this Metaverse In Healthcare Market cover, and what was the market size in 2023?
In 2023, the Metaverse In Healthcare Market size was estimated at USD 6.29 billion. The report covers the Metaverse In Healthcare Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Metaverse In Healthcare Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Metaverse In Healthcare Industry Report
Statistics for the 2024 Metaverse In Healthcare market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Metaverse In Healthcare analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
