- The metaverse healthcare market is experiencing rapid growth, with analysts predicting it will reach $496 billion by 2033.
- Hardware like AR and VR are driving growth, with augmented reality showing promise for surgical training and procedures.
- Telemedicine has seen increased adoption since COVID-19, and is expected to further integrate metaverse technology for virtual clinics and patient onboarding.
The metaverse continues to move toward mainstream adoption in 2024. While it has yet to find a killer app to spur mass adoption, it has found its niche within the healthcare market, where telemedicine, surgical training methods, and futuristic surgical methods have prompted a flurry of positive speculation.
Massive Growth Predicted
Multiple market research firms, including Spherical Insights, Towards Healthcare, and Research and Markets, have published recent reports indicating that the metaverse is slated for near-unfettered growth in the healthcare sector over the next decade. According to these reports, the global metaverse healthcare market was valued at around $8-105 billion in 2023. Experts predict that it will move forward at a compound annual growth rate (CAGR) of somewhere between 26-49%.
Most analysts over the past two years appear to predict that the market will reach around $80-100 billion by 2033. However, a recent report from Spherical Insights released on Feb 23 predicts that metaverse for healthcare will reach in excess of $496.23 billion in the same period.
Hardware Leading the Way
The primary mover for CAGR is hardware, with augmented reality taking the pole position there. While virtual reality remains as popular as ever, augmented reality (digital imagery superimposed on the real world) shows increasing promise for training and surgical applications. Surgeons can use AR devices to plan and navigate surgical procedures and receive real-time information during operations, write the analysts behind the Spherical Insights report.
Telemedicine’s Key Role
The reports also cited the dramatic increase in telemedicine in the wake of COVID-19. Only 11% of Americans utilized telemedicine before the COVID-19 pandemic, write the authors of the RM report, but the figure has risen to 76% in the time since.
As increasing numbers of consumers around the globe get used to remote services, it’s likely that user interfaces, virtual clinics, and patient onboarding will increasingly depend on metaverse technology. This trend has the potential to drive growth in the healthcare sector but perhaps more importantly, it could help spur global adoption of metaverse tech as a baseline for customer service and client experience.
The Future Beckons
The metaverse continues to show great promise for the healthcare sector. As the technology matures and becomes more accessible, we can expect innovative new applications that will change how we deliver, access, and experience healthcare. The growth predictions indicate an exciting future lies ahead at the intersection of medicine and immersive virtual environments.
