Metaverse’s healthcare footprint could grow to nearly $500 billion by 2023

Metaverse is a virtual world created by Facebook parent company Meta, and while it hasn’t yet taken off, the technology appears to be taking hold in sensitive areas such as education and healthcare. The global metaverse healthcare market is expected to be valued at nearly $500 billion (approximately Rs. 41,44,020 crore) by 2033.The figure was estimated by market research firm spherical insight, the company recently released a report on Metaverse’s potential to boom in the healthcare industry over the next nine years.Yuan

According to a Spherical Insights report, the global healthcare market size will grow at a compound annual growth rate (CAGR) of 49.3% from 2023 to 2033. The report, released last month, said the global healthcare market size is expected to reach $496.26 billion (approximately Rs. 41,12,780 crore) by 2033. Metaverse’s healthcare market size was estimated at US$8.97 billion last year. The report also states that the Asia-Pacific market is expected to grow the fastest during the forecast period.

Integrating the Metaverse into healthcare studies and research has the potential to bring new collaborative approaches to the field, the report said. Navigation of future surgical training methods and telemedicine can be made more visually interpretable through virtual universe technology.

Virtual universes can also help healthcare professionals train and practice their skills in actual augmented reality and virtual reality sessions. The technology can also go a long way in helping with remote consultations and patient monitoring.

The report attributes the estimated growth to several factors, such as the increased use of telemedicine for remote patient consultation and patient monitoring of home care recipients, and the increased use of AR and VR technology in surgeries by hospitals and clinics. “Virtual reality (VR) and augmented reality (AR) technologies enable more realistic virtual appointments, consultations and examinations and will drive the growth of the virtual world in the healthcare market,” the company said.

While the Spherical Insights report estimates that the virtual universe healthcare industry will boom, reaching a market size of nearly $500 billion, other market research companies such as Towards healthcareand Research and Market More conservative estimates were given, with projected compound annual growth rates of 26.3% and 34% respectively. The Tower Healthcare report estimates that the healthcare market will exceed US$81.99 billion by 2032.

Healthcare companies and brands have begun to establish themselves in the virtual world, becoming early adopters of this technology.For example, back in 2022, Yashoda Hospital in Hyderabad established a experience zone In the Decentraland virtual universe, it claims to be the first hospital chain in India to do so.

Built on a blockchain network, the Metaverse ecosystem is a fully functional virtual environment for people to work, play games and socialize together as digital avatars in the privacy and comfort of their homes.

According to a report released by research firm InsightAce Analytic in October 2023, the combination of metaverse and education industries is expected to generate more than $102 billion (approximately Rs. 8,489.8 billion) by 2031.

However, researchers in the industry recommend that tech companies focus on producing affordable and advanced hardware that allows people to explore the full potential of virtual worlds.