Metaverse in Healthcare: Projected Market Size Approaching $500 Billion by 2033, Reveals Report

As the concept of the Metaverse, pioneered by Facebook’s Meta, continues to gain traction, its impact extends beyond entertainment to revolutionize industries like education and healthcare. With a forecasted global market valuation of nearly $500 billion by 2033, the Metaverse is poised to reshape the landscape of healthcare delivery and innovation. This projection, unveiled in a recent report by market research firm Spherical Insights, underscores the transformative potential of immersive virtual environments in addressing critical healthcare challenges.

According to the findings of the Spherical Insights report, the global Metaverse in healthcare market is on a trajectory of exponential growth, with a projected compound annual growth rate (CAGR) of 49.3% from 2023 to 2033. From its estimated value of $8.97 billion in the previous year, the market is anticipated to burgeon to an impressive $496.26 billion by 2033. Particularly notable is the rapid expansion expected in the Asia Pacific region, which is poised to emerge as a frontrunner in Metaverse adoption within the healthcare sector.

The integration of Metaverse technology into healthcare practices holds promise for ushering in a new era of innovation and collaboration. By leveraging immersive virtual environments, healthcare professionals can explore novel approaches to surgical training and telemedicine, transcending the limitations of traditional methods. The Metaverse offers a platform for visually explanatory experiences, facilitating enhanced understanding and engagement among practitioners and patients alike. As the healthcare industry embraces the potential of the Metaverse, it stands poised to harness the power of immersive technologies to drive advancements in patient care, medical education, and research.

The metaverse can also help healthcare professionals train and practice their skills in practical augmented and virtual reality sessions. The technology can also go a long way in aiding remote consultation and patient monitoring.

The report attributes the estimated growth to several factors like the increased usage of telemedicine in cases of remote patient consultations and patient monitoring for at-home care recipients and the rise in use ofAR and VR technology in hospitals and clinics for surgical procedures. “Virtual reality (VR) and augmented reality (AR) technologies can enable more realistic virtual appointments, consultations, and examinations will boost the metaverse in healthcare market growth,” it said.

While the report by Spherical Insights estimates the metaverse healthcare sector to boom to a nearly $500 billion market, other market research firms like Towards Healthcare, and Research and Markets put out a more conservative estimate, with projected CAGR of 26.3 percent and 34 percent, respectively. The Tower Healthcare report estimates the metaverse in healthcare market size to cross $81.99 billion by 2032.

Researchers from the sector, however, have advised tech firms to bring their focus on producing affordable and advanced hardware capable of letting people explore the metaverse to its full potential.