The Metaverse healthcare market is expected to reach $500B by 2033

Metaverse continues to move toward mainstream adoption in 2024. While it has yet to find a killer app to drive mass adoption, it has fueled the boom in the healthcare market for telemedicine, surgical training methods, and future surgical techniques. Positive thinking.

Several market research firms – Global Insights, Healthcare Research and Markets – have recently published reports that Metavas is slated for unprecedented growth in the healthcare sector over the next decade.

According to these reports, the global Metaverse healthcare market in 2016 It was estimated to be $8.97 billion to $10.5 billion by 2023. Experts predict a compound annual growth rate (CAGR) of between 26.3% to 49.3% going forward.

Most analysts, over the past two years, seem to be predicting that the market will reach around $80 billion to $100 billion by 2033. However, a recent report from Spherical Insights, released on February 23, predicts that the change in health care will reach more than $496.23. billion in the same period.

According to the report:

The global variation in healthcare market size is expected to grow from USD 8.97 billion in 2023 to USD 496.26 billion in 2033 during the forecast period of 2023-2033.

Metaverse

Big Tech is at the forefront of the metaverse in almost every sector, and healthcare is no exception. Microsoft, Nvidia, Google and Meta appear in reports as some of the most prominent companies in the space, with health tech companies joining the chorus.

The primary driver for CAGR is hardware, with augmented reality occupying the pole position there. While virtual reality remains as popular as ever, augmented reality – digital images superimposed on the real world – is increasingly promising for training and surgical applications.

“Surgeons can use AR tools to plan and navigate surgical procedures and receive real-time information,” write the analysts of the Spercal Insights report.

Telemedicine

The reports mention that telemedicine has increased significantly due to Covid-19. “Only 11% of Americans used telemedicine before the Covid-19 pandemic, but that number has grown to 76% since then,” said the authors of the R&M report.

As more and more consumers around the world adapt to remote services, user interfaces, virtual clinics and patient onboarding may increasingly rely on Metaverse technology. This trend has the potential to drive growth in the healthcare sector, but perhaps most importantly, it could encourage global adoption of Metaverse technology as a baseline for customer service and customer experience.

Related: Researchers combine medical devices with blockchain to prevent cyberattacks