Metaverse: Healthcare Market Surges to $500B by 2033

The metaverse is steadily gaining popularity and is expected to be widely adopted by 2024. Although it hasn’t found a killer app to drive mass adoption yet, it has found success in the healthcare industry. The use of the metaverse in telemedicine, surgical training, and futuristic surgical methods has sparked positive speculation. Market research firms like Spherical Insights, Towards Healthcare, and Research and Markets have published reports indicating that the healthcare sector will experience significant growth in the metaverse over the next decade. These reports suggest that the global metaverse healthcare market was valued at around $8.97 billion to $10.5 billion in 2023 and will experience a compound annual growth rate of 26.3% to 49.3%. Analysts predict that the market could reach $80 billion to $100 billion by 2033. A recent report by Spherical Insights predicts that the metaverse for healthcare will exceed $496.23 billion in the same period.

Big Tech companies like Microsoft, Nvidia, Google, and Meta are leading the way in the metaverse across various sectors, including healthcare. These companies are accompanied by health tech companies that are also making significant contributions. Hardware, particularly augmented reality, plays a crucial role in driving the compound annual growth rate. Augmented reality, which overlays digital imagery onto the real world, shows great potential in surgical applications and training. Surgeons can utilize augmented reality devices to plan and navigate procedures and receive real-time information during operations.

The reports also highlight the significant increase in telemedicine following the COVID-19 pandemic. Before the pandemic, only 11% of Americans used telemedicine, but this number has risen to 76% since then. As more consumers around the world become accustomed to remote services, metaverse technology is likely to play a larger role in user interfaces, virtual clinics, and patient onboarding. This trend not only has the potential to drive growth in the healthcare sector but also to facilitate global adoption of metaverse tech as a standard for customer service and client experience.

Philis Zurita

Philis Zurita

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