The metaverse in healthcare market is projected to reach USD 79.6 billion by 2028 from USD 9.5 billion in 2023, at a high CAGR of 52.9% during the forecast period. Growth in this market is driven by the increasing demand for telehealth care services and patient centric healthcare delivery. However, increasing concerns of data privacy and security and high implementation cost of technologies are expected to restrain the growth of this market to a certain extent.
Prominent players in the metaverse in healthcare market include Microsoft (US), NVIDIA Corporation (US), XRHealth (US), CAE, Inc.(Canada), Koninklijke Philips N.V. (Netherlands), ImmersiveTouch, Inc. (US), Wipro (India), Siemens Healthineers AG (Germany), Medtronic plc(Ireland), GE Healthcare(US), Intuitive Surgical (US), 8Chili, Inc. (US), MindMaze (Switzerland), AccuVein, Inc.(US),EON Reality(US), Brainlab AG (Germany), Novarad Corporation (US), Oodles Technologies (India), CMR Surgical(UK), Merative (US), BioflightVR(US), WorldViz, Inc. (US), Google(US), Oculus(Meta Platforms, Inc.)(US), Augmedics(US). These companies adopted strategies such as product launches, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the metaverse in healthcare market.
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Microsoft has been actively exploring the potential of metaverse technology in the healthcare market. The company's research and development efforts have focused on using virtual and augmented reality to improve medical training, patient education, and remote consultations. Microsoft has also collaborated with various healthcare organizations to develop customized solutions that address specific industry needs. For instance, the company has partnered with St. Jude Children's Research Hospital to create a virtual reality experience that helps children better understand their medical conditions and treatments. Additionally, Microsoft has made significant investments in start-ups that are working on metaverse technologies for healthcare applications, including XRHealth and FundamentalVR. In terms of products, Microsoft has launched several metaverse platforms that cater to different industries and use cases. One of the company's flagship offerings is the HoloLens, an augmented reality headset that allows users to interact with virtual objects and information in the real world. Microsoft Mesh is another metaverse platform that enables users to collaborate in mixed reality, providing a shared virtual space for remote work and social interactions. Microsoft's expertise in both technology and healthcare positions it as a leader in this emerging market.
NVIDIA Corporation is a global technology business. It is a software and fabless firm that develops System-on-Chip (SoC) units for mobile computing and automotive markets, Graphic Processing Units (GPUs), application programming interfaces (APIs) for data science and high-performance computing, and hardware and software for artificial intelligence. NVIDIA supports over 1,800 healthcare businesses that use GPU-based products to streamline processes, improve diagnostics, and improve patient care. Utilizing the cutting-edge capabilities of deep learning and artificial intelligence, NVIDIA RTX helps in large-scale research studies to uncover potential new treatments. In April 2021, the company collaborated with AstraZeneca (US) to use AI to accelerate drug discovery. Similarly, in 2018, it collaborated with the Mayo Clinic to develop AI-powered medical imaging technologies.
Koninklijke Philips N.V.
Philips, a global leader in health technology, has been at the forefront of exploring the potential of the metaverse in the healthcare industry. The company has been leveraging its expertise in medical devices, software, and services to develop innovative solutions that can improve patient care and medical education. Philips' work in the healthcare metaverse market has focused on using virtual and augmented reality to enhance medical training and education. The company has developed immersive simulations that enable medical professionals to practice and improve their skills in a realistic, risk-free environment. For instance, Philips' IntelliSpace VR platform offers virtual training for complex procedures such as heart surgery and catheterization. Additionally, Philips has developed solutions that can improve patient outcomes, such as the Azurion image-guided therapy platform, which uses augmented reality to provide doctors with a 3D view of a patient's anatomy during surgery.
Metaverse in Healthcare Market by Component (Hardware, Services, Software), Technology (AR/VR, MR, AI, Blockchain, IoT), Application(Telehealth, Diagnostics, Medical Training & Education), End User (Provider, Patients, Payers, Pharma) - Global Forecast to 2028
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