Metaverse technology has been gaining acceptance across multiple industries in recent years. A report from research firm InsightAce Analytica details the impact that metaverse technology is expected to have on the global healthcare industry. One of the major improvements that the metaverse is expected to bring to the healthcare industry will involve teleconsultations and helping professionals navigate complex surgeries from remote locations via augmented reality (AR).
Metaverse in healthcare brings improvements
The technology used in the metaverse can create immersive virtual ecosystems where people can work, play, explore, shop, and socialize as avatars. Blockchain technology supports metaverse ecosystems, making the metaverse a part of the Web3 industry.
“As the Metaverse evolves, it will unlock new opportunities in healthcare by combining technologies such as artificial intelligence (AI), virtual reality (VR), augmented reality (AR), the Internet of Medical Devices, Web 3.0, intelligent cloud, edge and quantum computing, and robotics, to provide new directions for healthcare,” said a report according to InsightAce.
Healthcare professionals in training can experience sensitive lessons and procedures in more visual detail through metaverse. The virtual ecosystems also make remote consultations with doctors more effective, especially for those receiving home care.
AR and VR are essential elements of the metaverse technology and tech majors such as Meta, Microsoft and Samsung are diving deep into research and development around metaverse, which brings together artificial intelligence (AI) and robotics. The report assessed that based on the current time of engagement of people with web and screens, technology such as metaverse that combines multiple immersive technologies will grow in adoption for mass use cases.
According to the report, the metaverse market in healthcare alone is expected to reach over USD 70 billion (approximately Rs 5,912,600 crore) by 2030, growing at a compound annual growth rate (CAGR) of 34.8 percent.
Metaverse in Healthcare: Challenges and Expected Growth Areas
The Metaverse sector faces certain challenges that it must overcome before it sees a boom in its integration with healthcare. These include patient data privacy, high-tech equipment costs, and advanced digital healthcare infrastructure, the report said.
While many parts of the world are expected to take their own time to explore the metaverse in depth, the regions of North America and Asia Pacific are likely to be market leaders in the metaverse healthcare sector. India, China and Japan have also been cited as lucrative locations for the growth of this integrated industry.
A number of research firms such as InsightAce are conducting studies on metaverse technology and have reported varying projections. In February this year, a Spherical Insights report estimated that the global metaverse healthcare market is expected to reach a value of nearly $500 billion (approximately Rs. 41,44,020 crore) by 2033.
