Metaverse’s Healthcare Footprint May Grow to Nearly $500 Billion by 2023

Metaverse, the virtual universe created by Facebook parent Meta, is yet to take off but the technology is seemingly carving a niche in sensitive sectors like education and healthcare. The global metaverse healthcare market is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033. This figure has been estimated by market research firm Spherical Insights, which published its recent report on metaverse’s potential to boom in the healthcare sector in the next nine years. meta

According to the Spherical Insights report, the global metaverse in healthcare market size is growing at a compound annual growth rate (CAGR) of 49.3 percent from 2023 to 2033. The report, published last month, said that the worldwide metaverse in healthcare market size was expected to hit $496.26 billion (roughly Rs. 41,12,780 crore) by 2033. The metaverse healthcare market size was estimated at $8.97 billion last year. The report also noted that the Asia Pacific market was expected to grow the fastest during the forecast period.

The integration of metaverse into healthcare studies and research has the potential bring new and collaborative approaches in the sector, the report claimed. Navigating through futuristic surgical training methods and telemedicine can be made visually more explanatory via the metaverse technology.

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 of AR 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.

Medical companies and brands are already starting to establish themselves in the metaverse to become early adopters of this technology. Back in 2022 for instance, Hyderabad-based Yashoda Hospitals set up an experience zone in the Decentraland metaverse, claiming to become India’s first chain of hospitals to do so.

Built atop blockchain networks, metaverse ecosystems are fully functional virtual environments for people to work together, play games, and socialise as digital avatars from the privacy and comfort of their homes.

As per a report published by research firm InsightAce Analytic in October 2023, the coming together of the metaverse and the education sector is expected to be churning over $102 billion (roughly Rs. 8,48,980 crore) by the year 2031.

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.