- Metaverse healthcare applications can dramatically improve patient outcomes by introducing new channels for efficient care delivery.
- By 2030, according to MRFR forecasts, the global healthcare market will grow to $5.373 billion, with a CAGR of 48.3% between 2024 and 2030.
- The Metaverse is likely to change the paradigm of the healthcare system, improving therapeutic use, surgical precision, and more.
The Metaverse development is still in its early stages but growing rapidly. The technology that combines web 3.0 augmented reality, virtual reality, and artificial intelligence has huge potential in healthcare. Robotics, quantum computing, and the Internet of medical devices have the potential to revolutionize the healthcare industry. The Metaverse is likely to change the paradigm of the healthcare system, improving therapeutic use, surgical precision, and more.
Large hospital chains and healthcare providers are increasingly entering the Metaverse, a virtual environment, to improve patient care. According to MRFR, a significant CAGR of 48.3% is expected to boost the global healthcare metaverse market to $5.373 billion by 2030. This prediction is based on the fact that many patients have already joined or are considering joining this virtual environment.
There is evidence that health information technology improves the quality and safety of health care. Metaverse healthcare applications can dramatically improve patient outcomes by creating new opportunities to deliver affordable care. Metaverse can be a great tool for healthcare professionals to enable remote monitoring and telemedicine for patients with limited access to healthcare.
How Metaverse reinvents healthcare
Combining AI, AR, and VR, Metaverse is advancing Health 4.0 by improving patient safety, allowing them to interact, and giving them a clear view of their health status. It can be seen as the next iteration of the Internet, using technologies such as artificial intelligence, augment reality, virtual reality, and ever-improving connectivity such as 5G networks to create online environments that are more immersive, interactive, and experiential.
The Metaverse is one of the key technologies that will expand the service industry to a broader patent base worldwide, adding new services and payment and service delivery models. Because in the future, the Metaverse will become a way to interact online. As a result, this technology is expected to enjoy significant growth in the healthcare sector in the coming years.
How the Metaverse will affect the future of healthcare and medicine
The healthcare system is unsustainable with the growing pressure of current issues such as chronic diseases, an aging population, a lack of resources and healthcare workers, and rising costs. Clearly, the Metaverse has the greatest potential for a healthcare revolution. Technology will be used in five areas: clinical care and wellness, teamwork, health education, and monetization.
Digital services, such as telemedicine, have become widespread due to the pandemic, accelerating the digitization and automation of the healthcare system. Remote treatment has become important due to social distancing and contactless rules, while telepresence, digital twins, and blockchain software have impacted healthcare. With these three technologies, treatment will be greatly improve, improving patient outcomes and reducing costs.
Healthcare is being revolutionize by digital health, which is also playing a critical role in the biotech and pharmaceutical industries. VR/AR is expect to have a causal impact on the creation of medical education curricula and the development of communication skills of physicians and medical students.
Thanks to the introduction of these technologies, the healthcare sector as a whole, including a modern approach to the prevention and treatment of diseases, will be significantly improve. There is still a long way to go before the medical sector undergoes a metaverse transformation.
GE Healthcare, Siemens Healthineers, Novarad Corporation (USA), Meta Platforms Inc. (USA), Nvidia Corporation (USA), Microsoft Corporation, and Brainlab AG (Germany) are some of the prominent companies in the healthcare metaverse (WE) market.
Activators of the Metaverse Healthcare Startup Ecosystem
Technology firms, startups, entrepreneurs, investors, and government organizations have begun to aggressively enter the metaverse space, exploring both established and new ideas to evaluate the potential applications of technology in medicine. For example, the North American Innovation Center (LG NOVA by LG Electronics) announced on September 13, 2022, that it had selected 9 startups to launch new ventures in digital health, the Metaverse, and electric mobility.
LG plans to play a more active role in finding new services and applications for businesses wishing to take advantage of Metaverse’s capabilities. As part of their global mission program Mission for the Future, Digby Health, LifeNome, Mindset Medical, XRHealth, NeuroTrainer, and iQ3 Connect are among the health and metaverse finalists. These companies will work with LG NOVA on new commercial projects and seek investment from LG and other investors within the LG NOVA ecosystem to develop meaningful solutions.
However, on September 12, 2022, XRHealth, a Metaverse company that provides virtual reality therapeutic solutions to improve patient care, said it has added NeuroReality cognitive training to its virtual clinics. For stroke and brain injury survivors, NeuroReality offers Koji’s Quest an immersive virtual reality gaming experience.