Metaverse in Healthcare Market, Detailed Analysis,- Market size, TAM, SAM, Trends , Use Cases, Investment Opportunity and Forecast
What is Metaverse in Healthcare??
Metaverse has become a very hot topic in the technology industry since recent past. Especially when the world’s largest social media company Facebook changed its name to Meta in October 2021, a lot of businesses and investors have started taking the metaverse very seriously. Staticker is tracking every minute details and developments in the metaverse world and has released industry updates on several topics like metaverse in gaming and metaverse in defense and aerospace.
In this article, let us explore more on metaverse in healthcare industry. So, Staticker defines metaverse as the immersive, 360-degree VR environment which is interactive, real time and allows performing work individually or in collaborative manner. Hence, the most important thing about the metaverse is actually performing a task in the virtually simulated environment. In the current situation, specific to healthcare, the technology finds highest adoption in areas like education & trainings and is further making its way in many other product segments like surgery rehearsal, mental health & wellness, anesthesia & pain management and many more.
So, what can be the examples of metaverse in the healthcare sector? Well, there are endless possibilities and some of these are:
- Metaverse is very effective in healthcare training and education The technology is being used to train healthcare professionals by immersing them in virtual environment. For example, several nurse training institutes have started using the training solutions offered by companies like Ubisim, which mimics real life setting, to improve their program efficiency. Staticker interviewed over 50 healthcare experts out of which 38 agreed that in immersive VR trainings, healthcare professionals are more emotionally connected and focused on the training module which leads to better and quicker learning experiences.
“Just imagine a virtual replica of a patient, in from of the practicing doctor or a trainee, who is in a state of cardiac emergency. The patient is going restless with central chest pain/discomfort in the chest. The practicing doctor is using all his efforts just what he would have done in the real-world scenario to save the patient. Moreover, to every treatment/medication given, the patient is also responding just as the real one. This can be many such examples and this is what Metaverse is capable of doing in the healthcare training applications.”
- Surgical rehearsals and immersive visualization of body parts is already being done using VR technology. Surgical rehearsal simulators build on metaverse will allow surgeon to touch, feel, visualize and perform surgical steps in immersive virtual environment prior to actually doing it on the patient.
“Here, just think of a patient who is suffering from traumatic brain injury and is brought to the emergency ward of a hospital. The doctor here is using metaverse to get a completely immersive representation of the patient brain and is examining the blood clot in specific veins for a precise treatment. The doctor is standing in front of the virtual damaged brain and is able to touch, enlarge, rotate and even dissect as per requirements. This level of detailed observation will improve the treatment quality and success rate in critical patients.”
- Metaverse will penetrate into the digital therapeutics and the technology will be used to create various virtual environment in order to treat mental conditions. In the present scenario, there are already some mental health apps that offer a 360 VR immersive and engaging experience. Using these apps like Helium, users can enjoy mental relaxation sessions in artificially created environments which can be mountains, water bodies and forests.
“Now, in this case, just imagine a patient suffering from depression and the doctor advices him to remain in the present moment by doing mindfulness practices. The person takes the help of a metaverse mental health app and starts doing a two-hour morning session of meditation and nature walk. He is doing all these activities in metaverse, in a lovely natural garden surrounded by hills. The activities are helping him recover faster. This is how metaverse can change the medical scenario.”
Technological Advancements is Shaping the Healthcare Metaverse Market
The adoption of technology in the healthcare sector is rising very rapidly. The advent Web 3.0, advancements in AR/VR, artificial intelligence and IoT are the key factors shaping up the metaverse world. Numerous use cases will emerge in the next ten years and companies are actively exploring investment opportunities and business streams. How things will shape up in coming years is going to be very interesting.
“Not every idea or product that is being introduced in the metaverse industry is going be successful. Staticker believes that understanding the consumer phycology, carefully evaluating the truth and success seeking stages of the product development becomes very critical. This is also because developing and introducing metaverse products is a cost intensive project.”
Investing in Healthcare Metaverse
There are going to be numerous metaverse product ideas and investing segments that will boom in the healthcare sector. The fundamental structure of the market will remain the same just like the overall metaverse market and will comprise of front-end solution providers, platform providers and hardware providers.
Healthcare metaverse market will comprise of the below mentioned categories of market players:
- Front end solution providers (training solutions, surgery rehearsal platforms, health & wellness platforms, anesthesia & pain management, vision disorder treatment, rehabilitation and many more).
- Platform providers
- Hardware providers
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