Metaverse technology has been increasingly accepted in several industries in the last few years. A report by research firm InsightAce Analytica details the impact that metaverse technology is predicted to have on the global healthcare sector. One of the main improvements that the metaverse is expected to show in the healthcare sector will be related to teleconsultation and helping professionals navigate complex operations from other locations through augmented reality (AR).
The 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 metaverse part of the Web3 industry.
“As the Metaverse evolves, it holds new potential in healthcare by combining technologies such as Artificial Intelligence (AI), Virtual Reality (VR), Augmented Reality (AR), Internet of Medical Devices, Web 3.0, Intelligent Cloud, Edge and Quantum Computing and Robotics , to provide new guidelines for healthcare,” the InsightAce report states.
Healthcare professionals in training will be able to experience sensitive lessons and procedures through more visual details through the metaverse. Virtual ecosystems will also make remote consultations with doctors more efficient, especially for those undergoing home care.
AR and VR form essential elements of metaverse technology, and major tech companies such as Meta, Microsoft, and Samsung, among others, are diving deep into research and development around the metaverse, which combines artificial intelligence (AI) and robotics. The report estimated that based on people’s current engagement time on the web and screens, technology like metaverse that combines multiple immersive technologies will be increasingly adopted for mass use cases.
In healthcare alone, the metaverse market is projected to reach a valuation of over $70 billion (roughly Rs. 5,91,260 crore) by 2030 at a compound annual growth rate (CAGR) of 34.8 percent, according to the report.
The Healthcare Metaverse: Challenges and Anticipated Areas of Growth
The Metaverse sector faces certain challenges that it will have to overcome before it can flourish in healthcare integration. These include the privacy of patient data, the cost of high-tech equipment and advanced digital health infrastructure, the report said.
While many parts of the world are expected to take their time for thorough metaverse research, North America and Asia Pacific regions are likely to be the market leaders in the metaverse healthcare sector. India. China and Japan are also listed among the lucrative locations for the growth of this integrated industry.
A number of research firms like InsightAce conduct studies on metaverse technology and have reported different projections. In February this year, a report by Spherical Insights estimated that the global healthcare market in the metaverse is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033.
