The use of metaverse is gradually becoming more common in 2024, although it is still waiting for a breakthrough app to encourage widespread adoption. However, it has found its place in the healthcare industry, where it is being used for telemedicine, surgical training, and innovative surgical techniques. This has generated a lot of positive interest and speculation.
The global healthcare market in the metaverse was valued at a staggering $8.97 billion to $10.5 billion in 2023, according to reports. Experts predict that it will continue to grow at a compound annual growth rate (CAGR) of between 26.3% to 49.3%.
In the past two years, most analysts have predicted that the market will reach somewhere between $80 billion to $100 billion by 2033. The healthcare industry’s metaverse is projected to surpass a whopping $496.23 billion by 2026, as per the latest report released by Spherical Insights.
The main driver for the Compound Annual Growth Rate (CAGR) is hardware, and in this regard, augmented reality has taken the lead. Although virtual reality remains popular, augmented reality – digital images that are superimposed on the real world – appears to be increasingly promising for surgical applications and training purposes.
The use of telemedicine has witnessed a significant rise in the wake of the COVID-19 pandemic, as per the reports. Before the pandemic, merely 11% of Americans used telemedicine, however, the figure has surged to an astounding 76% since then, as reported by the R&M report authors.
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