Metaverse healthcare market to hit $500B by 2033

metaverse is set to revolutionize healthcare with telemedicine and advanced surgical techniques by 2033.

By 2024, the metaverse will be widely accepted. It has found its niche in the healthcare industry where telemedicine, surgical training techniques and futuristic surgical approaches have generated a buzz of favorable speculation, even though it hasn’t yet developed game-changing software to drive widespread adoption.

Market research firms like Spherical Insights towards Healthcare and Research and Markets predict significant growth of the metaverse in the healthcare industry over the next decade. Experts expected the global market for metaverse healthcare to be worth between $8.97 billion and $10.5 billion in 2023.

Experts expect it to grow at a compound annual growth rate (CAGR) ranging from 26.3% to 49.3%. Over the last two years, the majority of analysts seem to have projected that the market will reach between $80 billion and $100 billion by 2033. According to a recent analysis by Spherical Insights published on February 23, the healthcare metaverse is projected to exceed $496.23 billion at that time.

“The global metaverse in healthcare market size is expected to grow from USD 8.97 billion in 2023 to USD 496.26 billion by 2033, during the forecast period 2023-2033.”

According to the paper, Big Tech is leading the way in the metaverse across all industries and the healthcare industry is no exception. According to sources Microsoft, Nvidia, Google and Meta are among the most notable businesses in the industry. A chorus of health tech companies has joined them. Hardware is the main driver of CAGR and augmented reality leads the way in that category.

Although augmented reality—digital visuals placed on the actual world—shows increasing potential for medical and training applications, virtual reality is still quite popular. The papers also mentioned the sharp rise in telemedicine following the COVID-19 pandemic. Prior to the COVID-19 epidemic, just 11% of Americans used telemedicine but in the intervening period that percentage has increased to 76%, according to the R&M report’s authors.

As more and more customers worldwide become accustomed to distant services, metaverse technology will increasingly impact patient onboarding, virtual clinics, and user interfaces. This tendency could propel the healthcare industry forward but more significantly, it might encourage the global adoption of metaverse technology as the standard for client experience and customer service.