The metaverse holds promise for many industries in terms of being able to better serve customers, and that includes health care. Indeed, some of the most exciting metaverse possibilities are being explored on the health care frontiers.
MarketsandMarkets Research recently released a report on health care in the metaverse. They estimated the following:
“Metaverse in Healthcare market in terms of revenue was estimated to be worth $9.5 billion in 2023 and is poised to reach $79.6 billion by 2028, growing at a CAGR [compound annual growth rate] of 52.9% from 2023 to 2028 according to a latest report published by MarketsandMarkets. The factors driving market growth include increasing demand for telehealthcare services, and shift towards patient-centric healthcare delivery.”
Health care metaverse opportunities were highlighted:
“The metaverse has the potential to revolutionize healthcare delivery by offering immersive and personalized experiences for patients, providers, and researchers. In the metaverse, healthcare professionals can conduct virtual consultations, perform medical procedures in a simulated environment, and collaborate with colleagues from around the world. Patients can access virtual healthcare services, receive education and support, and even participate in virtual clinical trials. Additionally, the metaverse can facilitate medical training and education, allowing students and professionals to engage in realistic simulations and experiential learning. With the integration of advanced technologies such as artificial intelligence and virtual reality, the metaverse has the capacity to enhance diagnostics, treatment planning, and patient outcomes.”
Of course, the metaverse does and will have its growth challenges. This report highlights and discusses privacy and security matters; ethical considerations; regulatory and legal frameworks; acceptance and adoption; technical infrastructure; and more.
Finally, North America was estimated to have the highest share of the health care metaverse market. It was stated:
“North America, being technologically advanced and developed, is the leading market in terms of developing cutting-edge technologies used in display devices. Further, the rising expenditure of companies and individuals on digital solutions and advanced technologies also boosts market growth.”
This is encouraging, to say the least, and isn’t surprising given the entrepreneurial impulses in the U.S.. However, it is vital that policymakers encourage these and other developments and opportunities tied to the metaverse by not trying to pick winners and losers or overregulate, but instead, letting creativity, competition, cooperation and consumer sovereignty flourish by, for example, incentivizing entrepreneurship and investment via freedom from unwarranted, costly government burdens and intrusions.