The metaverse is a digital universe that exists parallel to our physical reality and includes collections of virtual worlds where individuals interact to accomplish various objectives like gaming, shopping or conversation.
The 2021 metaverse global market size is about $6.85 billion. According to an Aug. 24 news release from Precedence Research, it is expected to surpass $70.1 billion by 2030 with a compound annual growth rate of 28.89 percent from 2022 to 2030.
The largest market is projected to be in North America due to the rapid expansion of the healthcare infrastructure and the use of digital technology. Additionally, the Asia Pacific region is projected to be the fastest growing.
The report notes many healthcare market benefits associated with the metaverse, including integrating artificial intelligence, augmented reality, and robotics to improve patient outcomes. For example, complex surgeries are expected to incorporate augmented realities, and virtual reality is currently used by doctors in an instructional capacity to train the next generation.
"Because it incorporates artificial intelligence, virtual reality, augmented reality, the Internet of Medical Devices, Web 3.0, intelligent cloud, edge, quantum computing, and robots, the Metaverse's contribution to the transformation of healthcare cannot be emphasized," the news release says.