Metaverse: Paving the way for Health 4.0

Metaverse: Paving the way for Health 4.0


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The medical sector's innovations drive ongoing change in the healthcare technology sector. From MRI scans and X-rays to robotic surgery and virtual reality, the healthcare industry is undergoing a significant digital shift.

CATEGORY: Digital Health GEOGRAPHY: Global

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The Metaverse, a new technology that was unveiled by Facebook CEO Mark Zuckerberg, has the potential to be used in the healthcare industry. In terms of technology, the metaverse has the potential to revolutionize the healthcare industry. This can address particular problems including mental health, access to healthcare without regard to location, virtual fitness and wellness, and interpersonal connections. 

Metaverse in Healthcare: Definition

The Metaverse in Medicine can be defined as the medical Internet of Things facilitated using AR and VR glass 

Three major channels fueling the use of metaverse in healthcare

  • Telemedicine
    • Post COVID, the use of telemedicine gained traction from around 43% of healthcare facilities delivering remote therapy to patients, rose up to 95%
    • Metaverse will offer a virtual office where patients and doctors can consult in a 3D clinic or any other setting
    • In safe settings where every encounter can be properly watched and managed, patients can interact with situations that make them anxious
       
  • Blockchain
    • Blockchain is a crucial component of the metaverse in the field of healthcare since it enables decentralised communities managed democratically through smart contracts and a record of digital "ownership" of surroundings or even things in the virtual world
    • Most well-known application of blockchain in healthcare is the administration and protection of our extremely precious health data
  • Digital Twins
    • Patient might be the patient's digital twin in the metaverse
    • Digital twin is an online healthcare service specialized in occupational health, will eventually be used as “test dummies” for individuals, predicting everything from how we will recover from surgery to how we would react to specific medicines
       

Transformation of Healthcare by Metaverse 

  • Immersive Training:

The metaverse places the student in whichever environment they require. Consider virtual experiences that help teach sensitivity and empathy by placing providers in the patient's shoes. Medical students can safely practise operations in simulated operating rooms, and surgeons can model surgeries using digital twins of organs to examine potential outcomes without putting a patient at risk.

  • Digital diagnostics

Through augmented reality, we may enable various diagnostics by using movement, location, and interactivity. For example, by observing eye movements, medical professionals can notice neurological indicators or ocular disorders like glaucoma.

  • Patient and caregiver wellness

Patients and carers can learn in the metaverse just like clinicians can. Doctors can explain and even demonstrate illness symptoms and treatment options using immersive environments. These settings can aid in teaching carers how to take care of a family member at home. Better health literacy and greater adherence to care plans can result from improved educational experiences, which can eventually improve results.

  • Care planning and delivery:

Immersive technologies support the next development of care planning and procedural preparation by simulating procedures. For instance, Accenture and Microsoft collaborated to transform surgery in Mexico and Latin America. During operations, surgeons can use augmented reality to view patient records, X-rays, CT, and MRI scans. Clinical staff can benefit from real-time data sharing in less complex circumstances as well. First responders can have real-time live video and audio communication with distant doctors using RespondEye's augmented reality technology.

  • Virtual therapeutics

To assist patients with pain management, neurological problems, behavioural health, and physical health, new digital therapies are leveraging extended reality technologies. BehaVR uses an evidence-based platform to immerse patients in virtual worlds while providing them with tools and lifetime coping mechanisms that help them deal with stress, anxiety, and terror.

  • Tokenization and interoperability

Users may securely own, share, and manage patient, provider, and payer data with the use of web3, blockchain technology, and other advancements (e.g., digital health identity and record management, secure payments, rewards and incentives leveraging NFTs).
 

Challenges of Metaverse in Healthcare and Patient Care

  • Privacy and Security in Metaverse- Increasing technology innovations and awareness among the patients have raised immense concerns around the privacy and security of the data in Metaverse
  • High Cost of Technology- High-tech equipment, such as eyewear, gloves, sensors, and other wearables that can read patients' vital signs, are required to enable healthcare to reach its full potential, is too expensive which limits to those who can afford it

  • Gaining Traction from Audience- For metaverse, gaining the market traction is solely dependent on the adaption and acceptation of this new tech in the market, elderly people or the rural population who are less tech savvy would hamper this emerging technology
     

Major Companies Integrating Metaverse in Healthcare

Latus Healthcare

  • Developing a “virtual hospital”. It comprises a Virtual Reality(VR)  hospital environment, where treatments will at first be focused on physiotherapy services
  • First component to be offered by 2022 was a mental health clinic offering services primarily in virtual reality

iMining

  • First-ever hospital foundation to be launched in the Decentraland Metaverse
  • Supports the largest free-standing, comprehensive tertiary rehabilitation hospital in Canada, serving patients of all ages who require complex rehabilitation to enable them to participate in life to the fullest

Apollo Hospitals

  • Apollo hospital group has announced a unique collaboration with ‘8chili Inc’ to enable engagement within the metaverse
  • A first-of-its-kind initiative, will enable pre/post-operation patient counseling through VR, enabling increased patient engagement as well as providing skill mastery for hands-on training to the healthcare workers

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

 

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 28 February 2023
Updated by: Vidhi Upadhyay

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