The global Metaverse in Healthcare Market in terms of revenue was estimated to be worth 9.5 USD billion in 2023 and is poised to reach 79.6 USD billion by 2028 growing at a CAGR of 52.9% from 2023 to 2028.
Shocking, isn’t it? 52.9% CAGR for global Metaverse in Healthcare. When Healthcare Marketers are recreating conventional Strategies for growth and seeking ways to achieve targets, Metaverse is gaining traction globally. But What is Metaverse exactly? And how does it have such a huge implication in healthcare? Don’t feel bad if it doesn’t ring a bell yet. Here is everything you need to know.
What is Metaverse & how does it relate to Healthcare Marketing?
The metaverse is hardly a brand-new concept, but the speed with which it recently began making headlines is impressive. And the meaning of “metaverse” seems to expand daily, as more and more recognizable brands and businesses begin to incorporate it into their long-term plans. While everyone from celebrities to global brands like Nike have gotten involved, Facebook is responsible for setting the metaverse buzz in motion.
The metaverse is just that — a digital world accessible via virtual reality headsets, populated by real people (often using digital avatars) and full of endless possibilities. Imagine stepping into a digital universe that feels just as real as the world around you. This digital world, called the metaverse, is like a huge playground where you can use special glasses or headsets to explore and interact with all sorts of things. In the metaverse, you can meet and talk with other people from anywhere in the world, just like in real life.
But here’s where it gets really interesting for someone with a Healthcare background – think of it as a new tool that doctors, nurses, and researchers can use. They can hold virtual meetings with patients, teach medical students using lifelike simulations, demonstrate Healthcare products in a different way and even explore tiny cells and molecules up close to better understand diseases.
In the context of healthcare marketing, the metaverse becomes a platform for immersive and interactive experiences related to health and wellness. It’s a space where individuals can access medical information, engage with healthcare providers, and participate in health-focused activities within a virtual environment.
- Virtual Reality (VR) and Augmented Reality (AR) environments where patients can explore medical information and simulations.
- Interactive health-related applications, allowing users to virtually experience medical procedures or gain insights into their own health.
- Virtual support groups and communities for patients dealing with similar health conditions.
- Virtual clinics or medical facilities offering remote consultations and treatments.
- Gamification of health and wellness activities, encouraging users to stay engaged in healthy behaviors.
It’s like a blend of science fiction and real-life healthcare, all happening in this amazing digital space.
81% of healthcare executives are now considering metaverse healthcare development services for building innovative healthcare solutions accessible from around the world.
The top healthcare leaders and companies are now imagining how metaverse can re-invent quality healthcare delivery. The increasing utilization of AR and VR platforms for performing complicated surgical processes with higher flexibility and precision is expected to boost overall market growth. In addition to that, growing collaborations among the top companies for developing AR and VR solutions that improve the overall medical processes, along with expanding investment for creating metaverse for healthcare platforms.
What opportunities does Metaverse present for Healthcare Marketers?
Metaverse offers a wide scale opportunity for Healthcare Marketers willing to enter into the space, and intel on the kinds of opportunities that exists for Healthcare brands, since some Healthcare brands are already experimenting in the metaverse at global level.
Virtual Medical Device Showrooms:
Medical device companies can create immersive showrooms within the Metaverse to showcase their latest products. Users can explore and interact with medical devices in a 3D environment, gaining a deeper understanding of their features and benefits.
Pharmaceutical Product Demonstrations
Pharmaceutical companies can host virtual events where they demonstrate the efficacy and usage of their medications. This can include interactive 3D models showing how a drug interacts with the body or how it’s manufactured.
Health and Wellness Wearables
Companies producing health and wellness wearables can create Metaverse experiences that allow users to virtually try out these devices. For instance, users can see how a fitness tracker monitors their heart rate and activity levels in real-time.
Example – Healthify has implemented a similar program where mobile app users can communicate with coaches, complete daily sports programs, record daily performance and make purchases.
Another virtual fitness platform, Healthblocks, encourages users to complete all their health goals on one day to get extra points.
Telehealth Services
Telehealth providers can offer virtual clinics within the Metaverse, promoting their services to patients seeking convenient and accessible healthcare. Patients can learn about the types of consultations available and the benefits of telehealth. For example Apollo hospitals has started work on patient counseling through virtual reality.
Patient Education & Medical Training
Healthcare marketers can create immersive experiences for patients with chronic diseases. Patients can explore 3D models of the human body within the Metaverse to learn about their medical conditions. For example, a patient with osteoporosis could be given a virtual tour of bone structures and the effects of the disease. Patients recovering from injuries or surgeries can undergo virtual physical therapy sessions within the Metaverse. These sessions can include guided exercises and progress tracking. These experiences can engage patients and users in ways that traditional methods often cannot, leading to better understanding and improved healthcare outcomes.
Example – Yashoda Hospitals, located in the Indian state Telangana, has purchased “land” in popular metaverse platform Decentraland. The hospital chain plans to offer healthcare services in the virtual world and hopes to be one of the first healthcare systems established there.
Johnson & Johnson is extensively involved in simulation training in virtual space for specialties such as orthopedics, oncology, electrophysiology and plastic surgery.
The metaverse has the potential to transform everything from customer service to patient engagement. Whether it’s immersive education about chronic condition management, gamification of healthy lifestyles or active participation in treatment, healthcare organizations can bet digital interactions will be part of the relationships between providers and patients in the future.
How Metaverse can reshape traditional Healthcare Marketing Strategies ?
The metaverse presents not only extraordinary immersive experiences but also unlocks new marketing opportunities for healthcare sector. Metaverse has the potential to revolutionize healthcare marketing by fostering engagement, personalization, accessibility, and innovation. It creates a new dimension where healthcare marketers can connect with audiences in ways previously unimaginable in the traditional marketing landscape and empower them to stay ahead of the curve and enhance their bottom lines.
Enhanced Engagement: The metaverse provides an immersive experience, allowing healthcare marketers to engage users in a more captivating way. Interactive simulations, 3D models, and gamified experiences can make health information more engaging and memorable.
Personalization and Empowerment: Personalized health experiences can be created, tailoring information and interventions based on individual preferences and health needs. Users can be empowered to take proactive steps toward their well-being.
Global Accessibility: The metaverse transcends physical boundaries, enabling healthcare marketers to reach a global audience without geographic limitations. Patients from different parts of the world can access information and resources seamlessly.
Virtual Consultations and Telemedicine: Healthcare providers can use the metaverse for virtual consultations, reducing the need for in-person visits. Patients can consult with specialists or receive follow-up care remotely.
Data-Driven Insights: The metaverse collects user data that can be used to understand patient behaviors and preferences. This data can inform marketing strategies, allowing for more targeted and effective campaigns.
Community Building: Virtual support groups and communities within the metaverse can foster a sense of belonging among patients with similar conditions. Healthcare marketers can facilitate connections and discussions.
Educational Opportunities: Medical professionals can conduct virtual workshops, seminars, and training sessions within the metaverse. This enables continuous education and updates for both patients and healthcare practitioners.
Innovative Health Promotion: Marketers can leverage the metaverse to creatively promote health awareness. For example, users might participate in virtual races for charity or explore immersive wellness retreats.
Dynamic Campaigns: Healthcare marketing campaigns can become more dynamic and adaptable. Content can be updated in real-time based on emerging health trends or user interactions.
Key takeaway
Now if you are a Healthcare marketer from Hospital Industry, Medical Device Industry, Pharmaceutical Industry, Biotechnology & Lifesciences where innovation continues to redefine the boundaries of healthcare, and you are looking for a new horizon that promises to revolutionize how we engage with patients, customers, promote services, and deliver information – Metaverse is your thing then. As healthcare marketers, you’re accustomed to navigating the dynamic landscape of medical promotions, but now its time that you consider the incredible potential that the metaverse holds for your new age Marketing strategies.
References
- Application of Metaverse Service to Healthcare Industry: A Strategic Perspective – MDPI Journal https://www.mdpi.com/1660-4601/19/20/13038
