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Metaverse took a positive step toward the medical tourism market by offering facilities catering to remote healthcare.
The Metaverse is expanding its roots in almost every field from finance to gaming & education to healthcare. Metaverse, the virtual world interconnecting digital worlds navigable by humans virtually planned to enter the Medical tourism industry. As per the recent analysis, telemedicine technology is supposed to improve the medical tourism market.
Medical Tourism Industry History
Metaverse an interconnected digital world has planned to interconnect the medical tourism industry to deliver remote healthcare facilities.
Medical tourism is a type of tourism that permits patients from one country to pursue medical treatments in another country. This is mainly done to pursue better care, for financial reasons, etc.
Before the COVID-19 pandemic, the Medical tourism industry was operating well, worth over $54 Billion in 2020. The largest medical tourism market in the US was estimated at US $18 Billion in 2020, showcasing the adverse conditions of the industry.
According to GlobeNewswire, the industry recovered from the pandemic, showcased a growth of 7.50% during 2020-2023, and hit over $47.67 Billion in 2023. Additionally, the industry is expected to reach $112.03 Billion by the end of 2030 and Metaverse will play a crucial role in the rapid growth.
Benefits Of Metaverse In Healthcare
Based on the recent analysis by Omnia Health industry experts, the Medical Tourism Magazine and the Iranian Journal of Public Health highlighted telemedicine technology built on the metaverse concept. The technology simply helps patients acquire and enhance their satisfaction for medical tourists.
Additionally, In 2022, a research team from Shiraz University of Medical Sciences in Shiraz, Iran considered the Metaverse as the modern approach to the medical tourism industry along with explaining the benefits of serving patients through the Metaverse.
The excitement in medical tourists and the excitement to decide on medical travel will result in the growth of the respective industry. The virtual reality-based hospital environment will enhance patients’ awareness and experience with the medical treatment.
The decline in stress and anxiety levels while pursuing the treatment, and feeling more secure, on the other hand, results in better recovery of the patient. Remote healthcare also helps in developing better doctor-patient relationships.
Furthermore, Thumbay Hospital, The UAE-based healthcare and medical education organization launched a fully functional Metaverse hospital. In 2022, the hospital launched virtual services to cater to patients and fees in digital assets. Some of the key services involved Marhaba Lounge, teleconsultation and educational programs, and virtual clinics.
A Deep Dive Into Metaverse
Metaverse is a virtual 3D space that allows individuals to socialize, interact, learn, and play. With time the concept of virtual reality has grown, introducing various platforms like Decentraland, Pokemon GO, Roblox, Nvidia Omniverse, and many more.
The global metaverse market size hit $47.48 Billion in 2022 and is anticipated to reach $678.80 by the end of 2030. Furthermore, the virtual universe is supposed to contribute over $760 Billion to the US annual GDP by 2035.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
