How Metaverse is revolutionizing the Healthcare Sector

How Metaverse is revolutionizing the Healthcare Sector

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FoxERP
Dec 2022

Companies are undergoing transformations, organizations are switching to new digitized ways of doing business, and corporates are leveraging the benefits of digitization. All thanks to digital transformation that came as an opportunity when the challenges from the pandemic ceased the market.

Emerging technologies such as AI, IoT, Blockchain, RPA, AR, and VR are some of the game changers in the digitization footprint of organizations, enabling companies to reap the benefits of the digital transition.

The same goes for healthcare as well, where Metaverse promises an all-new digital future for companies in the healthcare sector, not only to devise their business operations and processes with digital tools and technologies but also to promote digital customer experience like never before.

Patients play a pivotal role in healthcare as they drive the industry.

The same goes with their treatment processes, where organizations are taking healthcare initiatives to put forth digitally driven healthcare business processes that not only allow patients to derive the maximum of the minimum but also lead to an all-new digital world of healthcare.

Metaverse, in simple words, refers to the world beyond the already existing physical world. It is a virtual world in which people live, work, and interact with each other, all from the comfort of their couch in the physical world.

A couple of decades ago, this all seemed a hyperbole, with the minimal possibility of delivering such a digital environment, where imagining something as digital as a Metaverse meant a far-fetched notion.

But today, the reality is different. With the rise in the use of technology, Metaverse is changing the entire spectrum of industries, and healthcare is no other.

According to recently conducted research, the global market value of Metaverse will reach USD 425 Billion by 2027.

Factors such as a rise in internet penetration, ease of customer access, and surge in demand for virtual customer experience propel the market for Metaverse.

The rise in the use of AR, VR, and XR (extended reality) is set to change the paradigm of virtual management of healthcare processes, which in other ways would remain confined to one thing or the other and possess a handful of potential which are yet to be explored in terms of healthcare business processes.

To understand Metaverse in Healthcare better, it is noticeable to know the potential applications of AI, AR, and VR, which sets the foundations for the Metaverse across the industry.

However, Metaverse in healthcare is in a nascent phase that gives companies a competitive edge, improves sales, builds brand reputation, and drives digital customer experience.

Metaverse has shown significant benefits, especially to the mental health and psychological and behavior management of patients that seemed tougher with the traditional practices of managing the patients.

For instance, the Metaverse has been setting benchmarks in the mental health and behavior analysis segment with its unparalleled ability to avert a severe crisis.

According to the 2022 State of Mental Health in America report, it is revealed that nearly 50 million American adults, which equals 19.86 %, experienced a mental illness in 2019.

Furthermore, it reported that over 2.5 million youth struggles with severe depression.

Both adults and youth cannot access treatment due to a lack of insurance, a lack of professionals, and an overwhelmed and inefficient mental health system, among others.

To combat such issues, companies like 2B3D are making spectacular progress in tackling the patients.

For instance, it is migrating its telehealth platforms into its Virtual Reality Medical Environment (VRME), currently under development by its subsidiary VRx Solutions.

Its migration will be phased pretty soon by focusing on the priority of providing real-time virtual environment treatment for suicide ideation and post-traumatic stress disorder PTSD.

Such revelations, and progress, hint at the significant potential that Metaverse holds in the healthcare segment as well, and it is expected to flourish in the industry in the long run in the upcoming days.

Conclusion

The healthcare metaverse is now a reality, and with its unique benefits, it will benefit the industry massively with its desperately needed augmentation and significant improvement that will deliver services not even imagined a couple of decades ago.

With companies investing massively in developing tactics to deliver Metaverse in healthcare, what the future holds for the ever-changing dynamic industry will be interesting to watch in the longer run.

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