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Metaverse set to revolutionize $54B medical tourism market: Research
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2024-04-09 03:04:37
Tristan Greene5 hours agoMetaverse set to revolutionize $54B medical tourism market: ResearchThe metaverse has found substantial footing in the medical industry with the advent of dedicated facilities catering to remote healthcare.561 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe metaverse — a loose term describing interconnected digital worlds navigable by humans virtually, with no technical regard to geography — is set to upend the medical tourism industry.
Recent analysis from industry experts at Omnia Health, the Iranian Journal of Public Health, and Medical Tourism Magazine shines a light on how nascent telemedicine technology built on the metaverse concept can onboard and streamline patient acquisition and improve patient satisfaction for medical tourists.
Medical tourism is a form of travel in which patients leave their home country to pursue medical treatments in foreign territories. This can be done for quality reasons, if patients believe they can receive better care outside of their home, for financial reasons to help mitigate the costs of local healthcare, or for myriad other reasons.
In 2022, a team of researchers from Shiraz University of Medical Sciences in Shiraz, Iran penned an op-ed in the Iranian Journal of Public Health explaining the benefits of preparing patients for medical tourism via the metaverse.
“Becoming familiar with the tourist attractions of the destination city or country through Metaverse can raise potential tourists’ enthusiasm and excitement to decide for this medical travel,” the researchers wrote, adding that “moreover, Meta-based simulation of the hospital environment can increase patients’ awareness and experiences of the environment that awaits them, thereby reducing their stress, helping them feel more secure, and leading to a better doctor-patient relationship and a higher rate of patient satisfaction.”
According to a report by Omnia Health, the medical tourism industry was worth approximately $54 billion in 2020. The COVID-19 pandemic had a slowing effect on the industry’s growth, however, and in 2024, it’s valued at approximately $47 billion. A report from Statista indicates that it’s forecasted to grow to over $111 billion before the end of the decade. This indicates a compound annual growth rate of 19.58%.
In October 2022, the Thumbay Hospital network launched what appears to be the first fully functional metaverse hospital featuring patient services and fees in cryptocurrency.
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