The Metaverse in Medicine can be defined as the medical Internet of Things facilitated using AR and VR glasses. Metaverse is evolving; it holds new potential in healthcare that combines technologies like AI, VR, AR, Internet of Medical Devices, Web 3.0, intelligent cloud, edge, and quantum computing along with robotics to provide new directions to healthcare.

Metaverse involves the convergence of telepresence, digital twinning, and blockchain major technological trends, which all have the potential to impact healthcare individually. Digital twinning will come about through our increasing ability to map and understand individual genetics, blockchains are actually just distributed and encrypted databases that allow data to be stored securely. The fact that health records are usually stored on centralized servers means that our data is at risk of being stolen. And doctors and nurses have found that they are able to more quickly and efficiently diagnose many of the minor conditions that make up the vast majority of their caseload via a telephone or video call. Telemedicine consultations, particularly through VR, mean patients are no longer limited to being treated by particular clinicians due to their physical location. VR is getting used by doctors and experts to train fellow doctors and medical staff. Together, though, they could create entirely new channels for delivering care that have the potential to lower costs and vastly improve patient outcomes. The Metaverse is already showing signs in digital therapeutics is seeing rapid adoption of this form of therapy, where VR and AR tech in the metaverse enables applications such as cognitive therapy, support groups, psychiatric evaluations, rehabilitation, and even physical therapy with the support of haptic sensors.

The Metaverse is expected to be an effective tool to help perform complicated surgical procedures and enhance patient care. As surgical procedures were already using robotics, now complicated surgeries are all set to use AR. And for efficient diagnosis using tech such as smart glasses.

The healthcare department of Radiology imaging will obviously benefit from the metaverse’s immersive visual capabilities, unleashing new capabilities in radiology. And there are some of the challenges of the metaverse in healthcare. Healthcare is often targeted by cybercriminals as a high-value and susceptible target and to enable the full potential of the metaverse in healthcare, it requires massive infrastructure to function.

Top 3 healthcare companies working on metaverse:

• Latus Healthcare: It is developing a “virtual hospital”. It comprises a virtual reality hospital environment, where treatments will at first be focused on physiotherapy services.

• iMining: The first-ever hospital foundation to be launched in the Decentraland Metaverse.

• Apollo hospitals: Apollo hospital group has announced a unique collaboration with ‘8chili Inc’ to enable engagement within the metaverse.

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The features of the metaverse seem like a perfect fit for the education sector in this online era.

The metaverse has already absorbed fashion brands, event planners, real estate companies, banks, and other institutions. It is now coming to education, slowly and steadily. One of the many use cases of the metaverse could be its role in the future of education.  Around 12% retail market uses metaverse with a US $5.604 Billion annual revenue in 2021. It could transform how lessons are taught and how kids learn. The features of the metaverse seem like a perfect fit for the education sector in this online era.

Experts believe that the metaverse can be the best principle for learning. Metaverse can help students improve their learning journeys by leaps and bounds by providing immersive and interactive experiences. In the Metaverse, a combination of collaboration and communication will play a crucial role in determining what content shall have to be offered in the virtual world to best facilitate learning.

The Metaverse also has a lot of educational potentials. It can create a comfortable digital environment for classes, research, experiments, and projects. All of these activities can happen in real-time, allowing students and instructors to interact in the same virtual space. Students can use virtual reality to go on field trips, such as visiting museums.

Moreover, learning games and other metaverse experiences will have to be more diverse and be culturally inclusive for all. The Metaverse’s virtual, collaborative, and task-oriented character will allow students to learn without even realizing it. When learning is enjoyable, it is most effective.

The metaverse has the potential to make the whole world a classroom, with data bites embedded all over the real world.  Thus, the physical campus gets a decent supplement or even replacement in the form of its digital twin.

The metaverse can also make it easier to deliver knowledge to a larger audience by offering lectures given by animated teachers. As a result, educators will have much more time to support each student and offer them personalized guidance while technology does routine tasks for them.

But, metaverse needs to have solid security measures because student data security is a long-time issue that surrounds the digitalization of education. As it is a unified virtual space that extends over various platforms globally, it needs a robust regulatory mechanism to make the space safe for all its users, and to keep itself updated, educational institutions need more investments in hardware and software.

Top 3 educational institutions working on metaverse:

• Kenya-kaist campus: It aims to go beyond online education by creating a metaverse that provides assistance for running classes and creates an immersive learning experience.
• University of Miami’s Miller School of Medicine: Teaching AR, VR, and MR to train first-responders to treat trauma patients who have had a stroke, heart attack, or a gunshot wound.
• University of Connecticut’s medical center:  The university has teamed up with PrecisionOS, a Canadian medical software company that offers VR training and educational modules in orthopedics.

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Meta said earlier this week it planned to raise the price of the Quest 2 headset from US$299 to US$399.

Facebook parent Meta lost US$2.8 billion on its virtual reality division, Reality Labs, during the quarter ending in June. The substantial sum is the latest sign that CEO Mark Zuckerberg and Meta continue to spend heavily to pivot the social media giant to the so-called “metaverse.” Meta said earlier this week it planned to raise the price of the Quest 2 headset from US$299 to US$399. This is not the first time Meta has lost money when it comes to the metaverse. Earlier in Q1, the company’s metaverse business, Reality Labs, continued to struggle in the first three months of the year, losing US$2.96 billion.

Meta has revealed that it is continuing to hemorrhage money to try and make the metaverse a reality. Meta’s Reality Labs division, responsible for its VR and AR ventures, thus an important part of the company’s dreams of building a so-called metaverse, lost the company US$10 billion last year, and over the previous six months dropped nearly US$6 billion more.

Now, what are the risks of investing in Metaverse

Even after facing a huge loss, Meta is not giving up on the metaverse. They want to continue with their research and don’t want to miss any opportunity to explore what else this technology can offer. Along with Meta, big tech companies, gaming platforms, musicians, artists, and apparel brands are jumping into the metaverse; its future seems bright. Everyone wants to take a bite of the pie.

But most certainly not every pie turns out to be sweet and crispy. The same goes with this latest technology. Metaverse platforms are flooded with brands and creators claiming their own space. In such a competitive platform, you need to be very wise and calculative while investing.

Moreover, if you are investing to buy lands or stocks in the metaverse you have to consider the risk factors. Here are some of the risks of metaverse investing.

Limited Market Scope

The global metaverse market valued at around US$40 billion in 2021. The global Metaverse market is estimated to witness substantial growth during the forecast period, majorly due to the rising focus on converging digital and physical worlds operating the internet. But metaverse is a niche-specific sector where only those who are interested in the niche will invest. You have to keep in mind that your market scope is limited and small. Having a small market is not an issue but your investment strategy should reflect it. You can buy lands and real estate in the metaverse. However, you should always keep in mind that only those who have a clear understanding of the blockchain and metaverse concept will be interested in your virtual land or property.

External Factors

The trade union movement, market uncertainties, and government intervention might make it impossible to benefit the most from decentralization.

Narrow Product Lines

Decentralized product lines need to be adequately broad so that autonomous units can flourish within the same. This might not be of much help in small business houses having narrow product lines. Lower levels in the organization also lack competent managers thus adding to the difficulty quotient.

China’s Warning

The China Banking and Insurance Regulatory Commission has warned the public about fraudulent Metaverse projects. The statement emphasizes that the movements surrounding the Metaverse have made it a prime target for scammers who illegally raise funds in the name of such projects and steal everyone’s hard-earned cash.

Risks With Metaverse Scams

As crypto and metaverse are gaining momentum, the scams have also coinhabited the space. Make sure that you don’t fall into the trap of any fraudster. Always research well before you buy any virtual real estate NFT. Check the authenticity of the land NFT, its owners and the platform it exists on.

There are a number of metaverse platforms evolving in the market. You have to choose the most credible and secure platform to invest in. Do not fall for new platforms or the ones that claim attractive returns. Go for the popular platforms like Decentraland or Sandbox that promise steady returns.

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