The global human augmentation market has been witnessing a huge growth over the last few years. Human augmentation is a term generally used to refer to technologies that enhance human capability and increase work productivity of the human body.
The factors responsible for the growth of the global human augmentation market are, advancement in human body modification, growing awareness regarding the benefits of exoskeletons in military and defense sector, and increasing demand for wearable devices for augmentation. However, social and ethical issues pertaining non-medical augmentation, the high cost of medical implants, and lack of skilled professionals are hampering the growth of the market and is expected to impact the human augmentation market on a global scale.
The market has been divided into various segments based on product, end users, and region. On the basis of product, the market is sub-segmented into wearable augmentation and inbuilt augmentation. By end-user, the market is sub-segmented into healthcare, defense, manufacturing, IT, and others. By region, the market is sub-segmented into North America, Asia-Pacific, Europe, and the rest of the world.
Based on the product, the segment wearable augmentation led the market by generating the highest revenue of USD 576.46 million in 2017 and is expected to grow with 30.10% CAGR in the forecast period. Whereas, in-built augmentation is expected to be the leading market segment in the future, growing at 28.78% CAGR. The major components of in-built augmentation includes brain-computer interface (BCI), neurotechnology, and gene editing technology. In the end-user segment, healthcare is expected to witness high market growth in the coming years at a CAGR of 30.54%, which is estimated to generate a market value of USD 2.37 billion by 2023. The defense segment is following and is projected to grow at 28.92% CAGR. Defense industry is expected to register high growth in the coming years due to investment by government authorities to support the development of advanced exoskeletons and prosthetic arms.
The global human augmentation market is expected to reach approximately USD 2.84 billion by 2023, growing at a CAGR of 30.07% between 2017 and 2023.
The key players of human augmentation market include B-Temia, Inc., BrainGate Company, Ekso Bionics Holdings, Inc., Cyber dyne, Inc., Raytheon Company, Samsung Electronics Co Ltd, Bionik Laboratories Corp., Toyota Motor Corporation, Panasonic Corporation, and Parker Hannifin among others.
Global Human Augmentation Market Analysis & Forecast, from 2017 to 2023
- To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the human augmentation market
- To provide insights about factors affecting the market growth
- To analyze the human augmentation market based on Porter’s five force analysis
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries? North America, Europe, Asia, and the rest of the world
- To provide country-level analysis of the market with respect to the current market size and future perspective
- To provide country-level analysis of the market for segment on the basis of product, end users, and region
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the human augmentation market
- Technology investors
- Research/ consultancy firms
- Technology solution providers
- IT service providers
- Original equipment manufacturers
- Healthcare institutions
- The global human augmentation market is expected to reach USD 2.84 billion by 2023
- By product, wearable augmentation is leading the market by generating the highest revenue of USD 576.46 million in 2017 and is expected to grow at 30.10% CAGR. Whereas, in-built augmentation is expected to be the leading market in the future, growing with 28.78% CAGR
- By end-user, healthcare sector is expected to witness a high market growth in coming years. It is expected to grow with the highest CAGR of 30.54% and estimated to generate high market value of USD 2.37 billion by 2023
- Geographically, North America region has been projected to hold the largest market share in the global human augmented market followed by Asia Pacific.
Regional and Country Analysis of Human Augmentation Market Estimation and Forecast
Geographically, North America is dominating the human augmentation market due to high investment by government in research & development to make advancement in human augmentation technology. The US is a prominent market with high technical expertise and tremendous investment in “Gene editing technology” which is expected to boost the market for human augmentation. Asia-Pacific is the fastest growing region, accounting for a 23% share of the overall market where major contribution is witnessed from countries like China and South Korea, providing a robotic solutions and electronic components globally.
The report on the global human augmentation market also covers the following country-level analysis:
- ·The US
- · The UK
- ·Rest of Europe
- ·Rest of Asia-Pacific
- Rest of the World